Accounts Payable Solutions

Accounts payable solutions, or AP solutions, refer to a dynamic set of tools and processes designed to streamline and optimize the management of a company's outgoing payments. These solutions empower businesses to handle their accounts payable transactions more efficiently—ensuring accuracy, timeliness and financial control. From automatic invoice processing to providing real-time insights, AP solutions endeavor to help businesses focus on strategic growth and financial well-being.

Managing accounts payable effectively involves a strategic approach to handling financial obligations in a streamlined manner. Steps involved include:

• Automation
• Organized record-keeping
• Timely payments
• Vendor communication
• Strategic forecasting
• Financial software integration
• Regular audits
• Employee training

By combining these elements, accounts payable solutions and tools can ensure financial accuracy, boost compliance timeliness and contribute to the overall operational efficiency and financial decision-making for businesses.

Accounts payable get reconciled in a full cycle process that involves invoice capture, invoice approval, matching invoices to purchase orders, payment authorization and posting payments.

Integrated Payables, or IP, is a B2B and B2C payments platform and accounts payable solution that can transform accounts payable disbursements from checks to electronic payments by processing a consolidated payment file. This First Citizens platform supports check print or mail, ACH, USD domestic wire and purchase card with full electronic remittance delivery.

Using this intuitive application, payment files are transferred to IP to review records prior to production, release jobs, check the status of files, choose delivery options and view reports on all completed files.

IP serves the larger commercial customer who has no need for an invoice workflow but seeks to send high-volume payments of all types directly to the bank for processing.

Businesses who are best served by IP are:

• Corporations in the US with revenues greater than $10 million in annual sales
• Entities with at least 500 AP checks per month

The procure-to-pay process is also known as purchase-to-pay and P2P. It refers to the entire purchase and payment process for billable goods and services purchased by a company.

You must receive authorization from your employees or customers to obtain the information needed to deposit funds into their checking and savings accounts for payroll, employee expense reimbursement, government benefits, taxes, other refunds, annuities and interest payments. Please reference the Nacha website, Opens in a new tab (Section VII Appendices) for Sample Authorization for Direct Deposit through ACH (Credits) for more information.