Accounts Payable Module

Complete control over payments and expense management strategies

As the expenses pile up, so do the manual ad hoc systems for keeping track of everything. There can be multiple signoffs required, changes to terms, and unauthorized purchases. And if there are discrepancies or data entry errors, trying to track down invoices can be an adventure of its own.  

Multiview’s accounts payable module gives you complete control over overpayments and payment strategies. Automate the payment of regular expenses or create a custom workflow to ensure the proper approvals are done quickly and correctly. All transactions, even paper invoices, are accounted for and fully integrated with every other section of Multiview.

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  • The accounts payable module is fully integrated.
    The Accounts Payable Module seamlessly connects and interacts with other sections or modules within the Multiview ERP system. The integration makes sure that all relevant data and details related to accounts payable transactions are accessible and shared throughout the ERP system. When a purchase order is generated in the procurement module, the accounts payable module is automatically updated to reflect the pending payment. Similarly, whenever a payment is made in the accounts payable module, the general ledger module's financial records are updated, preserving accurate and current financial data. This integration eliminates the need for manual data entry or duplicate entries in different modules. It improves efficiency, reduces errors, and provides a holistic view of financial information by synchronizing accounts payable data with other sections of the ERP system.
  • Users can control cash and vendor payments with electronic workflow approvals and imaging
    The accounts payable (AP) module in Multiview ERP offers users the ability to control cash and vendor payments through electronic workflow approvals and imaging. This feature allows for efficient and streamlined payment processes.

    Users can create customized processes to specify the payment approval steps using electronic workflow approvals. The tools required to set up and manage these approval workflows are provided by the AP module, ensuring that the right authorizations are secured before payments are executed.

    The AP module's imaging capabilities allow for the storing and retrieval of relevant paperwork related to vendor payments. Scanned copies of invoices, receipts, or any other supporting documentation are examples. Users can quickly find and reference the documentation by directly tying them to the related payment transactions, removing the need for manual processing of paper papers and increasing overall productivity.
  • Handles multiple entities with vendors shared across entities or secured to specific entities.
    Multiview ERP Accounts Payable (AP) module allows the handling of multiple entities. Entities refer to different divisions, branches, or subsidiaries within an organization.

    With the help of this functionality, the AP module can deal with situations in which suppliers are shared by several entities or are restricted to particular entities. Organizations with complicated structures can effectively manage their accounts payable procedures due to this flexibility.

    Multiple divisions or subsidiaries might employ the same vendor for their procurement needs when vendors are shared across entities. The AP module makes sure that all necessary entities have access to and can integrate vendor data, payment conditions, and transaction history. This eliminates duplication of effort and streamlines vendor management.

    On the other aspect, when suppliers are secured to particular entities, it means that specific vendors have been assigned to exclusively serve a given division or subsidiary. Users of the AP module can specify vendor limitations to make sure that payments and transactions are linked to the right entity.
  • Intercompany transactions are self-balancing with due to/due from automatically generated.
    Multiview ERP Accounts Payable (AP) module simplifies intercompany transactions by automatically generating self-balancing entries for "due to" and "due from" accounts.

    When two entities within the same organization conduct financial transactions with one another, this is referred to as an intercompany transaction. These exchanges could involve the movement of commodities, services, or money among several branches, subsidiaries, or divisions.

    The "due to" and "due from" entries required to ensure that the intercompany transactions are properly accounted for is automatically generated by the AP module. All of the connected entities' financial records are kept accurate and balanced thanks to these entries.

    The amount payable to the selling entity will be reflected in a "due to" entry created by the AP module on the buyer's side. In parallel, a similar "due from" item representing the sum owed by the purchasing entity will be established on the seller's side. These records make ensuring that intercompany transactions are accurately recorded on both sides, leading to financial statements that are in balance.

    The AP module eliminates the need for manual calculations and entries. It improves accuracy, saves time, and reduces the risk of errors in intercompany transactions.
  • 1099 processing is fully integrated and has the ability to create an electronic file for transmission.
    Multiview ERP Accounts Payable (AP) module offers a fully integrated 1099 processing feature. This feature makes it easier to manage 1099 forms, which are used to report payments made to independent contractors and some vendors.

    The AP module now manages the full 1099 processing process, from tracking qualifying payments to producing the required papers, thanks to this integrated capability. Based on predetermined criteria, such as payment amount and vendor type, it recognizes payments that need 1099 reporting.

    The AP module provides the ability to create an electronic file for transmission. This electronic file can then be securely transmitted, streamlining the submission process and reducing paperwork.
  • “My accounts payable team was the first team to use the tool. It made their jobs easier as they were able to scan invoices instead of manually inputting them. Records are now kept electronically, so we no longer need file cabinets with tens of thousands of sheets of paper accumulating each year.”

    Jerry Klinker, Director of Strategic Projects, Ohio Valley Gas

  • “With Multiview we have been able to cut our accounts payable time from almost 40 hours a week to around 5 to 6 hours a week. It has been a great time saver for us and we are so grateful for all of the work Multiview has put in to automate things.”

    John H. Everett, CFO, Cogdell Memorial Hospital

Frequently Asked Questions

What Is an Accounts Payable Module?

An accounts payable module is a key component of an Enterprise Resource Planning (ERP) system that specifically focuses on managing and streamlining the processes related to vendor invoices, payments, and financial obligations. This module gives businesses a centralized platform to manage accounts payable duties such as processing invoices, approving payments, managing vendors, and producing financial reports. The module often interfaces with other modules in the ERP system to ensure seamless coordination and data sharing across various departments, thereby improving accuracy and efficiency in managing financial commitments.

What Are Accounts Payable Module Benefits?

The accounts payable module offers several benefits to organizations. The module automates and optimizes the workflow for processing invoices, which saves time and increases productivity. It facilitates prompt and precise payment processing, assuring on-time payment of vendors and fostering positive working relationships.

The module offers financial obligations transparency and visibility, enabling improved cash flow management and budgeting. Additionally, it aids in guaranteeing adherence to internal control procedures and regulatory standards. The accounts payable module boosts financial management, facilitates successful vendor relationship management, and increases operational effectiveness overall.

What Challenges Do Accounts Payable Module Solve?

The accounts payable module addresses various challenges faced by organizations in managing their accounts payable processes. By doing away with manual, paper-based procedures, this module lowers the possibility of mistakes, delays, and misplaced papers. The module offers resources for automating invoice approvals, enforcing payment regulations, making sure that tasks are properly segregated, reducing the danger of fraud, and enhancing control.

It allows for improved vendor management and negotiation because it centralises vendor data, including payment history. Additionally, the module supports quick and accurate financial reporting, which improves decision-making. In conclusion, the accounts payable module addresses problems with the accounts payable process's inefficiency, risk, lack of control, and restricted visibility.

Multiview ERP

Multiview Financials ERP is built to deliver real-time, actionable data to finance departments.

Available as a fully-managed Cloud application, leverage your financial data more effectively and drive your business forward with better, faster insights.