INTELLIGENT ACCOUNTS PAYABLE AUTOMATION

The Top 5 Accounts Payable Reports in onePAY for Finance & AP Leaders

OneDataSource Blog Post Brand Mark

The onePAY Product Team

Over the last several years, businesses have been riding a wave of uncertainty and evolving market dynamics that simply won’t let up. Businesses have to evaluate how work gets done and how to better manage the supply chain, to name a few.

It’s been a rapid succession that’s put many business owners and operators in a reactive position. Here’s the thing: Being a step behind in this current environment isn’t sustainable for the business. It’s critical to take a proactive approach, especially in areas that deliver on cost savings and better cash flow.

That’s where onePAY comes in. onePAY automates accounts payable from invoice processing to payments, but it also takes it a step further. It gives everyone across the business the critical insight that’s needed into vendor management and consolidation, controlling expenses, and cash flow. That way owners and operators can make strategic decisions on how resources are allocated with vendors and gain foresight into cash flow.

onePAY’s reporting tools make that possible. Which reports are the most valuable and to which stakeholders? Let’s take a look.

Top Accounts Payable Reports for Finance and AP Leaders

onePAY gives everyone across the business the critical insight that’s needed into vendor management and consolidation, controlling expenses, and cash flow.

Report #1: Better Cash Flow Analysis

What’s the name of the report? Manager Report

Who is primary user of this report? Ops (GM’s, DM’s, DO’s, etc.)

What’s the value?

Limited insight into invoice volume and status makes it more difficult to accurately predict cash flow in and out of the business. The Manager Report helps provide the visibility operators need into financial health and cash flow.

With this report, users get a snapshot of up-to-date invoice data. The bonus is they can get the data without having to login to the onePAY application and search for invoices. With a real-time view of invoice data, leaders have a better understanding of cash requirements and can make strategic decisions around cash flow.

Report #2: Automate Reminders for Time-Sensitive To-Do’s

What’s the name of the report? Waiting Approval Reminder Widget

Who is primary user of this report? Anyone responsible for invoice approval

What’s the value?

We’re all busy so it makes sense everyone needs a nudge now and then. Depending on approval workflows, several individuals may be needed to sign off on an invoice. The thing is invoices are time sensitive. Delayed or late payment can result in missed discount deadlines or, even worse, throwing a vendor relationship into a rocky position.

This report serves as a reminder for approvers to login and review invoices by showing if there are any invoices pending their approval.

Report #3: Identify Process Bottlenecks

What’s the name of the report? Waiting Approval by Approver

Who is primary user of this report? Management and/or the AP Team

What’s the value?

The time it takes to approve an invoice directly corresponds to areas of value like positive vendor relationships, early payment discounts, and more. High-level overviews of invoice processing are beneficial, but it’s helpful to know exactly where bottlenecks may be happening so improvements can be made to smooth the process.

This report is primarily used by management and AP teams to see who has outstanding invoices that need to be reviewed and approved. The data can be downloaded in a report format for easy viewing and sorting in Excel.

With the right data in hand, a business can get a better idea of its top vendors, helping it focus its supply chain and relationship management efforts

Report #4: Gain Insight into Vendor Management

What’s the name of the report? Amount by Vendor

Who is primary user of this report? AP Manager/Controller

What’s the value?

The combination of inflation, rising labor costs, and general costs associated with vendor services all point to increased cost for the business. Finance leaders are likely keeping a close eye on contracts coming up for renewal. Our estimates are that businesses should expect a price increase that’s at least in line with CPI with some services easily seeing a 10-15% price increase.

In the face of that, it’s more important than ever to take a proactive view of vendors. This report shines a light on that. It provides consolidated data on vendors, showing how much the business is paying to each vendor for a specific date range. Even more, you can get a view of individual invoice data while also seeing a total of all invoices for the date range selected.

With that data in hand, a business can get a better idea of its top vendors, helping it focus its supply chain and relationship management efforts.

Report #5: Real-time Visibility into Financial Accuracy

What’s the name of the report? Amount by GL

Who is primary user of this report? AP Manager, Controller, or Ops Managers

What’s the value?

Getting a complete picture of a company’s expenditures, including to whom it’s going and when is vital. Even more, seeing it in real-time makes the difference between being a step ahead or behind.

This report gets to the heart of that. The Amount by GL report can be used to generate data for a specific period for specific business units or stores such as in a QSR setting. It breaks approved invoice data down by GL code so you can see exactly how much is being coded to specific accounts. It can also be used for generating P&L statements.

The information in this report provides that clear picture of where the company’s costs are going when it comes to business units or stores. Moreover, it can help document and resolve issues as they arise. In fact, one customer uses onePAY’s reporting capabilities to provide weekly cost overviews to general managers and owners. That opens the door for two-way communication on exceptions, changes, or general questions. “The functionality we have with onePAY’s reporting and those leaders’ ability to review invoices helps us produce a P&L that’s complete with the proper three-day turnaround,” said Linda Keene, Senior Accounting Manager at Wendy’s of Bowling Green.

Ready for real-time reporting and metrics to optimize cash management? Discover what onePAY can do for you.

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