PaymentSource® Accounts Payable Automation

Accounting Features

PaymentSource® offers robust accounting features that automate tasks such as invoice coding, ledger reconciliation, and journal entry creation. Integrated with major ERP systems, it ensures accurate financial records and reduces manual intervention. These tools improve visibility into expenses, accelerate financial close cycles, and support compliance with accounting standards across departments

Approval Workflow

The Approval Workflow in PaymentSource® automates the invoice approval process based on pre-configured rules such as department, amount, or vendor. It ensures that each transaction is reviewed by authorized personnel before payment. This feature reduces processing delays, enforces policy compliance, and enhances control and transparency within accounts payable workflows.

Dashboard

The Dashboard in PaymentSource® provides a centralized, real-time visual summary of AP activities including invoice statuses, pending approvals, and payments. With customizable widgets and key metrics, it allows finance teams to monitor performance and identify bottlenecks. This feature enhances oversight and enables data-driven decision-making within the AP process.

Data Security

PaymentSource® ensures robust data security through encryption, secure authentication, and role-based access controls. Sensitive financial data is protected both in transit and at rest, ensuring confidentiality and integrity. This feature helps organizations maintain compliance with data protection laws and mitigates the risk of unauthorized access or cyber threats.

Financial Reporting

Financial Reporting in PaymentSource® generates real-time insights into payables, outstanding liabilities, and departmental expenses. Reports are customizable and exportable, supporting audit requirements and strategic planning. This feature enhances financial transparency, enables budget tracking, and helps organizations make informed decisions using accurate and timely data.

Integrations Management

Integrations Management in PaymentSource® enables seamless connectivity with ERP systems, banking platforms, and procurement tools. It synchronizes data across platforms, reducing manual entry and ensuring accuracy. This feature supports efficient workflows, eliminates data silos, and provides a connected ecosystem for comprehensive AP automation.

Invoice

The Invoice module in PaymentSource® manages the complete invoice lifecycle from capture and validation to approval and payment. It supports electronic invoice submission, automatic data extraction, and real-time status tracking. This feature improves processing speed, reduces errors, and provides full visibility into invoice workflows and history.

Mobile Access

Mobile Access in PaymentSource® allows users to view, approve, and manage invoices from any mobile device. This feature supports remote work and real-time responsiveness, ensuring that AP workflows continue without interruption. It enhances flexibility for managers and approvers, helping maintain processing efficiency outside of the office.

Multi-Currency

Multi-Currency functionality in PaymentSource® enables the processing of invoices and payments in various global currencies. It applies real-time exchange rates and ensures accurate conversions for financial reporting. This feature supports international vendor relationships and helps businesses manage cross-border transactions with ease and precision.

Multi-Location

Multi-Location support in PaymentSource® enables centralized management of AP operations across different offices or departments. It allows for location-specific approval workflows, reporting, and compliance settings. This feature ensures scalability, operational consistency, and efficient control of payables across geographically distributed business units.

Payment Processing

Payment Processing in PaymentSource® automates the disbursement of funds via ACH, checks, or wire transfers upon invoice approval. It ensures accurate, secure, and timely vendor payments. This feature reduces manual workload, minimizes payment delays, and maintains a clear audit trail for each financial transaction.

Regulatory Compliance

Regulatory Compliance in PaymentSource® helps organizations adhere to financial and industry regulations such as SOX, GDPR, and tax laws. It ensures proper documentation, audit readiness, and system integrity. This feature reduces risk, promotes accountability, and supports secure, compliant accounts payable operations at every step.

Reminders

Reminders in PaymentSource® notify users of pending tasks such as invoice approvals, payment due dates, or documentation uploads. These automated alerts help keep AP workflows on schedule, reduce late fees, and ensure timely processing. This feature enhances productivity and supports proactive task management across teams.

Reporting (Analytics)

Reporting (Analytics) in PaymentSource® offers real-time, interactive dashboards and customizable reports that track invoice cycle times, spend patterns, and vendor performance. These insights help identify inefficiencies, monitor KPIs, and drive process improvements. The feature supports strategic financial planning through data-informed decisions.

Vendor Management

Vendor Management in PaymentSource® centralizes vendor profiles, payment terms, tax IDs, and performance history. It simplifies onboarding, ensures accurate data maintenance, and enables timely communication. This feature enhances supplier relationships, reduces errors, and supports compliance with procurement and payment policies.

Workflow Management

Workflow Management in PaymentSource® allows for the creation and automation of end-to-end AP workflows tailored to business rules. It defines steps for invoice capture, validation, approval, and payment. This feature ensures consistency, reduces manual oversight, and enhances operational efficiency across the entire accounts payable lifecycle.