Accounts Payable Solutions

Accounts payable solutions help to organize your business's bill paying operations. An accounts payable workflow maps the end-to-end transaction process from purchasing to payment through with the aid of automation technology. The workflow process reduces fraud, resolves errors, and saves time and resources.

Accounts payable automation, or AP automation, refers to the digital process and use of software to simplify, collect data and reconcile accounts payable. The AP automation process provides transparency, accuracy and more control in the cash conversion cycle versus traditional manual processing.

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.

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.

Automated Payables automates and streamlines the invoice and payment process from beginning to end. From an affordable, cloud-based platform, it gives you command of cash flow by integrating securely with your current accounting software and provides visibility for timely payments. For all electronic payments, remittance details are automatically sent to vendors. It has the ability to use virtual or corporate credit cards to help you earn rebates and cash back.

Automated Payables can help you go paperless with your invoice capture and approval processing. You can have vendors email you invoices. Automated Payables then collects the data directly from the invoices—you'll no longer have to scan them. Approval workflows can be customized at the company or vendor level to process payments much more efficiently.

Automated Payables provides you with a dedicated email address that you give to your vendors for sending invoices. If you receive paper invoices, you can scan and send them to that address. Automated Payables extracts the header information and line item details. It's an overnight process, but you can enter the invoice information directly, if you choose.

If you choose to issue ACH payments, we set up the ACH origination for you. You then issue ACH transactions using Automated Payables, or any other delivery channel.

If you have a Royal First Bank Visa Purchasing card, you can easily add card payments to the payments used with Automated Payables. A single-use card number is sent securely to your vendor to take the payment, and the transaction appears on your card statement. Visa can assist you in identifying and communicating with your vendors to get broader card acceptance.

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 National ACH website (Section VII Appendices) for Sample Authorization for Direct Deposit through ACH (Credits) for more information.