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accounts payable system

An accounts payable system pays the bills of a business in an organized manner. The goals of this system are to make payments in a timely manner, and to pay the correct amounts to the correct suppliers.

  • AP and Invoice Processing Solutions

    We provide a variety of solutions to automate your accounts payable process in order to reduce costs and the turn-around time to receive time-sensitive payments more quickly.  These are out of the box, proven software solutions by our trusted partners - not custom creations which haven't been proven. UFC has been offering forms processing solutions almost since their inception.  We have done the research necessary to provide solutions which offer out of the box integration with your ERP system including Oracle, SAP, and Great Plains. 
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    How We Can Help With OCR Invoice Software:
    We can provide you with a comprehensive Accounts Payable or Invoice processing solution which would reduce your administrative labor expense as well as reduce the time required in the billing cycle. Our invoice recognition software accomplishes the following functions and can be customized to provide an interface to almost any back-end system including FileNet P8.

    • Automatic sorting of invoices by vendor and extraction of data from each different vendor's format.
    • Two way match and three way match with your existing accounting or ERP system. With the three-way match the system provides a method to match the invoice, purchase order and packing slip to ensure all three documents contain the same detailed information for each order.  

    Here is How the Invoice Processing System Works:

    1. Invoice Scanning Process - The invoices are provided to the accounts payable automation system by any of the following methods: Scanning, monitoring of a network folder, email, or fax. This provides a rapid means of scanning invoices into the accounts payable system.
    2. Text Extraction - The invoice processing system automatically OCR's the vendor invoice or purchase order documents and validates these details against your ERP or accounting system. This is the point at which the accounts payable three way match would be done.
    3. Verification of Invoices or Orders - If the invoice processing system is not 100% confident of the values extracted during the OCR process, these are flagged and presented to the user for verification.   
    4. Export and Integration - Depending upon your needs, the extracted data and documents are exported to your back-end system. This integration happens behind the scenes to better automate your accounts payable process. 
  • The Importance of Data Capture Software for Accountants

    The Importance of Data Capture Software for Accountants

    Accountants by nature are wired to get very distraught over errors made in an accounting system. A key job responsibility of all accountants is locating and resolving errors. From unbalanced balance sheets to double entered vendor invoices, quite often being the hero in uncovering the error, isn’t all that it is cracked up to be. A great deal of time is lost in any accounting supervisor’s day whether you oversee one accounting clerk or dozens of clerks on a daily basis. Huge amounts of a supervisor’s day is lost due to simple human errors made in data entry. And quite often errors, if uncaught by a supervisor, could result in costly mistakes for a company.

  • What is a General Ledger?

    What is a General Ledger?

    All financial transactions occurring in the day to day operations of a business are tracked by the business’ accounting department and recorded to provide the business owners an accurate assessment of the financial performance of the company. Transactions are recorded by the company in books called journals that are summarized on a monthly basis, and then the totals are posted to the company’s General Ledger. A General Ledger is a mandatory component of any business’ accounting system as it is a historical record summarizing all of the financial balances of a business. To keep this explanation simple, we will avoid using terms such as debit and credit and will assume that all of the business’ transactions are directly recorded into the company’s General Ledger (vs. being initially recorded in a journal and then summarized in the journal prior to posting in the General Ledger). To easily understand how a General Ledger is used, it can be explained in a visual sense by looking at a non-computerized, i.e. manual accounting system. Picture a big book. That book contains several lined pages. Each lined page is assigned to each account of the business and is labeled as such with the name of the account at the top of the page. Each line on the page would then be filled with the individual financial transactions that have occurred for that particular account. The lines of the page are then totaled together to determine the balance in that particular account as of a certain date. The cumulative balances of the profit and loss type accounts are then added together to determine the business’ profit or loss through a certain date.