Accounts Payable Integration

Managing invoices efficiently is crucial for maintaining smooth operational workflows, especially for organizations dealing with multiple vendors and accounts. Veroxos offers a streamlined solution with its Accounts Payable (AP) Feed Management feature, designed to automate and simplify the transfer of invoice data to your accounting systems. This guide will cover how AP Feed Management works, its benefits, and how to set it up.

Overview

Accounts Payable (AP) Feeds are batches of invoices that are processed by Veroxos and transferred to an organizations accounting system for vendor payment and internal recharge.

 This feature is tailored for customers handling numerous vendor interactions and large volumes of accounts, helping them manage their invoice processing more efficiently and with greater accuracy.

How does it work?

AP Feed Management functions by setting up a secure SFTP folder designated for the client's use. Clients have read-only access to this folder, ensuring data security and integrity. Veroxos configures an AP process that formats and sends payment files/batches, which can then be directly injected into client systems like SAP. This setup allows for automated cost allocation to different departments and facilitates vendor payments without manual intervention.

Benefits of using AP Feeds

• Automation: Automates the sending of invoices for payments, significantly reducing manual effort and minimizing errors.
• Efficiency: Streamlines the administration of invoice processing, enhancing overall operational efficiency.
• Accuracy: Ensures accurate allocation of costs to the appropriate departments and timely payments to vendors.

Setting up AP Feed Management

To implement AP Feed Management, a specific setup process is followed:

1. SFTP Folder Setup: A secure SFTP folder is established for the client with read-only access.
2. AP Process Configuration: We configure the AP process to format and send payment files according to the requirements of client systems like SAP.

This setup ensures that all transferred invoice data is handled securely and efficiently, aligning with your organizational needs.

Encryption options

To maintain the highest standards of data security, Veroxos supports several encryption options, with PGP as the standard encryption protocol. This ensures that all data transferred through AP Feeds is securely encrypted, protecting sensitive financial information.

Payment Feedback Management

In addition to automating invoice processing, Veroxos enhances its AP Feed Management by incorporating a feature to handle Payment Feedback Files from customers. Once we receive these files, the system automatically marks invoices as paid, ensuring there is a clear, real-time record of transaction completions. This functionality is crucial for maintaining accurate financial records and assists in effectively tracking and reporting on unpaid invoices. By providing a holistic view of both paid and outstanding invoices, Veroxos enables organizations to manage their accounts payable more efficiently and ensures greater accountability in financial transactions.

Conclusion

Veroxos’ AP Feed Management is an essential tool for any organization looking to enhance the efficiency and accuracy of their invoice processing systems. With its robust automation features and secure data handling protocols, it provides a reliable solution for managing payments and cost allocations seamlessly.