HarrisData Accounts Payable

HarrisData Accounts Payable is a software solution designed to streamline and automate the management and processing of financial transactions related to vendor invoices and payments. According to the vendor, this tool is aimed at mid-sized to large companies in various industries, including manufacturing, distribution, retail, healthcare, and professional services.

Key Features

Efficient Invoice Processing: According to the vendor, the software streamlines the invoice processing workflow by capturing and entering invoice details into the system. It also automates the matching of invoices with purchase orders and receiving documents to ensure accuracy and prevent duplicate payments. Users can code and allocate expenses with the ability to assign general ledger account codes to invoices.

Vendor Management: The software centralizes vendor information, including contact details, payment terms, and tax information. It allows users to track vendor performance and history to evaluate reliability and negotiate better terms. Additionally, the system enables the creation and management of vendor contracts and agreements.

Payment Processing: According to the vendor, the software supports various payment methods, including check, electronic funds transfer (EFT), and credit card payments. It generates payment vouchers and remittance advice for vendors, providing a clear record of payment details. Users can also schedule and automate recurring payments, such as monthly rent or utility bills.

Expense Tracking and Reporting: The software tracks and categorizes expenses by vendor, account code, and other criteria for accurate financial reporting. It generates comprehensive reports on accounts payable activities, including aging reports, cash flow analysis, and vendor performance. Users can gain real-time visibility into outstanding payables to effectively monitor and manage cash flow.

Approval Workflows: The software offers configurable approval workflows to ensure proper authorization and control over invoice processing and payment disbursements. It supports multi-level approval hierarchies and allows for the routing of invoices to the appropriate approvers based on predefined rules. Users receive notifications and alerts about pending approvals and deadlines.

Integration with General Ledger: According to the vendor, the software seamlessly integrates with the general ledger module to ensure accurate and up-to-date financial data across the organization. It automatically updates the general ledger with transaction details, eliminating the need for manual journal entries. The system also enables efficient reconciliation of accounts payable transactions with corresponding general ledger accounts.

Document Management: The software provides a centralized repository for storing and retrieving vendor-related documents, such as invoices, purchase orders, and contracts. It supports document imaging and scanning capabilities for digitizing paper-based documents. Users can easily retrieve and share documents, improving collaboration and reducing paper clutter.

Audit Trail and Compliance: The software maintains a detailed audit trail of all accounts payable transactions, including changes, approvals, and payment history. It helps ensure compliance with financial regulations and internal control requirements. The system facilitates the preparation of audit reports and supports external audits.

Multi-Currency Support: The software handles transactions in multiple currencies, allowing for international vendor payments and global operations. It automatically calculates currency exchange rates and performs currency conversions during invoice processing and payment disbursements. The system provides accurate and consistent reporting of accounts payable activities in the organization's base currency.

Payment Discounts and Terms: According to the vendor, the software manages vendor payment terms and discounts to ensure timely payments and maximize available discounts. It automatically calculates payment due dates based on agreed-upon terms and applies discounts for early payments. Users receive alerts for upcoming payment due dates and discounts to optimize cash flow management.