Accounts Payable Automation
Close The Books, On Time. Automate up to 80% of AP close tasks, including ledger reconciliation, accrual calculations, and journal entry posting.
Ledger/Sub Ledger Reconciliation. Match open AP closing balance with vendor specific invoices.
Identifies Open POs and auto-calculates accrual entries based on various accounting methods (TrueUp, StraightLine, Open Receipts, Last 3 month average).
Identify open AP invoices based on various filtering criteria (invoice date, status, due date, invoice type).
Auto-create AP accrual journal entries and post them in the ERP on the accounting period close date.
AP Close Software automates and smooths the process of performing accounts payable month-end close. The tool helps organizations speed up the account reconciliation process by properly tracking invoices, payments, and expenses that need to be closed within specific financial periods.
The AP close software can drastically reduce manual effort while performing many month-end closing tasks. It minimizes errors, speeds up processes, and is a relief for finance professionals. It provides a complete insight into outstanding liabilities at any point in time.
The entire accounts payable cycle includes receiving invoices, approval, and verification of the same, making payments, and reconciliation of accounts. AP close software automates each and every step of this cycle, ensuring that every transaction gets recorded and processed efficiently, particularly during month-end closing.
Accounts payable month-end accruals represent expenses that have been incurred but not paid. Matching involves recording such expenses to show the actual picture of liabilities in financial reports. AP close software helps drive automation in expense accruals by ensuring timely and accurate financial book records.
HighRadius automates 80% of the AP close process by auto-matching open AP closing balance with vendor-specific invoices, auto-calculating accrual entries, identifying open AP invoices, and auto-posting journal entries to ERP.
HighRadius automatically calculates accrual entries by identifying open POs and utilizing commonly used accounting methods like true up, straight line, open receipts, and last 3 months average.
This feature auto-creates journal entries for reclassification or accrued purchases, posts them to the ERP, and automatically reverses them in the next financial period.
