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What is payment management software?

What is payment management software?
Payment management software helps companies manage and track payment transactions. The right payment management software will you pay your vendors efficiently while a time for their accounting team.

What does payment management software do?

Payment management software helps ensure accuracy and efficiency through payments by automating and tracking your transactions. By streamlining your AP processes, you can consistently pay merchants on time, and your team can save time and focus more on non-manual entry tasks. Often payment management software is cloud-based and is used across devices to provide seamless access. Different software can have additional features, but most include:

AP automation

Automation helps prevent employees from wasting time on manual data entry, allowing you to pay quickly rather than after a handful of business days. Invoices can be automatically processed through AP automation, letting you pay in multiple ways that work best for you and your vendor. Approvals can sometimes be automated through the system interface, making the whole process quicker for everyone involved.

Tax reporting

As your payment management software processes your invoices, it should automatically collect tax reporting and audit data. Cutting out the arduous process of gathering this data in one place for tax reporting can save your team a lot of time. Automating the process also means less chance for human error, keeping you from costly filing errors.

Mass payouts

Paying one invoice can take a significant amount of time, but paying hundreds can become an extreme backlog that starts piling up for accounting teams. Luckily, payment management software is often scalable, helping you automate payments whether there is one or one hundred! It also provides payment flexibility for you in these situations, as payouts usually can be made through multiple avenues, such as through online payments or through the Automated Clearing House (ACH).

Payment reconciliation

A good payment management software will use automation to always check your statements and invoices against each other to help cut down on fraud and accidents. It isn't uncommon for there to be mistakes within the payment process, whether a vendor sends an incorrect invoice or bills you for too much or too little. A payment reconciliation process can help point these out before the payment is made, saving both teams time from resolving these issues.

What to look for when choosing a payment management software

The best payment management software will, at its base, provide smoothly and efficiently processed payments. It will also help your team prevent fraud, help empower you towards better decision making, and support international developments and transactions. When choosing what software is best for your company, there are a few factors to take into consideration:

Dedicated customer support and implementation services

Moving over to new software isn't always easy, especially if you have been using the same software for a long time. Picking a payment management software with robust and dedicated customer support and assistance for implementation can help make a daunting training and technology switch into something manageable and approachable. When you switch software, the last thing you want is to be stuck struggling for weeks to get started back up, with invoices piling up and vendors getting upset!

Supplier onboarding

Speaking of upset vendors, finding software that also includes supplier onboarding can make the process less confusing for everyone involved. Some payment management systems provide a smooth training and signup process for suppliers, helping to get your team back up and running quickly! Quality onboarding also prevents your team from getting overloaded with questions from your vendors, letting them focus on more critical tasks.

Automated accounts receivables & payables

Payment management systems aren't all single purpose. Some allow for both receivables and payables to be automated, creating an all-inclusive environment for payment processing. By automating both AP and AR in one program, you get a streamlined experience with much simpler workflows for your accounting team, regardless of which department they are in!

Audit trails

A sound payment management system will track your payment information, providing you with a detailed audit trail. Having precise tracking is crucial if you get audited and can help prevent and detect human error or fraud. Finding these mistakes early saves you significant amounts of money and can protect your company.

Make payments easier with Routable

Routable allows you to automate both your accounts payable and your accounts receivable. Routable aims to make your payment processing frictionless through powerful AP automation tools, helping you pay your invoices quickly while creating real-time notifications for your team during every step of the process. The software integrates with your team's current accounting software so that you can work efficiently without a time-consuming onboarding process for everyone involved.

Mass payouts

Routable knows that paying all of your multiple vendors can be very time-consuming for your team. With features such as a powerful API and CSV upload, Routable allows you to process even hundreds of payments simultaneously while also letting you know if there are any duplicate payments or red flags. Routable will scale with your needs, whether you are a small growing business or a large company.

API to drive automation

Routable's sophisticated API gives you the power to integrate with other programs, whether your current accounting software or new future additions. Working hand-in-hand with these programs means a seamless workflow. Through a fully connected automation tech stack, you empower your team to become more efficient throughout their workflow, regardless of where their focus is. Our API also allows for bulk invoicing support where you want to go beyond just a CSV upload.

Detailed audit trails

Through detailed tracking and precise documentation, Routable automatically keeps clear audit trails to keep your company prepared for anything. Helping to prevent things like fraud or duplicate payments by tracking all expenses through automation, Routable will save your company money while giving you peace of mind.

Make approvals easy

Through automated notifications and customizable approvals processes, Routable makes approvals easy. You can create workflows that reduce work for your C-suite and executives and for your accounting team. Automated approvals processes and streamlined workflows help you cut down significantly on verification and signature responsibilities!

Conclusion

Consider a comprehensive accounting automation software like Routable to help empower your payables team to focus on the things that matter most. Cutting down on manual data entry not only can lead to human error but takes significantly more time to process, even just one invoice. Features such as automatic audit trail tracking, streamlined approvals with notifications, and mass payments with a simple CSV upload can help you process thousands of payments no matter how much your company grows. To check out Routable, contact us about a demo.

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