Getting Started With Forrester Accounts Payable For Order To Cash
Accounts Payable Forrester
For finance departments implementing an Order to Cash solution, Forrester Accounts Payable (AP) can be powerful tool. Developed by Forrester, leading global research and advisory firm, AP effortlessly streamlines and automates the entire accounts payable process while ensuring total transparency and compliance. This document, serves as comprehensive guide to get started with Forrester Accounts Payable and will cover everything you need to know including features and benefits, system requirements, set up instructions and definitions of key terms and processes.
Overview
Forrester Accounts Payable was created to streamline and manage payment transactions across internal customers. Its ability to perform complex accounts payable processes was designed to eliminate the need for manual labor which helps departments save time and money. AP also includes tools for accounts receivable, to help manage customer payments across the order to cash process. few key features of AP include supplier management, invoice recognition, and payment processing.
The Benefits of Using Forrester Accounts Payable
Forrester Accounts Payable offers finance departments several advantages that can help manage orders to cash processes.
1. Invoice Processing: AP automates invoice processing and reduces manual errors. This feature helps to streamline accounts payable issues such as reconciling different transaction types, establishing payment terms, and reducing the amount of time spent on the overall process.
2. Flexible Payment Options: With AP, customers can pay via multiple payment methods including ACH transfers, wire transfers, credit cards, and virtual cards. This is especially helpful for companies that operate in other countries where different payment methods may be requested.
3. Streamlined Processes: With AP, all accounts payable tasks can be accomplished in one sitting by pulling data from multiple sources. This helps to eliminate the need for manual labor and ensures consistent workflow throughout the entire process.
4. Detailed Reporting: To ensure transparent and compliant processes, AP provides detailed reports on all payment transactions. This helps to save time by eliminating the need for manual calculation and verification.
System Requirements
Before getting started with Forrester Accounts Payable, companies should consider the following system requirements:
1. Operating System: It is recommended to run AP on Windows-based system.
2. Software: Microsoft Office 365 must be installed in order to use AP.
3. Hardware: minimum of 2GB RAM and 4GB free hard disk space is recommended.
Set Up Instructions
1. Download and install Microsoft Office 365.
2. Log in as an administrator to your AP account.
3. Set up your suppliers and customers in the system by adding their contact and payment information.
4. Configure payment terms for each supplier or customer.
5. Load invoices into the system for each supplier or customer.
6. Set up automatic payments for invoices.
7. Generate reports for payment transactions.
Definitions of Key Terms and Processes
1. Accounts Payable: Accounts payable is the process of managing financial transactions between business and its suppliers or customers. This includes payment terms, invoices, and payment processing.
2. Invoice Recognition: Invoice recognition is the process of automatically capturing and recognizing invoices in an accounts payable system. This is used to automate payment transactions and identify errors and discrepancies.
3. Payment Processing: Payment processing is system that helps process payments and track payment transactions across accounts payable and accounts receivable.
Conclusion
For finance departments looking to streamline the order to cash process, Forrester Accounts Payable is powerful tool. Its automated and secure processes ensure accuracy, compliance and transparency. This guide covers everything needed to get started with AP including system requirements, set up instructions, and definitions of key terms and processes. With step-by-step instructions, companies can easily install and configure AP, ensuring smooth and efficient transition to the accounts payable process.
