Accounts Payable Template
This accounts payable ledger Excel spreadsheet you can use to list all your business purchases made on account. In this way you can track what you owe to each vendor or supplier and you can in one overview when you need to pay your outstanding amounts. This spreadsheet is not a KPI spreadsheet, it is just a basic spreadsheet to organize your AP ledger. Download it for free now.
What is the definition of Accounts Payable (AP)?
Accounts payable are amounts due to vendors or suppliers for goods or services received but not paid fully yet. The aggregate of sums owed to vendors is shown as a liability on the organization's balance sheet. When a company orders and receives goods or services before paying for them, we say that the company is purchasing the goods on credit (or on account). The vendor of the goods on credit is also referred to as a creditor. If the organization receiving the goods or services does not sign a promissory note, the vendor's bill or invoice will be recorded by the organization in its liability account "Accounts Payable".
For a start-up or small company a Excel spreadsheet is more then sufficient to maintain your AP ledger but what if you grow that big that is becomes a little bit too complet to maintain the ledger in just one sheet? The answer might be AP automation:
What is AP automation?
Accounts payable automation (AP automation) is software that to eliminate manual tasks from the accounting process. It's a form of AI that provides better visibility over financial data and streamlines payment processing. AP Automation impacts your department, team or accounting specialist by:
- Reducing data entry by an average of 70~80%.
- Saving accounting HR cost by reducing the costs of manual entry per invoice.
- Reducing the change of duplicate entry.
- Reducing processing time by fully integrating with you invoice and accounting ledger solution.
- Reducing AP approval time by introducing automated workflow that route any approvals needed to the responsible employee in your organization.
Below a list of well known AP automation vendors in the US:
- Beanworks is an accounts payable automation solution designed to save you time and money using automation workflows for managing and approving invoices.
- Tilpalti is a end-to-end accounts payable software solution to automate the entire supplier payments operation, making global mass B2B payments frictionless and efficient.
- Stampli is one of the best rated accounts payable automation software for invoice processing and only solution that provides full control over invoice management.
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