Top Benefits of Leveraging Accounts Payable Dashboard

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Top Benefits of Leveraging Accounts Payable Dashboard

CFO Tech Outlook | Monday, September 05, 2022

Some AP dashboards are designed to cater to a particular role based on the user's log-in permissions. It guarantees that the dashboard presents the most relevant information to each user.

FREMONT, CA: Tools like spreadsheets, whiteboards, and checklists leverage for better tracking in many businesses for account payable (AP) track. But an accounts payable dashboard built into an accounting software solution frees the AP department to focus on strategic planning rather than reactive tasks. As opposed to more laborious, manual alternatives, automated AP dashboards offer many advantages. The most up-to-date information is readily available in real-time, allowing for more accurate budget tracking, more efficient management of costs, and quicker decision-making.

Certain key elements are vital regardless of the context in which they are used. However, the function of the user determines the precise information presented on an AP dashboard. These features highlight AP dashboards' dynamic and real-time character, and they also use connectivity with automated accounts payable systems.

Customization

Some AP dashboards are designed to cater to a particular role based on the user's log-in permissions. It guarantees that the dashboard presents the most relevant information to each user. An accounts payable manager, a controller, or a chief financial officer will have different goals and require different data than an accounts payable analyst will.

Auto-alerts and reports

Notifications and reports are generated, and the accounting team can schedule periodic reports, reminders, and alerts on critical metrics relevant to their tasks. They also can communicate the reports to other people. These advantages allow for better cash flow management, more precise forecasting, stronger vendor connections, and more productive use of human resources, all of which are crucial to the success of any business.

Capabilities for performing drill-down analysis

An effective investigative tool consists of the capability to "dig down" from a consolidated picture at the level of financial statements to the documentation for an individual transaction. The dashboard's helpful features allow for deeper data analysis, including drill- down and filtering capabilities. Users are given the ability to access data for a particular location, general ledger account group, or period by using filters.

Data export

A practical element of an account payable dashboard is the ability to export data to excel or another tool to conduct additional analysis or email the data to make it accessible to a broader audience.

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