Accounts payable

Accounts payable: A complete guide about AP in 2024

Jul 28, 2023

Managing finances is a crucial aspect of running a successful business. One key component of financial management is handling accounts payable (AP), which plays a vital role in the smooth operation of a company.


A business must know the intricacies of accounts payable in 2024, a comprehensive understanding of its definition, its nature, why it is necessary, the parties involved, the implications of accounts payable on cash flow, financial statements, and the best ways to track and manage it.

What are accounts payable?


Accounts payable refer to the outstanding debts that a company owes to its suppliers or vendors for goods or services received.


It represents the company's short-term liabilities and includes items such as invoices, bills, and credit purchases that have not been paid yet.


When your business owes money to another business, these dues are considered to be under the accounts payable section of your business finance.

What is the difference between accounts payable and accounts receivable?


Accounts Payable (AP) and Accounts Receivable (AR) are two essential components of a company's financial management.


While accounts payable represent the money a company owes to others, accounts receivable are the amounts that are due to the company from its customers or clients.


1. Definition


Accounts payable (AP)


AP represents the outstanding debts a company owes to suppliers or vendors for goods and services received but not yet paid for.



Accounts receivable (AR)


AR denotes the amounts owed to the company by customers or clients for goods sold or services rendered but not yet received.


2. Nature


Accounts payable (AP)


AP is considered a liability for the company as it reflects the obligations and debts that need to be settled within a specified period.




Accounts receivable (AR)


AR is an asset for the company, representing the revenue it has earned but has not yet received.


3. Purpose


Accounts payable (AP)


The purpose of AP is to accurately record and track the company's outstanding debts to ensure timely payments to suppliers and maintain good relationships.




Accounts receivable (AR)


AR helps in managing and monitoring the company's outstanding customer debts, ensuring efficient collection processes, and maintaining healthy cash flow.


4. Parties involved


Accounts payable (AP)


The parties involved in AP include suppliers, vendors, and creditors who provide goods or services to the company.




Accounts receivable (AR)


AR involves customers or clients who owe payment to the company for the goods or services they have received.


5. Cash flow implications


Accounts payable (AP)


AP affects the company's cash outflow since it represents the funds that need to be paid to suppliers within the agreed-upon payment terms.




Accounts receivable (AR)


AR impacts the company's cash inflow as it represents the funds that are expected to be received from customers or clients within the specified credit period.


6. Financial statements


Accounts payable (AP)


AP is reflected on the balance sheet as a current liability, providing information on the company's outstanding debts.



Accounts receivable (AR)


AR is recorded as a current asset on the balance sheet, indicating the amount the company expects to receive from customers or clients.


7. Management and tracking


Accounts payable (AP)


Effective management of AP involves accurately recording and tracking invoices, verifying them against purchase orders and contracts, and ensuring timely payments to maintain good credit standing.




Accounts receivable (AR)


Efficient management of AR involves invoicing customers promptly, monitoring payment terms, following up on outstanding invoices, and implementing effective collection strategies to minimize bad debt.

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How do accounts payable process works?


The accounts payable department in any company is responsible to pay off any debts that it owes to its suppliers, vendors, or other businesses. The process pay AP starts after your business receives invoices or bills from your vendors or suppliers.


Once received, the documents are verified and checked for legitimacy and then sent ahead to the AP department for payment processing.


1. Invoice receipt


The AP accounting department first receives invoices from suppliers or vendors for goods or services provided. Once you have received them, these need to be checked and verified to make sure that they are legitimate.


2. Invoice verification


Invoices are carefully reviewed to ensure accuracy, proper documentation, and adherence to contractual terms. Automation of accounts payable processes helps in faster and more accurate verification of the invoices that your business has received.


3. Invoice approval workflows


Invoices go through an approval process, involving appropriate personnel to authorize payment. For example, if the marketing department had outsourced a job to an agency, then the invoice will be sent to the marketing manager for approval.


Also explore our detailed guide on invoice approval workflow to understand the need of automating your invoice approval workflow and the factors to consider when choosing an automation solution for your business.


4. Purchase order matching


Invoices are matched with purchase orders and other supporting documents to verify the validity of the transaction. Details like the date of purchase, item details, price, location, etc. are checked to make sure that the invoice is valid.


5. Documentation


All relevant documentation, such as purchase orders, contracts, and delivery receipts, is collected and stored for reference and audit purposes. Doing this helps in faster and more accurate audits in the future.


6. Recording in an account ledger


Approved invoices are recorded in the company's accounting system, reflecting the amount owed and the corresponding liability.


7. Payment processing


Once invoices are approved, payment processing begins, determining the payment method, timing, and any applicable discounts. Depending on your organization’s system, the invoice may be scheduled to make a payment or be paid at the due date.


8. Payment execution


Payments are executed through various methods, such as electronic transfers, checks, or digital payment platforms. You can also use modern expense management software to make payments.


9. Reconciliation


AP ensures that payments made match the recorded invoices and resolves any discrepancies or outstanding issues.


Check out our article on invoice reconciliation to know the tips for effective invoicing reconciliation and how can Volopay help you with reconciliation.



10. Reporting and analysis


AP generates reports on outstanding payables, payment trends, and vendor performance to provide insights for financial analysis and decision-making.

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What is the role of accounts payable in financial management?


The importance of accounts payable in a business cannot be stressed enough. When you make payments on time to your vendors and suppliers, it helps you carry out operations smoothly without any hiccups.


It also helps foster a better business relationship with your vendors that can lead to better deals and negotiations in the future. 


Here are the key roles and responsibilities of accounts payable:


1. Invoice processing


AP is responsible for receiving, reviewing, and processing vendor invoices, ensuring accuracy and proper documentation. If any detail is missing or entered incorrectly, it can cause issues in the final financial statements of the company.


Related read: Automated invoice processing to better manage cash flow


2. Vendor management


AP maintains relationships with vendors, addressing inquiries, resolving issues, and negotiating favorable payment terms.


3. Payment processing


AP handles the execution of payments to suppliers, ensuring timely and accurate disbursements. They can also schedule payments in advance so that they don’t have to worry about missing a payment or forgetting to process the payment.


4. Cash flow management


Effective management of AP helps optimize cash flow by controlling cash outflows and strategically managing payment timing. You can schedule payments just before the due dates so that you can hold on to your cash reserve as long as possible and earn interest on it.


5. Expense control


AP verifies invoice legitimacy, detects errors or discrepancies, and prevents unauthorized or duplicate payments, contributing to expense control.


6. Compliance and internal controls


AP enforces spending limits, ensures proper approval workflows, and maintains audit trails, supporting compliance and internal control measures.


7. Reporting and analysis


AP tracks and categorizes expenses, providing data for financial reporting, analysis, and decision-making. You will be able to see expenses according to different categories, teams, locations, payment methods, etc.


8. Vendor relations


AP's interactions with vendors affect relationships, negotiating payment terms, resolving issues promptly, and fostering trust. The more efficient your AP processes are the better your vendor relations will be.


9. Process improvements


AP continuously enhances processes and systems to improve efficiency, accuracy, and cost-effectiveness, benefiting the overall financial management of the company.

What is the relation between AP and cash flow management?


Accounts payable and cash flow management are closely related in the context of financial management for businesses.


Essentially, AP directly affects your cash outflow as these are payments made by your organization. Here's the relationship between accounts payable and cash flow management:


1. Cash outflows


Effective AP management is essential for controlling cash outflows, ensuring that payments are made on time and in the most cost-effective manner.


A smart way to manage cash outflow for AP is by scheduling payments so that you can make the most out of your cash reserves.


2. Payment terms


By strategically managing AP, businesses can negotiate extended payment terms with vendors, retaining cash for a longer period and improving cash flow.


The longer you can hold your cash before using it to make payments, the more interest you will be able to earn off of it.


3. Cash flow timing


AP plays a crucial role in managing payment timing, optimizing cash flow by aligning payment dates with available funds.


Negotiating better deals with your vendors in terms of payment due dates can help ensure that you always have the necessary cash to pay your vendors.


4. Cash flow forecasting


Accurate management of AP provides the necessary data for cash flow forecasting and planning, enabling proactive decision-making.


Also, having a virtual business account can significantly aid in cash flow forecasting by providing real-time insights, streamlined transactions, and enhanced financial management. Read our article on our virtual account to learn more.



5. Supplier relations


Timely payments through effective AP processes foster stronger relationships with suppliers, leading to better payment terms and positively impacting cash flow. Better supplier relations will create a positive cash flow for your business.


6. Cash flow challenges


Poor AP management can lead to cash flow challenges, including late payment penalties, strained vendor relationships, and potential disruptions in the supply chain operations of your business leaving a chain reaction of negative impact throughout the company.

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Key components of accounts payable explained in detail


Accounts payable (AP) is a key function in an organization that involves managing invoices, processing payments, and maintaining strong vendor relationships.


Let's delve into the key components of accounts payable and the steps involved in each process.


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1. Invoice Processing


Invoice processing is that part of accounts payable which involves receiving the invoice from a vendor or a supplier, coding it for accounting purposes, sending it for approval to the relevant manager or executive, and matching it with the relevant documents to verify its legitimacy. Invoice processing includes the following steps:


Receipt and verification of invoices


Upon receiving invoices from suppliers, accounts payable personnel verify the accuracy, completeness, and legitimacy of the invoices.



Coding and approval procedures


Invoices are coded with appropriate account codes for accurate accounting and cost allocation. They then go through approval workflows, involving the necessary personnel who authorize the payment.



Invoice matching and three-way matching


Invoices are matched with purchase orders and receiving reports, to ensure that the goods or services were received as per the agreed terms.


Three-way matching involves verifying the consistency between the invoice, purchase order, and receiving report.

2. Payment processing


After the invoice has been processed with all the necessary checks in place, it then moves forward for payment processing.


This stage involves checking the payment terms and conditions that were agreed with the vendor, authorizing the payment after the required approvals, and vendor payment reconciliation. Payment processing includes the following steps:



Payment terms and methods


Accounts payable determines the payment terms agreed upon with vendors, such as net 30 days or early payment discounts.


Different payment methods, such as electronic funds transfer or checks, are selected based on vendor preferences and efficiency.



Payment authorization and approval


Before making payments, accounts payable personnel ensure that all necessary approvals are obtained, following the company's internal controls and compliance procedures.



Vendor payment reconciliation


After payments are executed, accounts payable reconciles the payments made with the outstanding invoices, ensuring accurate recording and reconciliation of vendor accounts.


3. Vendor management


Vendor management is an essential component of accounts payable that focuses on building and maintaining strong relationships with suppliers. The following are the steps involved in vendor management:



Vendor onboarding and relationship building


Accounts payable establishes effective communication channels and onboard new vendors, collecting necessary information and documentation to facilitate smooth transactions.


Using expense management systems, companies store important data to make recurring payments faster without having to manually enter every vendor’s information each time. 



Negotiating payment terms and discounts


Accounts payable collaborates with vendors to negotiate favorable payment terms, such as extended payment periods or early payment discounts, enhancing cash flow management.



Vendor performance evaluation


Accounts payable monitors vendor performance, assessing factors such as delivery timeliness, quality of goods or services, and responsiveness.


Regular evaluations help identify areas for improvement and maintain mutually beneficial relationships.



Related read: Vendor procurement process and role of virtual cards in simplifying it?



By understanding and effectively managing the key components of accounts payable, organizations can ensure smooth operations, maintain strong vendor relationships, optimize cash flow, and promote financial stability.


Accounts payable encompasses crucial processes such as invoice processing, payment processing, and vendor management. Proper handling of these components ensures accurate financial records, timely payments, and harmonious relationships with suppliers.


Organizations that prioritize effective accounts payable management reap the benefits of enhanced operational efficiency and financial control.

What are the benefits of an efficient accounts payable process?


Here are some key reasons highlighting the significance of efficient accounts payable processes:


1. Timely payments


Having a broken system to make payments to your vendors and suppliers can not only cause operational delays but also affect your business relationships.


An efficient accounts payable process ensures that vendor invoices are processed and paid on time, helping maintain strong vendor relationships and avoiding late payment penalties.


2. Faster invoice processing


Streamlining accounts payable processes reduces the time taken to process invoices, enabling quicker approval and payment cycles.


An efficient accounts payable process can be set up using modern expense management tools that help you automate many of the repetitive tasks involved in invoice processing.


3. Cash flow management


Effective accounts payable processes contribute to better cash flow management by ensuring accurate tracking of payables, optimizing payment timing, and leveraging early payment discounts.


By timing your accounts payable due dates on dates that let you hold your cash reserve for the longest, you can optimize the amount of interest you earn on it.


4. Cost savings


By managing accounts payable efficiently, businesses can take advantage of early payment discounts and avoid late payment penalties, resulting in significant cost savings over time.


An efficient AP system lets you schedule payments ensuring that you never miss a payment and build a better relationship with your vendors.


5. Accuracy and compliance


An accounts payable process that is efficient ensures the accuracy of financial records, reduces errors, and ensures compliance with regulatory requirements, improving the overall integrity of financial reporting.


It eliminates human error and fraud to a very high degree and makes the finances of the company audit ready.


6. Audit readiness


When all the payable transactions are structured and organized with relevant documents in place, it makes the job of the auditor much easier.


Maintaining organized and well-documented accounts payable records makes audits smoother and more efficient, reducing the time and effort required for compliance audits.


7. Operational efficiency


By automating manual tasks and streamlining processes, businesses can reduce paperwork, eliminate errors, and free up resources to focus on more value-added activities, enhancing overall operational efficiency.

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How to record accounts payable?


In this section, we will explore the steps involved in recording accounts payable transactions.


Steps to record accounts payable


1. Set up an accounts payable ledger


Establish a ledger to serve as a central repository for recording and tracking accounts payable transactions.


Setting up this separate ledger just for AP-related transactions can help in identifying aspects only related to your company’s accounts payable much more easily.


2. Capture invoice details


Record relevant details from the invoice, such as invoice number, vendor name, date, and amount, in the accounts payable ledger. These details are important to track and verify the invoices with the relevant purchase orders.


3. Assign an account code


Assign an appropriate account code to the transaction, aligning with the chart of accounts and representing the nature of the expense or liability.


4. Verify invoice accuracy


Ensure that the invoice matches the goods or services received and verify the accuracy of the information provided. You can do this using modern expense management systems that provide invoice-matching features.


5. Record the liability


Create a journal entry in the accounts payable ledger to record the liability, including the amount owed and the vendor's information.


6. Monitor payment terms


Track the payment terms specified on the invoice, ensuring timely payment and effective cash flow management. If needed, you can schedule the payment in advance so that you do not have to deal with late payment penalties.


7. Reconcile vendor statements


Regularly reconcile vendor statements with the accounts payable ledger to ensure accuracy and identify any discrepancies or outstanding items.


8. Record payments


Create another journal entry in the accounts payable ledger to record the payment made, updating the liability balance accordingly. This will help you keep track of payments that are made and those that still need to be paid.


9. Maintain supporting documentation


Keep all supporting documentation, such as invoices, purchase orders, and payment receipts, organized and easily accessible for future reference or audit purposes. It will help support the audit process and makes things faster and more efficient.


10. Periodic closing and reporting


Reconcile and close the accounts payable ledger at the end of each accounting period, generating reports that provide insights into payables, outstanding liabilities, and cash flow.

What are some of the best accounts payable practices?


Implementing best practices in accounts payable (AP) can enhance efficiency, accuracy, and overall financial management within an organization. Here are some key best practices for managing your accounts payable:


1. Establish clear AP policies and procedures


Define and document accounts payable policies and procedures to ensure consistency and clarity in the processing of invoices and payments. This ensures that all employees are aware of them and follow them properly.


2. Maintain good vendor relationships


Foster strong relationships with vendors by communicating effectively, resolving issues promptly, and negotiating favorable payment terms.


3. Streamline invoice processing


Implement efficient workflows and automation tools to streamline invoice processing, reducing manual tasks and improving efficiency. You can use modern expense management software to automate things like invoice matching to save time and increase accuracy.


4. Implement an efficient PO matching process


Match invoices with purchase orders and receive reports to verify the accuracy of billed amounts and ensure proper goods or services delivery.


5. Implement a standardized coding system


Use a standardized coding system for invoice coding, ensuring consistency and accurate allocation of expenses across different accounts.


6. Make timely payment processing


Adhere to payment terms, process payments promptly, and take advantage of early payment discounts whenever possible. Scheduling payments can help you do this and also avoid the hassle of dealing with late payments.


7. Accurate and secure record-keeping


Maintain accurate and secure records of accounts payable transactions, including invoices, receipts, and payment details, for easy retrieval and audit purposes.


8. Regular reconciliation


Reconcile vendor statements with the accounts payable ledger on a regular basis to identify and resolve any discrepancies or outstanding items.


9. Implement internal controls to prevent fraud


Establish internal controls, such as segregation of duties, authorization limits, and regular reviews, to mitigate the risk of fraudulent activities.


10. Continuous analysis and improvement of the process


Regularly analyze accounts payable processes, identify bottlenecks or areas for improvement, and implement changes to enhance efficiency and accuracy.


11. Segregation of duties


Separate roles and responsibilities within the accounts payable process to ensure checks and balances and prevent errors or fraudulent activities.

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How do accounts payable help in accounting?


If you are wondering what are payables in accounting, then they are nothing but accurate and up-to-date information about a company's financial obligations to suppliers and vendors.


The list below outlines a few reasons why you need to maintain accurate records of your accounts payables and how it helps in accounting:


Accurate financial reporting


Knowing what, where, when, and who made expenses within an organization during a given period is important to prepare different types of financial statements.


Proper recording and management of accounts payable transactions ensure the accuracy of financial statements, providing a clear picture of a company's liabilities and expenses.


Accrual accounting


Accrual accounting is an accounting method in which payments and expenses are credited and debited when earned or incurred. Accounts payable allows for the recognition of expenses in the accounting period in which they occur, following the accrual accounting method.


Expense recognition


By accurately recording accounts payable transactions, businesses can recognize expenses at the appropriate time, aligning with the matching principle.


Whether your company is following the accrual accounting method or the cash basis accounting method, it will help you reflect the true cost of operations.


Cash flow management


Effective accounts payable management supports cash flow management by ensuring timely payments, optimizing payment terms, and maintaining healthy relationships with vendors. The quicker you can pay off your accounts payable, the more efficient your cash flow will be.


This directly also helps in the creation of the cash flow statement and to ensure that it is accurate without any errors.


Accurate financial analysis


Accounts payable data provides insights into a company's expenses, payment patterns, and vendor relationships, enabling accurate financial analysis and informed decision-making.


Without the accounts payable department handling all types of payments for the company, it might have been really hard to keep track of and manage all business expenses.


Budgeting and financial planning


Accounts payable records help in developing budgets, forecasting cash flows, and planning for future financial obligations, aiding in effective financial planning and resource allocation.


If your company has a record of past payments and obligations, it can better forecast future finance requirements and plan the company budget accordingly.


Ensuring compliance and audit support


Accurate accounts payable records contribute to compliance with regulatory requirements and provide support during audits by maintaining a trail of transactions, invoices, and payments.


This makes it easier for the audit team or auditor to finish the audit process much faster and with more accuracy.

What are some of the main AP challenges faced by businesses?


1. Manual processes and paperwork


Relying on manual processes and paper-based documentation can lead to inefficiencies, delays, and increased error rates. Doing things manually is much more time-consuming than using a software system that can automate repetitive tasks.


These systems are also much more accurate than humans and reduce the errors you might face significantly. 


2. Invoice processing delays


Delays in processing invoices can disrupt cash flow, strain vendor relationships, and result in late payment penalties. Invoices might be stuck in the processing phase due to missing documents that will support its verification such as a purchase order.


When this happens, the invoice cannot be moved ahead in the process for the payment to be made.


3. Inaccurate data and discrepancies


Data entry errors, missing information, or discrepancies between invoices, purchase orders, and receiving reports can lead to incorrect payment processing and reconciliation challenges.


The error can occur from any party and is often tough to detect if the right systems and processes are not set in place by the AP department.


4. Lack of visibility and control


Without proper systems and tools, businesses may struggle to gain real-time visibility into their AP processes, resulting in a lack of control over payment timing, approval workflows, and overall financial obligations.


This can cause major delays in operations and negatively impact other teams and their performance


5. Manual approval workflows


Relying on manual approval processes can be time-consuming, prone to bottlenecks, and increase the risk of errors or delays in payment processing.


While manual approvals are necessary, there needs to be fast and effective to implement the approval workflows so that there is no blockage in the payments.


6. Duplicate payments and fraud


Inadequate controls and oversight may lead to duplicate payments, unauthorized payments, or fraudulent activities, causing financial losses and damage to the company's reputation.


These duplicate payments and fraud may be internal or external. Without the right systems in place, it is hard to detect and rectify them.


7. Manual reconciliation


Manually reconciling vendor statements with the accounts payable ledger can be labor-intensive, time-consuming, and prone to errors. A company should instead use an expense management system that can handle all your accounts payable needs.


8. Paper-based documentation


Maintaining physical copies of invoices, receipts, and other supporting documents can be cumbersome, making document retrieval, storage, and organization challenging.


There is also the chance of losing all this information due to theft or natural disasters like fire making it hard to retrieve the data.


9. Limited reporting and analysis


Without proper systems in place, businesses may struggle to generate comprehensive reports, limiting their ability to analyze spending patterns, identify cost-saving opportunities, and optimize financial performance.


Trying to manually create reports is also not an efficient way of doing it as it would require a lot of time and effort from the finance team and still may not yield accurate results.


10. Compliance and audit risks


Inadequate controls, lack of proper documentation, or non-compliance with regulatory requirements can expose businesses to compliance risks and create challenges during audits.


11. Late payments and cash flow issues


Inefficient AP processes can lead to delayed payments, negatively impacting relationships with vendors, incurring late payment penalties, and causing cash flow issues for the business.

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How automation can help eliminate most of the AP challenges?


Automation can significantly alleviate many accounts payable (AP) challenges by providing efficient solutions. Here's how automation can help overcome these challenges:


1. Streamlined invoice processing


Without an automated system, manually processing invoices takes a lot of time and effort. Automated systems can capture, process, and match invoices electronically, reducing manual data entry and eliminating delays in invoice processing.


2. Enhanced accuracy


Automation minimizes human errors by automatically validating and matching invoice details with purchase orders and other supporting documents. This removes the chance of human errors to ensure accurate financial reports.


3. Faster approval workflows


A lot of time is wasted in communicating with different team members for approval. Automated workflows ensure seamless routing of invoices for approval, reducing processing time and avoiding bottlenecks.


4. Increased visibility and transparency


Automation provides real-time visibility into AP processes, allowing stakeholders to track invoice status, payment schedules, and outstanding liabilities. You will be able to see all of this on a centralized dashboard with an automation system.


5. Reduced fraud risks


Automation incorporates built-in controls, such as invoice matching and approval workflows, to minimize the risk of duplicate payments, unauthorized invoices, and fraudulent activities. Fraud can be detected and stopped in its tracks even before it takes place with automated systems.


6. Enhanced vendor relationships


Automation enables timely and accurate payments, improving relationships with vendors and fostering better collaboration and negotiation of payment terms.


7. Better reporting and analytics


Manually gathering all the financial data to generate reports and get insights from it is very time-consuming.


Automated systems generate comprehensive reports and analytics, providing insights into spending patterns, payment trends, and vendor performance to facilitate informed decision-making.


8. Easier auditing and compliance


Automated AP systems ensure proper documentation, a trail of transactions, and adherence to compliance requirements, making audits smoother and reducing compliance risks.


9. Cost savings


By eliminating manual processes, reducing errors, and optimizing workflows, automation helps businesses save costs associated with inefficient AP practices.

How Volopay’s AP automation can help your business?


Volopay offers comprehensive AP automation and accounting solution to assist businesses in streamlining their financial operations. With Volopay, businesses can benefit from:



Bill pay for automated invoice-to-bill generation


Volopay simplifies the process of generating bills based on received invoices, ensuring accuracy and efficiency.



Alerts & payment history for managing necessary expenses


Businesses can receive alerts and access payment history to monitor and control necessary expenses, promoting better expense management.



Invoice management with 3-way invoice sourcing


Volopay automates the matching of invoices with purchase orders and receiving reports, streamlining the invoice validation process by directly sourcing the invoices from your emails.



Two-way sync of bills from accounting software


Volopay integrates with accounting software, enabling seamless synchronization of bills and invoices for enhanced accuracy and data consistency across platforms.



Different payment methods


Volopay supports various payment methods, including electronic funds transfer and digital payment platforms, offering flexibility and convenience. This helps you make payments faster and on time without any hiccups.



Schedule payments as per convenience


Businesses can schedule payments and also create recurring payments for vendors according to their cash flow requirements and payment terms, optimizing cash management.



Multi-currency wallet


Volopay's multi-currency wallet allows businesses to make international payments efficiently, reducing complexity and currency conversion costs.



International payments


Volopay simplifies international payments, enabling businesses to make cross-border transactions securely and efficiently.

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