Currently, most of the Accounts Payable processes are managed with the help of cloud solutions. Although in this post, we will refer generically to invoice management systems.

The objective of Machine Trading is to control the payments of invoices and other documents throughout all the phases of the Accounts Payable process. It is from the signing of the contract with the supplier and the purchase order to the conformity of the invoice so that payment can be ordered.

An automated trading software has the following characteristics :

  • Trade multiple currencies. If the information is appears on the invoice, it allows a more exhaustive control of the amounts of the payment commitments. It also calculates revaluations based on the current exchange rate at any time.
  • Facilitate ongoing reconciliation. The real-time system must assign each payment to the corresponding invoice. On the one hand, in auto trading software, you can view the items, pending amount and the invoice history with each supplier. So with auto trading software, each account is continuously reconciled.
  • Maintain a supplier master data file as well as the primary data file. For example, the assessment of each supplier according to the degree of compliance with deadlines and quality. With this updated and verified information, it is easy to decide whether or not to continue the contracts with the suppliers.
  • Allow electronic data communication ( Electronic Data Interchange – EDI). The system allow the exchange of information with suppliers through electronic procedures and decrease the use of paper. New technologies allow a very prompt treatment of data intending to reduce both internal and personal costs or tasks without added value.
  • Facilitate queries and report generation. The system must facilitate the real-time consultation of the existing information in the database, in an agile and fast way. On the other hand, the solutions that are offered in the market today allow creating reports and dashboards to facilitate performance analysis and reporting.

Veteran Wealth Management will guide you and give you this software which will reduce your work.

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