Accounts Payable Automation

Automation of accounts payable accounting allows you to receive electronic invoices for payment, approve invoices for payment, process information about payments, reconcile invoices for payment with payments and have access to reporting.

All invoices are stored in the cloud, in one place.

Automation of accounts payable accounting includes three components:

• 1. Receive an invoice for payment

  Invoices for payment can be received electronically using any of the methods described HERE.

• 2. Mapping and workflow

  Once data is collected, invoices are either matched by managers to purchase orders and goods receipts, or automatically routed to the appropriate team or individual for review and approval. After approval, they receive the mark “approved” in the e-Cont.md system.

• 3. Archive and audit

  All invoices are securely stored in the cloud, and audit trails of all actions taken on invoices are easily accessible for financial audit purposes. Electronic filing also makes it easier to search and find invoices for payment anytime, anywhere.

After registering in the e-Cont.md system:

• public information about your company (name, IDNO, bank details, etc.) will be available to all participants registered in the system;
• you can see online all invoices issued to you from any participant (supplier) registered in the system;
• you will be able to issue invoices yourself as a supplier to any registered participant, even within the free plan;
• e-Cont.md has a procedure for verifying a new participant, which reduces the risk of fraud, including impersonation.

If you find that a supplier important to you is missing from the list of participants, invite him to join the e-cont.md system and start exchanging invoices with him online.

You, as a buyer, can interact with the e-Cont.md system:

• in your personal account, see all the invoices issued to you by suppliers;
• import invoices for payment from the 1C program;
• import invoices from CRMs with built-in integration;
• import your invoices for payment via API from any other system with which we do not have built-in integration.

Easy/seamless integration with the accounting system

Sync invoices, payments, and vendor data directly with your accounting platform—no manual work required.
Gain insight into the accounts throughout the process. Simply connect e-Cont.md to your accounting platform to enable automatic updating and synchronization.
List of built-in integrations https://e-cont.md/en/integrations.

Is your integration not on the list?

Using our API e-Cont.md https://docs.e-cont.md/en/api
Can be integrated with any software system, including accounting, CRM, ordering, business intelligence and other back office systems.

You can see the payment status for each invoice

• offline payments, for example, bank transfer
  payment information, for example the “paid” status, can be entered manually by the manager, or by importing a CSV file or by integrating with your 1C accounting system, one of the CRMs or third-party electronic invoicing systems.
• online payment, for example, by credit card
  online payment statuses can change in real time if API integration is configured with one of the acquiring banks or payment systems in Moldova.

Advantages of automating accounts payable accounting

• Save time
  Accounts payable automation software makes invoice processing and approval faster and more efficient. By eliminating many of the manual steps in invoice processing, automation significantly reduces the number of human interactions with an invoice and, as a result, minimizes the amount of time staff spend on this aspect of their role.
• Increased efficiency
  Automation simplifies the invoicing and payment process, reducing approval time and increasing productivity. Accounts payable automation solutions can also be integrated with existing financial systems, making the process even more efficient and allowing information to flow seamlessly between systems.
• Increased accuracy
  Automation improves accuracy by eliminating the risk of human error and helps reduce payment errors such as duplicate or fraudulent payments. By automatically reconciling invoice data with ERP information early in the process, erroneous payments can be flagged before they occur.
• Cost reduction
  Accounts payable automation can significantly reduce the cost of invoice processing, saving money as well as business time and resources. Automation helps reduce labor costs by reducing the amount of data entry involved in the process, as well as eliminating costs associated with document storage, postage, invoicing, and more.
• Built-in matching
  When accounts payable processes are automated, compliance rules are built into the system. This makes the process completely transparent, allowing you to monitor and prevent common risks and fraud. For example, the system will flag duplicate invoices, additional expenses, and suspicious activity.