Some of our clients never delve into the accounts payable feature in Xero.
Accounts payable as a bill that your business has received or incurred but hasn't paid yet.
Why should you use the accounts payable feature in Xero?
If you load suppliers invoices as a bill to pay in Xero as you receive them:
You gain a clear picture of who you have to pay, and when.
Knowing what bills are due for payment, and what funds you are expecting in, helps you stay on top of your business's cash flow.
Xero allows you to see what bills are in draft, which have been approved and which are due to pay and when.
This visibility helps you avoid late payments and to build trust with your suppliers by paying them on time.
Xero allows you to create payment batches, which can be then be uploaded to your bank account.
You can schedule batch payments.
Pay multiple suppliers at once.
Your supplier invoices can be stored in Xero and accessible from anywhere. See my blog post,"what shall I do with all this paper?" which outlines how to use Xero files for paperless storage.
Once uploaded to Xero files, your supplier's invoice can be attached to the bill to pay creating a record to support your payment.
Want to know more about the accounts payable feature in Xero and how it can enhance your business?
Get in touch, we'll be happy to chat about how you can gain clarity and control of your business finances.
