Importance and Benefits of AP Dashboards

Alerts and notifications.

Alerts and notifications keep users informed about critical events and deadlines. For example, they can notify your accounts payable team of upcoming payment due dates, invoice discrepancies, or unusual spending patterns that could indicate fraud.

Notifications prevent issues from falling through the cracks. Acting promptly keeps operations running smoothly.

“Airbase’s powerful automation tools and seamless approval workflows saved SeekOut a full-time headcount and cut reconciliation time from six hours to less than one.”

Benefits of using an AP dashboard.

In addition to centralizing your accounts payable data, dashboards also:

• Enhance efficiency.
• Improve accuracy.
• Increase transparency.

Enhanced efficiency.

AP dashboards automate tasks that your AP department likely handles manually, such as invoice processing, payment scheduling, and generating recurring reports.

Automation saves your AP department time and reduces the likelihood of manual errors. When you streamline and automate these processes, your team can focus more on strategic activities that generate business value.

Improved accuracy.

You can’t make smart financial decisions without accurate financial data — and yet 50% of senior finance and accounting professionals admit that they don’t fully trust their own data.

AP dashboards improve accuracy by reducing manual data entry and aggregating information from various sources into a single platform. This consolidation minimizes the risk of errors and ensures that the information used for financial reporting and analysis is reliable.

Increased transparency.

Finally, AP dashboards provide greater visibility into financial operations and performance. They give you a clear overview of each AP process, which enhances transparency and accountability. With a detailed dashboard, it’s easy to track payments, monitor compliance, and align all financial practices and processes with your business goals.

50% of senior finance and accounting professionals admit that they don’t fully trust their own data. Use real-time data from your AP dashboard to make more informed, strategic decisions. Access to up-to-date, reliable financial information allows you to respond quickly to changing conditions, optimize your cash flow, and manage your liabilities more effectively.

Steps to set up an effective AP dashboard.

Before you can enjoy all of the benefits of AP dashboards, you’ll need to choose the right platform for your needs. Start by:

• Identifying data sources.
• Selecting the right software.
• Customizing the dashboard.

Identify required data sources.

Which data sources should the dashboard pull from? At a minimum, include invoices, payment records, and transaction details. You may also want to include other procurement data like vendor information.

A dashboard is only as good as its data, so make sure you choose the right sources for a comprehensive look at your AP processes.

Select the right software.

Next, consider your workflows and specific needs. The right AP dashboard is user-friendly and offers a variety of robust, useful, and customizable features. And don’t forget to check for:

• Integration compatibility with your existing systems.
• Scalability to support future business growth.
• Reliable customer support.

Customize the dashboard for your needs.

Customization tailors the dashboard to your unique challenges and goals so you derive maximum value from it. For example, you can:

• Configure it to display the most relevant KPIs.
• Choose your preferred visualization tools.
• Set up important alerts and notifications.

Best practices for AP dashboard management.

Make the most of your new dashboard with updates, training, and support.

Regular updates and maintenance.

With the right solution and setup, your AP dashboard should run efficiently with minimal manual input, but you will need to conduct some regular updates and maintenance. Keep your data sources up to date, and refine your KPIs and visualization tools as your goals and needs change.

Stay on top of any software updates, as these often contain security updates essential to keep your financial information safe.

User training and support.

Provide plenty of in-depth training and support for all users. Ideally, your vendor should offer training programs and tools to get everyone up to speed on the new software and use it to its full potential. But make sure you also implement ongoing support to help users troubleshoot issues and fully leverage the dashboard’s capabilities.

Empower your accounts payable team with an AP dashboard from Airbase.

Effective AP dashboards significantly enhance the efficiency, accuracy, and transparency of accounts payable processes. By integrating solutions like KPI monitoring, visualization tools, and timely notifications, an AP dashboard provides the valuable insights you need to increase profitability, better manage cash flow, and optimize employee workloads.

If you’re ready to optimize your accounts payable process and get unparalleled financial visibility, give Airbase a try. Airbase is a comprehensive procure-to-pay platform that streamlines every aspect of your financial and procurement operations, from invoice capture to final payment.

In fact, Airbase’s powerful automation tools and seamless approval workflows saved SeekOut a full-time headcount and cut reconciliation time from six hours to less than one.
See what a best-in-class AP dashboard from Airbase can do for your AP processes — schedule a demo today.

FAQ.

Need more info? Here are some frequently asked questions and answers about AP dashboards:

What is an accounts payable dashboard?

An accounts payable (AP) dashboard is a centralized platform that provides a comprehensive view of an organization’s accounts payable processes. It consolidates data from various sources to offer real-time insights into invoice processing, payment statuses, vendor management, and overall financial performance. These dashboards typically include features like key performance indicators (KPIs), visualization tools, and alerts to help businesses monitor and optimize their AP operations efficiently.

How do you keep track of accounts payable?

Keeping track of accounts payable involves several key steps:

1. Invoice management: Collect and organize all incoming invoices from vendors, accurately record them, and match them against purchase orders and receipts.
2. AP software: Use automated accounts payable software to automatically enter, track, and process invoices.
3. Dashboard monitoring: Use an AP dashboard to monitor real-time data on outstanding invoices, payment statuses, invoices processed, and cash flow. Dashboards provide visual insights and notifications of due dates and discrepancies.
4. Regular reconciliation: Perform regular reconciliations to ensure that all recorded invoices and payments match the actual transactions in the bank statements.
5. Reporting: Generate reports to analyze AP performance, identify trends, and ensure compliance with payment policies.

What are the KPIs for accounts payable?

Key performance indicators (KPIs) for accounts payable typically include:

1. Invoice processing time: The average time it takes to process an invoice from receipt to payment.
2. Payment accuracy: The percentage of payments made without errors or discrepancies.
3. Days payable outstanding (DPO): The average number of days it takes a company to pay its outstanding invoices.
4. Invoice exception rate: The percentage of invoices that require manual intervention due to errors or discrepancies.
5. Cost per invoice: The total cost incurred to process a single invoice, including labor and system costs.
6. Discounts captured: The percentage of available early payment discounts successfully captured.