How can Accounts Payable (AP) Dashboards Drive Faster and Better Decisions?
As Controllers and Senior Accountants increasingly become key advisors for Accounts Payable process improvements, they must rely on modern self-service corporate performance management (CPM) and business intelligence (BI) tools. Using interactive AP Dashboards like the Accounts Payable Summary template shown below enables them and users from the finance and accounting teams to experience near real time AP metrics and KPIs that help drive faster and better decisions.
Who uses AP Summary Dashboards and What are Some Key Analytical Features?
In today’s fast-paced business environment, Accounting Leaders are under high pressure to supply end users like CFOs, controllers and finance managers with timely and concise AP Dashboards. Companies use key features like the ones below to support their users with effective analysis that helps drive drive AP efficiencies and process improvement:
- Trend analysis for Invoices Paid on Time, Average Age at Payment, AP Summary (monthly amount and count), AP Aging (amount) and AP Aging (count)
- AP bucket analysis (30 days, 60 days, etc.) for aging payables and upcoming payments
- Summary KPIs for Total AP Outstanding and Percent (%) of Invoices Overdue
The Accounts Payable Summary Dashboard template can be used as a key element of the Accounts Payable Analysis process:
The Accounts Payable Summary Dashboard is a ready-to-use AP Dashboard from the Solver Marketplace.
A Brief Description of the Accounts Payable Summary Dashboard Template
AP Dashboards like the one seen in the image above are interactive and parameter driven and typically contain sections with trend charts, aging charts and metrics. One of the important features that aid the user in the analysis process is the ability to choose business entity (see drop down in upper left corner) as well as to get easy access to transaction-level analysis (second tab). Accounts Payable Summary Dashboards are often used in conjunction with detailed AP and vendor reports, financial dashboards, AR dashboards, balance sheet reports, and input models for KPI targets.
Data Integration to Transaction Systems
Most organizations these days want automated and streamlined planning, reporting and analysis. However, many of the benefits described earlier rely on best of breed Corporate Performance Management (CPM) tools and/or Business Intelligence (BI) capabilities as well as data marts or data warehouses that use pre-built integrations to the organization’s ERP system. Oftentimes, they also need integrations to other key data sources like CRM, subscription systems, payroll tools, etc.
Modern, cloud-based ERPs like Microsoft Dynamics 365 Finance (D365 Finance), Microsoft Dynamics 365 Business Central (D365 BC), Sage Intacct, Acumatica, Netsuite and SAP have robust APIs which allow for dynamic integrations to CPM and BI tools that are fully automated and flexible to run on a schedule or on-demand.
Additional Resources to Aid with Research of Templates, CPM and BI Tools
- Templates from Solver that are pre-built and that work out-of-the-box using the Solver CPM cloud. Click here.
- Template examples: You find more than 500 CPM and BI Template examples here.
- Interactive Dashboard examples: Try Power BI dashboard templates from Solver here.
- Software evaluation and selection:
- Vendor Comparison and ROI (free interactive tool)
- Evaluating planning, budgeting and forecasting functionality
- Evaluating Financial Reporting functionality
- Evaluating Dashboard functionality
- Evaluating Data Warehouse functionality to achieve “one version of the truth”
- Demonstrations and other specific assets: Solver Tour Central
- Using third party analysts and consultants to aid in vendor selection
- Creating efficient processes: