Managing your business finances and vendor payments can be time-consuming and complex, especially when dealing with multiple currencies and large volumes of bills. That’s why we’ve introduced Automated Accounts Payable, designed to save you time, improve accuracy, and reduce the administrative burden on your business.

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This powerful tool integrates seamlessly with accounting software like QuickBooks and Xero, enabling a smooth and accurate payment process. Whether you’re handling domestic transactions or working with international vendors, we offer the tools you need to stay on top of your payables with minimal effort.

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Why Use Vault’s Automated Accounts Payable?

Our Automated Accounts Payable was created to make vendor payments faster and more accurate while reducing the administrative load on your finance team. Businesses can now manage and pay hundreds of bills simultaneously, saving time and improving financial control. In early testing, Canadian businesses reduce the time spent on vendor payments by up to 70%.

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With Automated Payables, you also benefit from:

• Multi-currency support: Pay vendors in over 30+ currencies across 200+ countries.

• 2-way sync: Bills are automatically categorized after payment and sent back to your accounting software.

• Smart-FX: We automatically match currency before converting at market-leading rates, ensuring you save on FX fees.

• Approval workflows: Multi-level payment approvals ensure that all payments follow your internal processes before they are sent to vendors.

• Wide variety of payment methods: We support EFT, ACH, SEPA, and international wires (SWIFT), making it a comprehensive payment solution for businesses.

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How to Use Vault’s Automated Accounts Payable

Here’s a step-by-step guide on how to start using our Automated Accounts Payable:

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1. Sync Your Open Bills

To begin, you’ll need to pull open bills from your accounting software into Vault. Here’s how:

• Step 1: Connect your accounting software (QuickBooks, Xero, etc.) to Vault via the Settings page.

• Step 2: Once connected, all your open payables will automatically appear within Vault.

• Step 3: If you ever need to re-sync your payables, simply click the re-sync button to refresh the data and pull in any newly added bills.

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2. Match Vendors with Recipients

Before you can make payments, it’s important to match your vendors to their corresponding recipients within Vault:

• Step 1: If a vendor is disabled, that means you need to match them to a recipient in Vault. Select a recipient for the vendor to enable the payment process.

• Step 2: Once the recipient is matched, select the vendor and the payment method you wish to use (EFT, ACH, SEPA, or SWIFT).

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3. Pay Your Open Bills

Once your vendors are matched to recipients, paying your bills is simple:

• Step 1: Select the recipient and the desired payment method.

• Step 2: Choose the bill(s) you’d like to pay from the list of open payables.

• Step 3: Click “Pay Bills,” and we’ll process the payment, ensuring it is automatically categorized and sent back to your accounting software.

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4. Approval Workflow & Compliance

For added financial security, our system includes a multi-level approval workflow to ensure all payments are compliant with your internal controls. Admins and business owners are the only users who currently have access to payables, providing another layer of control.

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5. Transfer Rules

The transfer rules you’ve set up in your standard Transfers page also apply to payables. This ensures consistent handling of payments, no matter how they are processed.

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Why Choose Vault?

Our Automated Accounts Payable empowers businesses by simplifying the often tedious task of managing vendor payments. Helping you reduce errors, save time, and improve overall financial efficiency. Plus, with multi-currency support and automatic categorization of paid bills, your accounting team will spend less time on administrative tasks and more time on strategic decision-making.

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Accounts Payable is now available to all businesses, continuing our mission to support Canadian businesses by optimizing their financial operations and eliminating unnecessary banking fees. If you’re looking to streamline your accounts payable process, reduce payment inaccuracies, and free up time for your team, our Automated Accounts Payable is the solution you’ve been waiting for.

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If a video demonstration is preferable, you can find that here.