Royalco app assist companies to streamline the business process of their accounts payable departments. The accounts payable department's main responsibility is to process and review transactions between the company and its suppliers. In other words, it is the accounts payable department's job to make sure all outstanding invoices from their suppliers are approved, processed, and paid. Processing an invoice includes recording important data from the invoice and inputting it into the company’s financial, or bookkeeping, system. After this is accomplished, the invoices must go through the company’s respective business process in order to be paid.
Bank and cash management.
The tedious work of capturing all the bank transactions are simplified by means of a bank statement import facility. This speeds up the process & greatly reduces the complexity around bank reconciliations
The accounts receivable department uses the sales ledger, because a sales ledger normally records: Collections and cashiering teams are part of the accounts receivable department. While the collections department seeks the debtor, the cashiering team applies the monies received.
A standard General Ledger is used to accumulate all the transactions and provide a quick overview of actual expenditures against budgets.
Each accounting total is backed up by a detailed audit log.
Financial reports include the typical trial balance, income statement and balance sheets.
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