Accounting engines are solutions that enable organizations to manage financial activities by leveraging internal and external data sources. Users can examine two or more sets of information requiring financial records, with predefined business models and accounting standards that are configurable in the solution. Many modern accounting engines are cloud-based solutions, offering enhanced accessibility and scalability. Typical users of an accounting engine include accountants and financial analysts, management, who use it for budgeting, forecasting, and strategic decision-making; and auditors, who verify the accuracy and integrity of financial statements. These engines generates detailed financial reports and statements, providing insights into the company's financial status and helping in planning and predicting future financial performance based on historical data. and also streamlines the invoicing process, reducing manual errors and ensuring timely payments.
Gartner defines the accounts payable applications market as cloud-based applications that enable corporate controllers and their teams to automatically manage supplier invoice processing, facilitate payments and support supplier master data management across one or more ERP applications. Organizations use accounts payable applications to improve their supplier invoice processing, payments and supplier master data management activities. They allow organizations to efficiently and confidently pay supplier invoices. These applications are modular cloud-based tools that customers can configure to deliver standard processes and integrate with one or more ERP applications. Additionally, they integrate with other operational tools, such as source-to-pay suites, partner networks, banks and payment service providers, while creating flexibility for suppliers to deliver supplier invoices. An example would be the collection and processing of supplier invoices using a digital mailroom, whereby data (structured and unstructured) is extracted from scanned documents and validated prior to approval for payment.