Accounts Payable Services
Accounts Payable Outsourcing Services enable the administration of invoice or bill-related tasks. These services use a third-party vendor and it is generally the vendor who performs various functions such as payments, processing, Purchase Order matching, and reporting.
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About Accounts Payable Services
Accounts Payable Outsourcing Services enable the administration of invoice or bill-related tasks. These services use a third-party vendor and it is generally the vendor who performs various functions such as payments, processing, Purchase Order matching, and reporting. Accounts payable services provide financial support to the organization.
For an organization to function strategically, accounts payable services help in optimizing the working capital. These services are also helpful in keeping a record of short-term debts and thus, help in savings and improvising the relationship with the customers.
With these services, the customers are able to manage financial transactions, duplication as well as disbursement-related services.
Accounts Payable Services and how can they help you?
Accounts payable services make the task of managing invoices and payable documentation easier for the organizations. They tend to cut down the unimportant and non-essential activities and make it quick and smooth for the accounts payable department. Accounts payable services help in increasing the processing times and generating quick payments.
Some of the boons of accounts payable services are that it enhances productivity by reduction of costs, and reduces the errors that are bound to be done during the process of accounts payable. Accounts payable services help in delivering the payments on time and therefore, keep a consistency in the smooth flow of money in an organization.
If it is accurately processed in-voice, the result would lead to a chaos-free clearance of the payable.
Our Accounts Payable Services
Processing the Purchase Orders
Processing the Debit Memos
Processing the Information of Standard Pricing
Processing Accounts Receivable Reports
Processing Accounts Payable Ledgers Monthly
Processing Sales Tax Monthly
Types of Accounts Payable Services offered
We offer a varied range of accounts payable services essential to maintaining financial records and statements. Some of the services are listed as:
Invoice processing: The underlying data is linked and matched with a supplier invoice. Our services help in reducing the time that it would cost otherwise, thereby, converting the complexities to simple forms.
Processing of Payment: Our services include aging the payables, creating the payment proposal, making it available for approval, and further, submitting the payment to the bank.
Managing the Vendor Data: The required tax certificates from your vendors are taken and updated frequently on an annual basis.
Processing the Monthly Sales Tax: Total revenue and total costs are closely monitored in order to determine the monthly sales tax.
Benefits of getting our Accounts Payable Services
As we provide varied types of accounts payable services in a comprehensive and concrete range, there are several benefits that you can avail of:
The in-house accounts payable services are cost-effective and reduce the time and workload of the accounts payable department.
The commitment to securing the data is established by securing servers and the platforms required to access and process the financial data.
The built-in automation helps with accounting tasks and takes care of driving your focus toward your business.
Our services comply with all the international regulations of finance and accounting.
The reduction of errors, especially spreadsheet errors, is made possible by availing our services.
Our accounts payable services reconcile the payments regularly which further helps in determining the true status of your ledgers.
These services help in informing you about the due dates and the deadlines of annual returns.
The Process we follow for Accounts Payable
Our payable accounts services follow up a proper procedure that needs to be understood for a smooth onboard journey for the customer. We have an end-to-end fulfillment that is provided by our team. It is a well-defined and systematic step-by-step procedure as follows:
Receiving Invoices: Invoice indexing and invoice processing are done, whether PO-based or non-PO-based, service, or material.
Data Collection: All of the documents are collected in the form of their images and these invoice images are readily made available.
Processing and Routing of the invoice documents: The invoice data collected is further processed and channelized to the relevant customer executives.
Uploading and Payment: The invoice is approved and uploaded to the customer’s system for further payments
Through these varied steps involving invoice receipt, scanning, and processing accounts payable outsourcing services help procurement teams to stream the payment of their procure-to-pay operations. This allows compliance and also enables value-adds like discounting and batch payments.
Frequently Asked Questions
Accounts Payable are the records of the money that a business owes to its vendors or suppliers. Accounts payable services are those offered for the clear production of records on a balance sheet. These cover a full range of activities that are necessary for accounting.
PO invoice is where you get the goods and services and then receive the invoice. A non-PO-based invoice is where there are no previous agreements on the goods and services. There is no purchase order, and only urgent works or bills.
Accounts payable are managed effectively through the availability of accounts payable services, such as organizing invoices, matching the documents and issuing checks, and uploading the vendor files to the accounts payable automation system.
The money that the business owes to its vendors or suppliers is known as accounts payable whereas the money that is owed to the business by its customers is known as accounts receivable. Both terms stand as complete opposites to one another. Any time money is owed by a firm that provides services, a payable is created indicating the money owed to that firm.
Accounts payable serve varied functions such as processing the invoice, recording the transactions of the business, and keeping a record of the financial data with utmost accuracy and certainty. Thus, the most important role played by accounts payable is to maintain financial records for the business firm.
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