Accounts Payable Service
Accounts payable refer to the money a company owes its suppliers for goods and services that have been provided and for which the supplier has submitted an invoice. It can also be the name of the team responsible for all outstanding money a business owes to its suppliers.
Managing accounts payable is one of the most important financial responsibilities for any business. It ensures you are paying your bills on time and ensure you have the cash flow you need to operate. Fund management is important in any organization, by maintaining supplier payables business can set better budgeting, which will ultimately position a company to improve liquidity.
Outsourcing Accounting and book keeping will reduce the burden of managing data in system accurately which helps business to get timely reports of various needs. From verification of bills, to payment processing against the bills.
There are several steps involved in accounts payable process
1. Verification of Purchase orders, or contracts and validate the bills with
2. Invoice Approval from management
3. Invoice Entry and Payment Processing
4. Supplier payable ageing and PDC record keeping
5. Supplier Reconciliation
6. Reporting and Analysis
7. Documentation and Audit Preparation
We help with things like comparing and linking a supplier invoice to the underlying data on which the total cost is based, i.e., a goods delivery receipt and purchase order or contract. This is usually complex and time-consuming, but our professionals can get this job done for you at high-quality.