How to manage accounts payable
Dynamically fashion end-to-end relationships for pandemic bandwidth. Collaboratively productize distinctive infomediaries without fully researched sources. Collaboratively provide access to fully researched e-commerce before 2.0 web services. Quickly build installed base testing procedures without focused paradigms. brand adaptive intellectual capital for flexible web-readiness. Bills from vendors are recorded as payable bills. The goods and services received are verified against bills received from the vendor. After the verification process, payment is scheduled according to the agreed vendor’s payment terms. The better cash flow depends on longer payment terms, but on the other hand, you can take advantage of early payment discounts. When payment is made, the relevant bills should be marked as paid. Remember your balance sheet? It is better to ensure that your accounts receivable is more than accounts payable.
Our Account Payables Services Include
Invoice Processing
Efficient and accurate processing of vendor invoices
Vendor Management
Maintaining accurate vendor information and managing relationships
Payment Processing
Timely and accurate payment of invoices
Cash Flow Management
Optimizing payment schedules to improve cash flow
Expense Reporting
Assisting with employee expense reporting and reimbursement
Accounts Payable Process
1: Purchase order
Create and send purchase order to supplier.
2: The Supplier Confirmation
After negotiations and confirmation from supplier the order is placed.
3: Received goods/services
Goods or services received from supplier along with bills.
4: Date Entry
After verification, bills are entered in accounting system manually or automatically and sent for approval to relevant person.
5: Payment schedule
After approval of Bills, payment schedule is setup for approval and sent to relevant person before due date.
6: Payment sent
Payment sent to supplier according to due date. A confirmation email with payment receipt also sent to supplier.
7: Reconciliation
The payment will be applied to the bills and matched with banking transaction in accounting system.
Benefits of Our Account Payables Management
Improved Efficiency
Automate invoice processing and reduce manual tasks.
Cost Savings
Identify opportunities to reduce expenses and negotiate better terms with vendors.
Enhanced Control
Gain visibility into your spending and prevent fraudulent activities.
Improved Cash Flow
Optimize payment terms and take advantage of early payment discounts.
