What is Accounts Payable services?
What is Accounts payable serviceshas progressive a transaction focused process for every business and cash outflow function, Effective AR process optimizes working capital need in a business enables greater cash savings for the business, stop cash wastage and encourage Long term vendor relationship.
Why proper Invoice Indexing and pre-defined Workflow is required for Accounts Payables processing?
Digitizing your invoices and creating a workflow can help business organize the flow of vendor invoices through various approval and quality check process. We ensure the same by suggesting small technical changes in the existing system and create a workflow with required control points for accuracy and timeliness of payable cycle.
What we do in Invoice Indexing?
We index your PO and Non-PO invoices / expenses to go through required approval authority. The workflow allows us get a complete MIS for visibility of invoice status in real time for all your geographies.
Why proper Invoice Processing is required?
Our suppliers play an important role in the growth of our organization and paying them in time helps strengthen the relationship. An invoice correctly processed leads to hassle free clearance of payable and take discounts on early payments as well.
What we do in Invoice Processing?
Our team of professionals have extensive knowledge of the Accounts Payable process and handle all kind of invoices i.e. PO based Invoice, Non-PO Invoices, Service or Material Invoice, Work Orders with a high level of accuracy on applicable taxes, helping your business to update payable in a timely manner.
What is importance of Payment Processing in Accounts Payable Processing?
Credit period for an organization is an important aspect to manage cash flow in the business. On one hand paying early gives us additional discounts thus saving money for the business and on the other hand paying on due dates allows the business to enjoy complete credit period and maintain working capital available all the time. Let us help you in the best possible way.
Why we should prefer for GRIR Reconciliation before making payments to vendor?
Have you wondered why your team takes a lot of time at the end of the year correcting the ledgers for nominal accounts, or any suspense account? Your inventory and payables need to be reconciled regularly so that your books are up-to-date and show true status of your ledgers.
What we do in GRIR Reconciliation?
We reconcile at the unit level of Purchase Order receiving with the invoices being sent by the vendors and report / clear any variation at frequent intervals. We coordinate with the procurement and the Accounts Payable team to take required action and float a regular MIS for you. Now you need not to panic at the year end and chase your team for closure of financials on time.
What we do in Payment Processing?
All payments are in your controls. Our team prepares an aging of payables, highlights the critical invoices, enlists the top vendors, creates payment proposal in the accounting ERP system and makes available for your approval and submitting payment file to Bank. Whether you pay daily or weekly we make all the required data available for you to take decision on your payables.
What is Vendor Statement Reconciliation? Is it important for effective accounts payable processing?
Are you getting statements from your top vendors? Are your payments applied to the correct invoices? Are you charged with the late fees on the statements? Do not let yourself struggle with the dispute merely due to the fact that your statements are not reconciled on time and avoid any undue late fees. Now your team can focus on issuing 1099 forms on due dates and meet deadlines of annual returns.
What we do in Vendor Statement Reconciliation?
We reconcile all vendor invoices and the payments issued to them considering all applicable discounts / returns and update the vendor periodically for any difference in the ledger. We coordinate with the vendor's Accounts Receivable team for any required correction.
What is importance of Vendor Data Management? Why this should be outsourced?
Do you have large number of vendors? Do most of them are One Time or Frequent Suppliers? Are you concerned to have them correctly set-up in your accounting ERP system so that they are reported correctly in your returns? A correctly updated and managed vendor database helps in managing day to day transactions smoothly as well as ensure accuracy taxability at the year end.
What we do in Vendor Data Management?
We get the required details and tax certificates from your vendors while initial set up and keep them updated frequently year after year. We also address the vendor requests whenever they want their details updated like change in name, taxability, nature of business and contact information.
Why Vendor Helpdesk is important for every business?
Some organizations are equally performing well as you are and need their books reconciled timely. A dedicated AP Helpdesk team addresses all queries coming from your vendor.This is required so that your vendors can be heard well to strengthen the organizational relationship.
What we do in Vendor Helpdesk?
We setup a dedicated Mailbox and Desk Number so that your vendors can reach you. We log all queries received on shared mailbox and the helpdesk number and address them in a sophisticated and timely manner. We also share an analysis of queries and design a solution plan so that such queries are minimized. We create such a team who makes query resolution a pleasant experience for your vendors.