Accounts Payable
Accounts Payable (AP) is another activity in addition to Accounts Receivable which is considered a low-level task and a non-core activity. AP is a cost center activity for many Clients, and hence is one of the foremost activities that is considered automated or gets offshored.
Like any other business activity, we make AP as a business process and aim to derive Value from it for our Clients. Through our trained, skilled staff and use of the latest technology, we are able to reduce discrepancies and provide greater financial control to Clients which results in lower operational costs thus enhanced profitability.
Accounts Payable Services
Data Capture:
Receipt and management of all paper-based payables documents. This includes: Sorting Batch preparation Scanning Document indexing Document storage and retrieval Receiving and processing incoming mail Audit and reconciliation of scanned invoices 100% availability of scanned invoices
Data Processing – Exception Management/Resolution:
Resolution and proactive management of exception transactions. This includes: Approval and exception routing Shortened month-end closing process Documented audit trail
Suspect Duplicate Analysis:
Audit and control mechanisms to eliminate the risk of duplicate payments and support recovery and reclamation through: Manual and automated data entry Three-way database matching Electronic invoice processing
Other Accounts Payable Services:
Our Accounts Payable Services also include accounts payable reports, utility bill management, travel and expenses processing, tax reporting, supplier management, special project reports, and customer service.
State-of-the-art Workflow Technology
Step 1 – Invoice Receipt: Customers’ hardcopy and electronic invoices are received.
Step 2 – Image and Data Capture: All documents are stored as images and all invoice images are viewable.
Step 3 – Process and Route: Invoice documents are processed according to previously agreed upon business rules with the customer. Invoices are routed to the relevant customer executives for approval and final resolution.
Step 4 – Disburse and Archive: An approved invoice is uploaded to the customer’s A/P system for payment through standard interfaces on all accounting platforms. The invoices are then posted to General Ledger as ’normal’. We also perform disbursements. The hard copies are stored at our facility and the electronic images are searchable online.
Accounting Software Expertise
Bookkeeping 360 team has extensive experience, process and project management skills and functional specialization make us the industry leader in accounts receivable solutions. We adhere to industry best practices and have robust automated processes to provide leading-edge Accounts Receivable Outsourcing Services.
Our team has expertise in the following finance and accounting services software:
* QuickBooks
* Yardi Voyager
* Xero
* SAP
* Oracle
Benefits Realized
* Reduced errors in duplication, discrepancies, double payments.
* Timely payment of invoices avoid paying penalty charges.
* Proper recording of invoices in the system helps in managing your cash flow and funds arrangement.
* Reduced operating cost.
* Reduced Turn-Around-Time of AR documentation with the help of email.
* Maintained online repository of AR documentation helping the Client provide easy backup solution and 24×7 access. Reduced errors due to proper process documentation and management.
* Contingent resources ensure that the work never stops is process-driven and not Person dependent.