Accounts payable is a critical function for all business finance operations. Without proper processing, categorization, and reconciliation of supplier invoices, and consequent payments to suppliers, any business could grind to a halt. Further with a view ensure that what is being charged for parts, supplies, equipment, etc. is exactly what was agreed to with a vendor is a critical part of managing a company’s finances. Erudite Finlop & Lawton offers all these services with Accounts Payable outsourcing.
Some of the most common AP services provide by Erudite Finlop & Lawton are listed below. Please note that services mentioned below is not an exhaustive list. We request you to contact us for more information, and we’ll be happy to discuss all your accounts payable outsourcing needs!
- Expertise in the majority of common software applications used today, including Quicken, QuickBooks, Bill.com, Sage, Peachtree, SAASU, Xero, VT Software, Wave Accounting, FreeAgent, FreshBooks, MYOB, and etc.
- Invoice processing, entry into bookkeeping or ERP/MRP systems, and cross-check against purchase orders or other documentation
- Managing sales and service taxes associated with the purchase of goods and services, as required by individual jurisdictions
- Flagging problem transactions, invoices, or accounts to be elevated to the relevant contact(s) to ensure issues are caught and smoothed over
- Generating and complying with internal policies and agreements regarding chargebacks, cash discounts, program discounts/back-end, and similar
- Capturing of recurring payments or other automated bill-pay mechanisms to ensure accuracy of GL accounts and records
- Generatiing and/or information capturing for payment instruments like checks and electronic transfers
- Account chase to ensure payments are made to vendors in accordance with agreed payment terms and durations – not too soon, not too late – to optimize available cash on hand and cash flow vs. balance sheet
- Account reconciliation with suppliers/vendors
- Account setup and payable vendor database/maintenance of same