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Accounts Payable Services

Accounts payable is the amount of money that a company owes to its vendors for goods and services purchased on credit. It is a current liability of a company and has to be fulfilled within a year.

Accounts payable result in negative cash flow of a company at the time they are paid off. Every company keeps a track of its accounts payable and also the time period when it is to be paid.

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Accounts payable reconciliation & management can be a time consuming process and can take a long time to resolve discrepancies. Large organizations therefore use accounting softwares or take the help of professional accounting firms for managing its accounts payable. A close check should also be made on fraudulent invoices, to prevent embezzlement.

Accounts Payable Auditing
Professional auditors insist their clients to provide approved invoices, supporting documents and expense reports at the time of making payments through checks and other methods. This helps to keep a track of all the documentation related to purchase and also keep a check on the genuineness of invoice. Inflated or duplicate invoices get eliminated at this stage.

Advantages of Accounts Payable Outsourcing
Outsourcing the accounts payable process can help the organization by:
  • Providing a method of internal control
  • Providing expense administration
  • Providing monthly reconciliation of accounts payable
  • Saving time and man hours
  • Preventing fraudulent invoices
  • Preventing overpayment and duplicate invoices
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