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.
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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