Accounts Payable Outsourcing Services
Outsourcing Business Solutions (OBS), your gateway to unlocking the full potential of your accounts payable (AP) process. At OBS, we are cognizant of the fact that maintaining AP can be a challenging and time-consuming activity, taking you away from important strategic projects. Because of this, we provide a revolutionary solution that enables you to recapture your priceless time and resources.
Our knowledgeable staff and cutting-edge technology handle your AP process with accuracy, efficiency, and cost savings in mind. You have access to a world of streamlined operations, enhanced cash flow management, and bolstered vendor relationships by working with OBS.
AWARD-WINNING OUTSOURCING COMPANY
Say goodbye to the load of AP and Hello to a future filled with expansion and success.
At OBS, we take great pride in providing effective accounts payable (AP) processing services. Our comprehensive strategy extends beyond transactional responsibilities as we carefully collaborate with you to comprehend your specific business demands, difficulties, and objectives.
We customize our accounts payable services to perfectly match the needs of your organization by drawing on our extensive industry experience and expertise.
OBS offers the adaptability to grow alongside you, whether you’re a small business looking for cost reductions or a major corporation searching for scalability.
We are committed to establishing long-lasting relationships based on respect, honesty, and superior service. You can successfully navigate the changing financial landscape and seize new opportunities with OBS by your side. Discover the OBS advantage and take your AP process to the next level.
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Account Payable Outsourcing Services for Multiple Industries
We Support Multiple Accounting Software
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Process of Accounts Payable Services
Receiving invoices from suppliers or vendors marks the start of the accounts payable process. It is possible to get invoices in a variety of formats, including hard copies, email attachments, and electronic data interchange (EDI) formats.
Employees in charge of accounts payable check the legitimacy and accuracy of the invoices they receive. To confirm that the items or services were received as indicated and that the pricing and quantities are accurate, they examine the specifics of the invoice with purchase orders, contracts, and supporting documentation.
The accounting system keeps track of the invoices that have been examined and approved. Typically, this entails inputting the invoice information, including the vendor name, invoice number, invoice date, due date, and invoice amount, into the accounting software’s accounts payable module.
Prior to payment, invoices may need to be approved or authorized in accordance with the company’s internal control policies. Before approving an invoice for payment, the appropriate staff checks to see if it complies with corporate policies.
Following approval of the bills, the payment procedure starts. Based on the authorized invoices, the accounts payable team prepares payment documents, such as cheques, electronic fund transfers (EFTs), or other forms of payment. Payments may be made on a regular schedule (such as weekly or monthly) or in accordance with the specified payment terms.
The accounts payable team updates the accounting system to reflect the payment after it has been processed. For tracking purposes, this entails documenting the payment amount, payment date, payment method, and any other pertinent information.
The accounts payable staff periodically compares vendor invoices or accounts with their books. To make sure that all invoices and payments are appropriately reported and that any inconsistencies are rectified, this entails checking the vendor’s statement with the business’s records.
To shed light on the company’s payables, accounts payable generates a number of reports. These reports might contain metrics for vendor performance, aging reports, cash flow analyses, and other pertinent data. Accounts payable data analysis aids in working capital management, seeing chances for cost reduction, and preserving positive vendor connections.
Accounts payable is responsible for ensuring compliance with legal and financial requirements. For auditing purposes and to satisfy legal and tax duties, they maintain accurate records of invoices, approvals, payments, and reconciliations.
The teams responsible for accounts payable work to continuously enhance their procedures. To increase accuracy, speed, and general efficiency, they pinpoint inefficient areas, put automation or process improvements into place, and streamline workflows.
Accounts Payable Outsourcing Services By OBS
Reconcile Invoices To Orders
We help compare and link supplier invoices with underlying data based on total costs i.e. delivery receipts and purchase orders or contracts licenses. This is often complicated and time-consuming, but our experts can do the tasks for you competently.
Purchase Order Processing
We help you process the Purchase Orders from creation through order approval, shipping, invoicing, shipping and closing. We cover quality checks, budget checks, contract management, etc.
Handling Debt Memos
We help process notes when a client is charged a lower fee due to sales tax or due to a pricing error. We create debit alert requests, remove payment blocks, make payments, and implement debit alert processing system integration.
Standard pricing information
We can assist you in processing standard pricing information for all of your inquiries. A pricing process can then be defined for each client group. Each procedure may include specific types of conditions, for example, country-specific taxes.
Preparing and Processing AR Aging Reports
We create a comprehensive and customized Accounts receivables Aging Report that accurately lists all of our customers’ outstanding invoices as well as unused credit notes by date range. With our aging reports, you can effectively identify unpaid customers and take appropriate action.
Processing monthly Account Payable case
We provide professional and reliable processing of your monthly AP case. Our team has successfully created many monthly account payable subscriptions for clients all over the world.
Processing Monthly Sales Tax
We can help you determine your monthly sales tax amount after considering various factors such as total sales and total expenses. Our team of financial professionals has experience and expertise in the area of sales tax.
AP aging report
The Accounts Payable Aging Report is a key financial document that summarizes the invoices and invoices payable by a company by the vendor and due date. OBS has a team of professionals who are skilled in producing quality reports.
The accounts payable reconciliation process involves comparing the balances of two or more sets of financial records, often general and sub-ledgers accounts payable aging reports, or dashboards showing outstanding balances due to suppliers and vendors. OBS experts assist with end-to-end coordination services.
Processing credit memos
A credit memo, an abbreviation for the term credit note, is a document issued by the seller of goods or services to the buyer that reduces the amount owed by the buyer to the seller under the terms of a previous invoice. OBS performs system integrations to request payment orders, unblock charges, send invoices, and process credit notes.
Preparing expense reports
An expense report is a form for tracking business spending. It is most commonly filled out to list expenses for which the employee is requesting reimbursement. OBS has a team of experts who will help you produce your report without compromising quality.
The goal of the payroll process is to ensure that employees receive fair pay at the end of the month and that there are no mix-ups or discrepancies. It seems like a simple task, but insurance companies, provident funds, bonuses, and more are involved in payroll.
Maintaining historical records in the system
A well-managed system of records ensures rapid retrieval of electronic or paper records. The system should permit the destruction of unwanted records and the transfer of older, valuable records to the archives. OBS has a team that manages the records comprehensively.
Our Accounting Portfolio
Why Companies Like Yours Choose to Outsource Their Accounts Payable With OBS
OBS is a reputable provider of accounting services with a committed group of AP specialists. You can benefit from our specific expertise and experience in handling accounts payable operations by outsourcing your AP process to OBS. In order to guarantee accuracy, effectiveness, and compliance in AP processing, our team maintains up-to-date industry best practices.
Companies can save a lot of money by outsourcing AP to OBS. You can make use of OBS’s cost-effective solutions rather than keeping an internal AP department with all of the accompanying costs like staff, perks, training, and infrastructure. We provide customizable price options made to fit your unique AP volume and needs.
OBS makes use of cutting-edge AP automation tools and simplified procedures to increase AP processing efficiency and speed. You can benefit from quicker invoice processing, approvals, and payments by outsourcing to us. This enables you to keep up better cash flow management and benefit from vendor early payment incentives.
OBS provides solutions that are flexible enough to meet your changing AP requirements. We can modify our resources to ensure smooth AP processing, whether your AP volume changes seasonally or increases over time. Without having to deal with the inconvenience of hiring and training new employees, you can scale up or down as needed.
AP mistakes can have a big impact on your finances and reputation. OBS’s expertise and strict quality control procedures guarantee accurate AP processing. To preserve compliance and reduce the risk of mistakes or fraudulent acts, we abide by pertinent accounting standards, regulatory regulations, and internal control procedures.
OBS makes investments in state-of-the-art AP automation systems and technology. You can use these cutting-edge techniques without having to make a sizable upfront investment by outsourcing to us. Our technologically driven strategy enhances the accuracy and efficiency of invoice capture, data extraction, invoice matching, approval procedures, and payment processing.
OBS places a high priority on protecting the privacy and security of your financial information. We use effective data protection methods, such as encrypted data transmission, limited access controls, and recurring security audits. Your private AP data is safely safeguarded thanks to our dedication to data security.
OBS is dedicated to offering outstanding client service and upholding open lines of communication. Our committed AP team is on hand to respond to any questions, correct problems, and deliver timely updates on the AP process. We value collaborations with our clients that foster open communication and cooperation.
By outsourcing AP to OBS, businesses can concentrate on their strategic goals. By releasing internal resources from AP processing, your staff can focus on initiatives that increase sales, the expansion of the company, and customer happiness, ultimately improving overall business performance.
OBS is devoted to improving processes continuously. We assess our AP procedures frequently, pinpoint areas for improvement, and put automation or efficiency measures into place. You can profit from continual advancements in AP processing, accuracy, and general effectiveness as a result.
OBS is aware of the value of preserving good vendor ties. Our devoted AP team communicates with vendors on your behalf, addressing questions, resolving payment disputes, and making sure that payments are made on schedule. You can increase vendor satisfaction and fortify long-term relationships by outsourcing AP to OBS.
Workflow and approval processes that are more efficient thanks to OBS are eliminated bottlenecks and require less manual involvement. Our automated AP solutions enable effective workflows for forwarding invoices for approval and processing payments. As a result, turnaround times are shortened, processing errors are decreased, and productivity is increased.
OBS offers real-time access to in-depth AP reports and insights. You may get helpful visibility into your AP performance, cash flow trends, vendor spend analysis, and other important data using our reporting tools and analytics. You are now more equipped to make judgments and direct financial plans thanks to these insights.
As a partner in outsourcing, OBS has effective processes in place for disaster recovery and business continuity. We make sure that even in the event of unanticipated situations, including natural catastrophes or technology outages, your AP operations run without a hitch. Your AP data is backed up and preserved securely, giving you peace of mind and reducing business risks.
OBS is aware that every business has different AP needs. We provide specialized solutions, including procedures, hierarchies for approval, payment options, and reporting formats, that are suited to your particular needs. We can adjust to changes in your business operations or requirements thanks to our adaptive methodology, resulting in a customized and flexible AP solution.
OBS is knowledgeable about financial rules and compliance requirements. We make sure compliance with legal and regulatory obligations while staying up to date with changes in accounting standards. By outsourcing AP to us, you may lower the possibility of compliance mistakes and fines while preserving regulatory compliance and assuring accurate financial reporting.
By having OBS manage your AP process, you have the advantages of a centralized and uniform method. We streamline and unify your AP processes so that you have more visibility and control over your payables. This consolidated method streamlines financial administration and makes it possible to track, report, and analyze AP data effectively.
OBS can offer thorough support during financial audits by providing accurate and well-documented AP records. Our structured and auditable AP process guarantees efficient audit procedures and minimizes the time and effort needed for audit preparation. This promotes a favorable audit experience and shows auditors that there is transparency and compliance.
OBS invests in the training and development of our AP experts with a focus on ongoing training and development. We make sure that our team is up to date on the most recent business trends, legislative changes, and technology developments. By outsourcing AP to OBS, you gain access to our dedication to continual training, which ensures that AP services are of the highest caliber and are up to date.
OBS has a reputation for providing trustworthy and excellent accounting services. Our reputation is based on client pleasure, enduring relationships, and glowing recommendations. You can rely on our knowledge, professionalism, and dedication to your success when you outsource AP to OBS.
Accounts payable outsourcing refers to a business’s collaboration with a third-party service provider to manage its accounts payable function. This includes managing payments, reconciling invoices with vendors, and other associated responsibilities.
Accounts payable outsourcing has a number of benefits, including the capacity to concentrate on core business operations, cost savings, increased efficiency, access to specialized knowledge, and greater accuracy and compliance.
Invoice data input, invoice validation and approval, payment processing, vendor statement reconciliation, resolving vendor inquiries, producing accounts payable reports, and maintaining vendor relationships are just a few of the duties that can be included in accounts payable outsourcing.
Consider criteria like their experience with accounts payable processes, reputation, client references, security measures, technological prowess, scalability, adaptability, and capacity to interact with your current systems when choosing an accounts payable outsourcing provider.
Data security is a top priority for reliable accounts payable outsourcing companies. Be cautious to choose service providers who have strict security controls in place, such as data encryption, secure data transmission protocols, access controls, recurring security audits, and compliance with applicable data protection laws.
Yes, giving accounts payable work to a knowledgeable vendor can improve accuracy. These service providers use skilled workers with experience in accounts payable procedures, lowering the chance of mistakes and guaranteeing adherence to the best standards.
Since there is no longer a need to hire and train internal people to handle accounts payable, outsourcing accounts payable can result in cost savings. It lowers the overhead costs related to software licenses, technology infrastructure, and continuous system maintenance. Furthermore, outsourcing companies frequently provide variable price options depending on transaction volumes or predetermined service levels.
Yes, even when outsourcing the accounts payable process, you have control over it. Together with the outsourcing provider, establish clear channels of communication, specify service level agreements (SLAs), and choose performance metrics. You can keep control over the process and stay informed by asking the supplier for regular reports and updates.
Yes, outsourcing accounts payable can help with effectively managing vendor relationships. Dedicated accounts payable providers frequently have relationships with vendors already in place, making it easier for them to deal with vendor questions, settle payment disagreements, and ensure timely payments, thus increasing vendor satisfaction.
The length of time it takes to execute accounts payable outsourcing depends on a number of variables, including the complexity of your current accounts payable procedures, the need for system integration, and the range of services that need to be outsourced. Working together with the outsourcing provider can help you create a timeline that will ensure a smooth transition.