Accounts Payable Outsourcing Services for US Businesses
Accounts payable outsourcing services are the services provided by vendors to help companies manage their cash flow. These services include managing invoices and payments and reconciling bank statements.
Small business owners often turn to an outside vendor to handle their accounts payable services since they don’t want to spend time doing something that requires a specific skill set such as balancing checks, writing checks, and paying bills.
Accounts Payable (AP) is the amount owed by a supplier or supplier for goods or services received that have not yet been paid. The sum of all outstanding payments due to suppliers is shown as the accounts payable balance on the company’s balance sheet. Services provided by OBS for your accounts payable tasks are as follows-
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Accounts Payable 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.
Top Notch Accounts Payable outsourcing Services for US Firms at Affordable Rates
Accounts Payable Software We Use
Benefits of Outsourcing Accounts Payable Services
We have a team of skilled and experienced accounting specialists whom you can rely on. Businesses of all sizes that have outsourced their accounting services to OBS have grown considerably.
OBS is the best at providing quality and customized experience for each prospect by catering to specific requirements. Our team works together to provide custom-made plans for each project.
We take due care in maintaining the confidentiality and security of the information of our clients.
Saving Extra Charges
You can save more than 50% of the operational cost just by outsourcing your accounting tasks to OBS.
We provide an experienced supervisor who is dedicated to a team working on your case at no extra charge. This ensures high-quality accounting services for our clients.
Easy enrollment Process
From the first day of the inquiry, we put a lot of emphasis on avoiding task delays and ensuring a smooth induction. The requirements of the client are handled professionally by the team and executed promptly.
No Setup cost
Unlike the other outsourcing businesses, OBS does not charge any setup cost or upfront cost.
Adaptive work hours
Our team of accountants works with the client’s time zone in flexible hours so work is not delayed and completed on time ensuring quality and efficiency at the same time.
Outsource Accounts Payable Services to OBS
Outsourcing accounts payable services refers to using a third-party company to handle customer invoices instead of doing it yourself.
There are many reasons why businesses choose to outsource their accounts payable. Here are some of them:
Accounts Payable Outsourcing Services
1) Save Extra Cost
One of the biggest advantages of outsourcing your account payable is that it saves money. Instead of having to hire staff to take care of these tasks, you can contract with an accounting firm like OBS that specializes in executing accounting tasks. You save charges by not having to pay employees who would otherwise be working on these tasks and they don’t have to spend time training others. In addition, you won’t need to provide office space for staff since they work remotely.
2) Increase Efficiency
Another advantage of outsourcing your account payable is that it increases efficiency. When you do the task yourself, you may find that you are spending too much time on these tasks. By outsourcing your account payable tasks to OBS, you can free up your time to focus on other aspects of your business. Also, OBS can help you be assured that the tasks will be done ensuring quality.
3) More Work Done
The final benefit of outsourcing your accounts payable tasks is that it gets more work done. If you were to try to handle these tasks yourself, you might find that you aren’t getting everything done. Since you only have so much time, you may leave things undone. However, If you use OBS’s services, everything will be completed efficiently.
What is Accounts Payable?
Accounts payable (AP), refers to a company’s short-term obligations to its creditors or suppliers that have not yet been paid.
Why is Managing Accounts Payable Important?
The Accounts Payable department is responsible for tracking exactly what is owed to suppliers, ensuring payments are properly approved, and processing payments. Accurate information about accounts payable is critical to creating an accurate balance sheet.
This work is also central to the business because AP departments maintain good relationships with suppliers by ensuring that supplier information is accurate and up-to-date in the company’s systems. They ensure that suppliers are paid on time and build relationships to ensure favorable payment terms and discounts. Moreover, the AP division maintains books to ensure cash forecasts are accurate and working capital can be optimized.
What is The Accounts Payable Process?
The entire cycle of the accounts payable process includes the following steps:
- Purchase orders- The first step in the Accounts Payable process is to submit a Purchase Order (PO). For any services or goods that you order, you must submit the order to the service provider to initiate the purchase process. The purchase order may be a physical document or in digital form.
- Receiving reports or good receipts- After you have received the goods or services, you also need to receive a receipt report or goods receipt. This document can be physical or digital, but it should include details such as a list of everything you have received in quantity, and delivery details such as the delivery company, and the date you received it.
- Vendor invoices- After the supplier completes your order, they will invoice you. This is the official supplier payment request and like the other documents in this process, it can be in physical or digital format. It should list things like how much you owe the supplier, sales tax, shipping or freight charges, and the payment due date.
- Three-way matching- This is where all of the previous documentation we’ve covered – purchase orders, receipts, and invoices – comes into play. One of the best ways to ensure the accuracy of your bill payments and avoid fraud or financial loss is to use a process called three-factor matching.
- Review and processing of payments- Finally, there is the review and approval of invoices before your organization issues payments. This part of the process is relatively simple. However, problems can arise when approving invoices, depending on the method your business uses.
Outsourcing Accounts Payable Services for US Businesses
OBS provides outsourcing accounts payable services to USA firms. If you require accounts payable services in New York, Texas, California, San Francisco, Washington DC, Las Vegas, Chicago, Houston, Illinois, Florida, Ohio, Oregon, Nevada, San Jose, Dallas, New Mexico, Massachusetts, Boston, Portland, Pennsylvania, New Jersey, New Hampshire, Phoenix, Arizona, San Antonio, San Diego or other parts of the US or any other state in the US, you can outsource the service for your business with us.