Outsource Accounts Payable Services For Restaurants
Restaurants businesses lose billions of money annually to late payment penalties. Outsourcing accounts payable helps to avoid unnecessary losses. When it comes to choosing the right partner for these services, OBS (Outsourced Business Solutions) is the best option for the Restaurants.
At OBS, we streamline accounts payables for Restaurants, large and small. We acknowledge that Restaurants projects have complexities, such as accurate invoice processing, timely vendor payment, and managing multiple contractors and suppliers. By utilizing our outsourced accounts payable services for Restaurants, you can focus on what matters most, running your Startup business smoothly.
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Security and Data Protection For Restaurants
The Restaurants outsourcing accounts payable service from Outsourcing Business Solutions ensures the security and protection of your data. We enforce robust measures to protect your financial data and sign Non-Disclosure Agreements and Non-Compete Agreements. We have a no-paper, no-pen facility policy and do not allow the use of cell phones and USB devices in the work area. We share data using safe and secure platforms such as Dropbox and SharePoint. Trust our Restaurants outsource accounts payable services to keep your financial data under utmost protection.
Restaurants Accounts Payable Services We Provide
At OBS, we assist our clients by providing tailored and efficient solutions. Whether your process has become outdated or needs improvement, our Restaurants outsourced accounts payable outsourcing solutions are designed to transform and increase efficiency. We identify inefficiencies, redesign workflows, and ensure compliance with the latest industry regulations. From invoice coding and vendor statement reconciliation to 1099 forms, our services are scalable to meet your needs. We maintain solid vendor relationships and provide critical support such as T&E administration, procurement help desk, and AP aging analysis. By opting for outsourced accounts payable for Restaurants, you can increase precision and improve cash flow.
- Coding and indexing of invoice receipts
- Audits and quality control of invoices
- Exception handling and vendor statement reconciliation
- 1099 forms & statutory reporting
- PR & PO administration
- Travel and expense (T&E) administration
- Vendor master data administration
- Payment processing
- AP aging analysis & reporting
- Invoice processing & three-way match
- Vendor communications & inquiries
- Procurement help desk
Process of Accounts Payable Services
Step 1: Invoice Receipt
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.
Step 2: Verification and Validation
The team checks 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.
Step 3: Recording of Invoices
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.
Step 4: Approval and Authorization
To guarantee the correctness and integrity of the AR records, routine account reconciliation is carried out. This entails identifying any discrepancies or unresolved items by comparing the AR sub-ledger with supporting evidence, such as payment receipts, bank statements, and customer correspondence.
Step 5: Processing of Payments
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.
Step 6: Payment Recording
To guarantee the correctness and integrity of the AR records, routine account reconciliation is carried out. This entails identifying any discrepancies or unresolved items by comparing the AR sub-ledger with supporting evidence, such as payment receipts, bank statements, and customer correspondence.
Step 7: Vendor Reconciliation
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.
Step 8: Reporting and Analysis
To guarantee the correctness and integrity of the AR records, routine account reconciliation is carried out. This entails identifying any discrepancies or unresolved items by comparing the AR sub-ledger with supporting evidence, such as payment receipts, bank statements, and customer correspondence.
Step 9: Compliance and Record-Keeping
The team 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.
Step 10: Continuous Process Improvement
The teams work to continuously enhance the procedures. To increase accuracy, speed, and general efficiency, they pinpoint inefficient areas, put process improvements into place, and streamline workflows.
Our Software Expertise
At OBS, we have expertise in various software such as QuickBooks, Xero, Netsuite, Sage, Zoho Books, Quicken and FreshBooks. We enable easy integration with your current financial system. With efficient utilization of software, we ensure accuracy in all aspects of our outsourced accounts payable services, i.e., invoice scanning to payment fulfillment.
Account Payable Services for Multiple Industries
Our Packages
HOURLY
Working Time Hourly Basis
Minimum billing of USD 300 per month
Starting from USD 10
Client's Testimonials
How A2Z Real Estate Transformed Their Accounts Payable with Expert Accounting Services
Listen to our client, Ms Michelle from A2Z Real Estate, as she shares how expert accounting services transformed their accounts payable processes.
Streamlining Invoices and Accounts Payable: A Client Success Story
Listen to our client Mr. Allen Kelly, as he shares his company’s experience using our expert accounting services. Learn how our solutions transformed their invoice and accounts payable processes and led to more efficient operations and stronger vendor relationships.
Seamless Accounting Transformation with QuickBooks: A Client's Journey
Discover how our client Ms. Danine Hodge successfully streamlined their accounting processes with OBS’s outsourced accounting services using QuickBooks. Learn how the integration of QuickBooks and expert support from OBS transformed their financial operations, providing them with the clarity and precision needed to drive their business forward. Listen to their story and see the tangible benefits of partnering with OBS for your accounting needs.
