Outsource Accounts Payable Services
Empower your business with a cash flow revolution by redefining success through impactful cost savings and optimized partner synergy.
For businesses across the globe, accounts payable may prove to be a time-consuming task. Yet it’s a powerful process to amplify cash flow, save up on costs, and build stronger relationships with your vendors. However, age-old practices of data entry and long processes can alter the effectiveness of this process.
Here’s where OBS can step in and help your business in the following ways:
- Â Streamlined workflow: We provide top technology solutions to streamline your workflow from invoicing to payment processing.
- Â Speed and Accuracy: Our team of experts provides top-notch accounts payable practices to speed up your work
- Â Cost Savings: We offer solutions that promote cost savings, providing more clarity and control through outsourced accounts payable process.
- Â Â Enhanced Security: We take efforts in ensuring that no security measures are compromised while working with your accounts payable data.
- Â Customized Reporting: We ensure to keep our business partners updated with progress through detailed reporting and analytics.
Ready to explore our services? Let’s connect to revolutionize your AP processes.
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Security and Data protection
Most businesses fear the loss of data through outsourcing accounts payable services, but with OBS, you can be rest assured that your data is protected!
Here are some steps we take to ensure the best protection:
- When you onboard us, we sign a non-disclosure and non-compete agreement, confidentiality is paramount to us.
- We follow an on floor no paper no pen policy.
- While working, the team is refrained from using mobile phones or USB cables.
- We provide only biometric access on all floors.
- All of the data is only shared through Dropbox or Share point. Dropbox also offers 128 bits encryption.
- We use centralized servers for storing data, there is no local server access provided.
Outsourced Accounts Payable Services
We believe in automating processes for faster and more effective outcomes. Our accounts payable services provide game-changing efficiency. We intelligently capture data, incorporate workflow automation, automate invoice processing, and a lot more.
The combined result is that of agile accounts payable outsourcing services that streamline payment processing and avoid late payment and data entry errors. You can also get access to real-time insights that can help you adapt to ever evolving business needs. Some of accounts payable services include:
- 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
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.
Our Software Expertise
Our team has proven expertise in multiple software that can help enhance your accounts payable outsource services. These software include:
