Accounts Payable

Introduction

When a business purchases on credit and that needs to be repaid over a limited period of time, it is known as Payable Accounts. It is termed as a liability and falls under the heading of' current liabilities.' Accounts Payable is a short-term transfer of the debt that must be charged to prevent default.

Accounts payable (AP) is money owed by a company to its suppliers listed on a company's balance sheet as a liability. It is distinct from notes payable liabilities, which are debts generated by documents of the formal legal instrument.

Any form of company has its own market cycle and is experiencing lows and peaks in terms of production performance, sales margins, annual income, employee morale, etc. The business owner has no influence over most of the factors responsible for this deviation but diligent efforts will fix and strengthen the inherent inconsistencies in any business operation. Payable Accounts is one such region. In the current market environment, a corporation and its promoter / s are under intense pressure to minimize costs to survive as a viable and profitable organization. Companies are expected to file incredibly challenging regulatory compliances when seeking to achieve full value for money from spending and to cut costs as much as possible. The installation of automated systems based on business requirements will achieve a high degree of business sense, strong service level agreements, improved control and reduced processing costs.

Our integrated accounts payable tools make the end-to-end accounting process more effective and secure. Our versatile and creative services provide customers with the opportunity to turn their accounts payable processes into a corporate asset. We provide a clear understanding of the customers ' needs in various industries. Our AP processing services are cost-effective, efficient, scalable and simple to implement and have been built through the integration of many technologies.

Importance of Payable management

➲ For maintenance of cash flow

➲ Helps in Keeping records of creditors

➲ It helps I smooth maintenance of financial of business entity

➲ Helps in meeting or regulatory requirement like maintenance of books

➲ Helps in Keeping records of vendors account

➲ Helps in duplicate payment

➲ Helps in the maintenance of financial control

Process of managing payable Account:

Step 1. Receiving of Soft copy of Payable invoice

Step 2. Matching of the purchase order with Invoice

Step 3. Processing of Debit memos

Step 4. Preparing and processing of the report

Step 5: Alerting or escalating of the wrong of false transaction

Step 6: Monthly, Quarterly or yearly comparative report

Benefits of Outsourcing Payable Services:

➲ Less costly

➲ No need for physical hiring

➲ Effective and efficient work

➲ Timely reporting

➲ Work as per your convenience

➲ Virtual books and records

Why should you hire us?

We recognize that the cycle of accounts payable is crucial to maintaining successful supplier relationships and cost optimization. So at Corpzo we are actively working to increase productivity and help you cut costs. Our account payable services aid in the smooth management through monitoring and recording of accounts payable process flows. We help companies make prompt payments to help them take advantage of early payment incentives and improve operational performance. We will provide payable service and help you to:

➲ Fulfill your regulatory requirement

➲ Cost optimization by timely payment of bills and avoiding interests

➲ Working capital optimization

➲ Reduces duplication of payment

➲ Help you in financial control

Corpzo will help you in the conversion of your paper company into live online data to help you get as many reports as you can by concentrating on automating accounts payable process flow through people and soft goods mix. Daily aging reports can provide you with a better understanding and decision-making.