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
âž² For maintenance of cash flow
âž² Helps in Keeping records of creditors
âž² It helps I smooth maintenance of financial of business entity
âž² Helps in meeting or regulatory requirement like maintenance of books
âž² Helps in Keeping records of vendors account
âž² Helps in duplicate payment
âž² 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:
âž² Less costly
âž² No need for physical hiring
âž² Effective and efficient work
âž² Timely reporting
âž² Work as per your convenience
âž² 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:
âž² Fulfill your regulatory requirement
âž² Cost optimization by timely payment of bills and avoiding interests
âž² Working capital optimization
âž² Reduces duplication of payment
âž² 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.