Learn how outsourcing your accounts payable functions can be the key to an improved cashflow, excellent credit rating with your vendors as well as the cornerstone of obtaining better payment terms and significant discounts for your company...

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Accounts Payable — the key to good cashflow, excellent credit, and significant savings

Accurate handling of accounts-payable brings financial control.Accounts Payable is the function — usually performed by the bookkeeper — in which bills you owe are verified for accuracy and validity so that nothing is paid unduly and bills are paid in time to ensure excellent credit for your company.

Moreover, financial control is achieved only through accurate monitoring of accounts payable.

Accounts payable is often abbreviated as "A/P".

This function contains specific actions whose accurate and time execution is "invisible" if performed correctly... and extremely unpleasant if handled forgetfully or unmindfully.

The accounts payable function contains following actions:


Entering vendor bills into the computer and verifying correctness so your company is not being overcharged

Entering vendor bills into computer and verifying correctness.The first part is simply a routine of entering the vendors invoices into the software and keeping accurate track of payments against the invoices.

Accurately recording the invoices and payments shows you where your money is being spent and ensures your books are right.

The second part involves verifying that you're not being overcharged.

It's amazing how millions are paid willingly on daily basis by companies simply because incoming bills aren't verified for correctness.

Done conscientiously, the accountant responsible for verifying your accounts payable will usually save you quite a lot of money by accurately locating any overcharging that's so customarily these days.


Confirming that the bills are factually valid and matching purchase orders to the bills received and shipping tickets

Validity of bills and matching purchase orders to bills and shipping tickets.Believe it or not, most companies pay bills that aren't at all valid.

Accurate accounts payable handling will always detect invalid bills.

There are swindlers who actually live on sending smaller invoices for nonexisting services to companies who simply PAY OFF those bills due to inept accounts payable verification.

The function of matching purchase orders to the bills received and shipping tickets ensures you receive all the merchandise that was actually ordered and that you are neither overcharged nor shorted on these transactions.

While the majority of traders are honest, mistakes do happen frequently. This part of accounts payable function spots every inaccuracy and corrects it immediately, so you can rest assured everything is going as it should.


Keeping track on the due dates of payable bills

Keeping track of due dates to avoid unnecessary problems.Your credit rating depends on accurate payment of bills.

Perhaps not so much the actual credit rating with credit bureaus but definitely so when it comes to your vendors' willingness to extend credit to you.

Perfection is not what we seek here, only optimization of timely payment of bills within the resources of the current finances.

It can occur that cashflow problems force lateness in payment of bills — see the article on accounts receivables on our site and how that influences your cashflow — but if your bills miss their due date simply because no-one is keeping track of accounts payable, then you are asking for trouble without anything beneficial in return.

And it is quite amazing how frequently businesses miss the due dates of their bills simply because nobody keeps track of accounts payable.

A resourceful and conscientious accounts payable outsourcing service can actually help you create an image of a reliable payer with your vendors by calling these before the due date and explaining why the bill cannot be paid in time, agreeing for a payment schedule and then sticking to that.

Such accuracy and honesty actually INCREASE your credit with most vendors as they see you communicate when there are problems and pay your installments in time.

Inept handling of accounts payable will cause a lot of bad feelings with vendors, making them cut your credit and even demand upfront payment before delivering merchandise. Continued such poor management of accounts payable results in credit rating problems...

...and all of it usually completely unnecessarily, as the function of accounts payable can ensure good credit with monitoring of due dates AND communication with vendors if payments will be late.


Other accounts payable functions

Writing checks, resolving billing discrepancies, overcharges and erroneous late fees.Other functions within accounts payable include downloading all credit card purchases and making sure they are valid by checking receipts against the credit card statements.

Essentially all that has to do with money being spent by your company should be controlled by the accounts payable function.

Included are also tasks involving writing checks or using other means to pay the bills and resolving billing discrepancies such as erroneous late fees, overcharges, claims that a bill was never paid, and so on.

These are essentially an extension of the previous tasks within accounts payable.


Benefits of outsourcing accounts payable to Bookkeepers Plus Inc.

Control over finances.First and foremost, a high-quality performance of accounts payable will give you financial control over expenditure.

You will know whom you owe and when it is due, allowing for financial planning in terms of your cashflow.

One could say that accurate and timely accounts payable is critical to establishing good cashflow for any business venture.

You don't want payments to spring up as surprises or sudden crisis due to some forgotten payment. Accuracy in accounts payable will ensure you can plan ahead and have a way of affecting the outcome of every day, week and month instantly.

Quality accounts payable handling is also vital in preventing any and all overcharging and fraud, including catching any purchasing of items for employees personal use.

In the long run, accurate accounts payable will increase your credibility with vendors, enabling you to obtain more favorable payment terms and discounts. Keeping tabs on your accounts payable also helps you to take advantage of discounts by knowing when to pay by in order to get the discount.

It all builds up to tangible financial savings.

Professional monitoring of accounts payable will give you control over costs and ensure you obtain the best deal from your vendor.

Please remember that outsourcing your accounts payable to us does NOT require you to change your accountant or CPA.


Problems solved by outsourcing accounts payable to Bookkeepers Plus Inc.
No more out-of-control situations with overdue bills
Nobody can charge too much or shortchange you
Any misuse of company funds by employees' personal use is detected promptly
Your credibility as a payee is maximized with your vendors, enabling you to get better discounts and terms of payment
Discounts are maximized, thus cutting down costs and increasing profit margin
Cashflow can be controlled by having the knowledge of expenditure in advance ( knowing when bills are due)
Your credit rating is guarded against being lowered by oversights in paying bills when due
Bookkeepers Plus outsourcing solutions


Contact Bookkeepers Plus Inc. to hear what we could do for you

Outsourcing accounts payable to Bookkeepers PlusAccounts payable is just one part of our quality services which our back office outsourcing solutions offer businesses in Long Island and New York.

You can contact me directly or, if you're convinced that outsourcing might be the solution, use our quote form to receive an estimate of cost and benefits of outsourcing your accounts payables to us.

Finally, if you have a specific problem with accounts payable, why not give us a challenge and receive free advice on how we would solve the problem?

Thank you for your interest, and please remember we offer a free Outsourcing Report to business owners in Long Island and New York.


Best wishes,

Elizabeth Marasco, MBA
Bookkeepers Plus, Inc.
354 Neighborhood Rd
Mastic Beach
NY 11951
Phone: 631-949-5864
Fax: 631-207-8349

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