| 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
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
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
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
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
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.
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. 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.
Contact Bookkeepers Plus Inc. to hear what we could do for you
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 |
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| — Outsourcing articles & services — | |||||||||||||||||||
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Outsourcing Report Subscribe to this free report on the benefits of outsourcing back office functions and you'll learn how to lower risks while concentrating more on those activities that produce profit! |
Comparing outsourcing with in-house solutions
Read which activities benefit from outsourcing and what to look out for in outsourced solutions. |
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Outsourced bookkeeping
If so, read this article about outsourcing your bookkeeping and what that can bring you in terms of benefits... |
Give Bookkeepers Plus a challenge! An easy way for business owners to get first-hand experience on our services. Give us a challenge and we'll tell you how we would solve it... free! Give us a challenge involving outsourcing of accounting services... |
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Learn how easily one can make mistake in the setup of QuickBooks — and how simple it is to fix these in your accounting software! Use an expert's help in training & support for your QuickBooks accounting software and procedures. |
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| Different functions of bookkeeping — read to see what you can benefit: | ||
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Billing & Accounts Receivable Explained in understandable form what is included in accounts receivable and what you need to look out for in this area. |
Accounts Payable & Cashflow / credit What functions are included and how do these influence your finances and credit rating — and how do you speed up the cashflow? Learn the importance of accuracy in accounts payable for your activity! |
Purchasing & Inventory -controlling cost Keeping accurate record on purchasing and inventory allows for optimizing of your stock and investment while minimizing downtime. Read what outsourcing the purchasing & inventory functions can benefit you! |
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Banking routines This area of bookkeeping frees up a lot of your time while ensuring your funds arrive promptly and securely. Read what benefits you receive by outsourcing the banking duties to an accounting professional. |
Cash Management How would you like to be free from constant worry and checking of your cashflow and receive some control and prediction to finances? How cash management can increase your financial control and prediction. |
Payroll outsourcing Calculating salaries is the most time-consuming of all activities. Outsourcing your payroll you gain accuracy at lower cost than handling it in-house. |
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Financial Management Reporting The absolute jewel of services, ensuring that you gradually gain full control over financial planning in your company. Management Reporting teaches you to plan finances hands-on with accuracy and profits! |
Project Accounting An essential service if you have larger jobs or projects coming up which you want to keep under tight financial control. Quality service giving greater financial control. Project Accounting - how to keep the budget and finances of any larger job or project under control! |
Taxes and preparing books for your CPA Why not save some 50% off this part of your accounting by letting our bookkeepers prepare taxes and books for your accountant / CPA? Save money and headaches by... ...outsourcing tax work and preparation of books for accountant's review. |
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Useful articles for LI business owners This page contains articles by Elizabeth Marasco on various subjects relating to taxation, finance, accounting, bookkeeping and other important issues. Read Elizabeth Marasco's articles on taxation and accounting in Long Island and New York |
Bookkeepers Plus Virtual Assistant Don't need a full-time secretary or can't afford one? Then the solution is the Bookkeepers Plus Virtual Assistant - you pay only for the work we performed at the quality requested! Bookkeepers Plus Virtual Assistant - secretarial work without the cost. |
Human Resources Outsource the tasks involved in Human Resources: Workers Comp, insurance, retirement plans, leave maintenance, recruitment, personnel policies, resolving disputes, etc. and save money and time! Human Resources support services: Workers Comp, Retirement Plans, Recruitment, disputes... |
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Other Credits and Collections actions These tasks are not very spectacular if done accurately and correct. But if you forget then many unnecessary problems can arise from... ...Petty Cash , Employee Reimbursements, Business Expenses, and Vehicle Mileage tracking |
Bookkeepers Plus Office Software Application Training Read how businesses throw away thousands of dollars monthly... and how you can make sure you don't... and secure it for free! Bookkeepers Plus Office Software Application Training & Consulting |
Sales Tax Keeping accurate record on your sales tax and filing in time is not exciting and thus it suits outsourcing well. Save money while avoiding all problems due to delays or mistakes... See the savings and benefits available from outsourcing your sales tax routines! |
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Getting the most out of your QuickBooks? Participate in this survey to find out! Want to see if you are receiving the true benefits from your QuickBooks software... or check if it could help you more than currently? Take this online survey on QuickBooks to find out... and receive a free initial phone consultation! |
About Bookkeepers Plus Inc. Introducing Bookeepers Plus Inc. — the outsourcing expert for businesses in Long Island NY. |
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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.
The
first part is simply a routine of entering the vendors invoices
into the software and keeping accurate track of payments against
the invoices.
Believe
it or not, most companies pay bills that aren't at all valid.
Your
credit rating depends on accurate payment of bills.
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.
First and foremost, a high-quality performance
of accounts payable will give you financial control over expenditure.
Accounts
payable is just one part of our quality services which our back
office outsourcing solutions offer businesses in Long Island
and New York.
What
do you stand to GAIN by outsourcing select back office activities...
and how do you know which ones to outsource and which not? This
interesting article explains the pros and cons of outsourcing
and offers a make-sense tool for finding the activities whose
outsourcing brings the biggest profits and benefits.
Want
more accurate bookkeeping with timely delivery and without any
problems brought to you about it?