Account Payable Services are financial services that help manage a business’s end-to-end account payables accurately and efficiently. A high-end automatic Account Payable Services backed by expert account specialists like us at backofficeaccountants.com streamlines the accounting process, dramatically increases the business efficiency and performance while providing better security at a cheaper cost.
So what is Accounts Payable and why do businesses need Account Payable Services in 2020? Read on to know:
What is Accounts Payable?
Accounts Payable is an umbrella term used to refer to the list of liabilities i.e. money owed by the business due to the purchase of goods and services from suppliers.
It is a short-term debt payment where each supplier had to be paid the money owed in order to avoid default. For example, when companies purchase these goods and services from suppliers on credit, the invoice amount is recorded as a liability in the accounting books under Accounts Payable. Once the amount is paid based on the invoice raised by the suppliers is paid, that particular amount is reduced from the balance in the Accounts Payable section.
This list of total liabilities owed to the suppliers is recorded under the bookkeeping program called ‘Accounts Payable’. These payables can be trade payables i.e. payables for the purchase of inventory or expense payables like advertising, entertainment, travel or office utilities.
What Do Businesses Need Accounts Payable Services?
Keeping track of all your accounts payable is the first step towards optimizing the working capital for the smooth day-to functioning of your business.
Tracking the accounts payable, payment, purchase planning, managing the debts to ensure proper cash flow and whatnot everything becomes a tedious and complicated, especially when your business is growing, stockpiling your accounts in the process. A manual process can only do as much and also runs the risk of errors no matter how diligent the process is implemented. And this is where Account Payable Services can help you.
Benefits of Account Payable Services:
Leveraging the high-end software and tools that automated Accounts Payable Services makes your Accounts Payable Process simple, accurate and remarkably efficient.
Accounts Payable Services automates invoice tracking, verification, and approvals, avoids errors and frauds, automates payment cycles, avoids duplicate payments and governs finance policies. It drastically reduces entire business cycles providing robust security for your data along the way and keeping the whole costs as low as possible by reducing manpower.
An efficient Account Payable Process is a cornerstone for timely bill payment, uninterrupted supply flow, strong vendor relationships, optimized cash flow and overall smooth functioning of the day to day business. At Backofficeaccountants.com we help businesses reach their peak financial efficiency by automating their Accounts Payable Process and providing full support from our in-house accounts payable processing specialists. We are experts in providing end-to-end Accounts Payable Services for Real Estate, Restaurant and Businesses and currently, we are specialists in providing Accounts Payable Services with software like Oracle, ERP, Bill.com, Propertyware, QuickBooks, MAS90, Sage Intacct, Microsoft Dynamics GP, Netsuite AP Centre, R365 and AvidXchange.
For more information regarding our Accounts Payable Services, contact us here: https://www.backofficeaccountants.com/