The accounts payable department is responsible for accurately tracking what is owed to suppliers, ensuring payments are properly approved and processed. Accurate information on accounts payable is essential to producing an accurate balance sheet. This job is also central to the business as it make sure suppliers are paid on time and boost relationships to gain favorable payment terms and discounts.
Accounts payable departments keep accurate books to ensure cash forecasts are accurate and working capital can be optimized. Having effective accounts payable system also helps in preventing mistakes and frauds.
We at FinServHQ not only optimize your payable cycle but also provide minute reports regarding payment oversight along with organized invoices to help you steer clear of hidden cost, late fees, invoices discrepancies and disputes.
Receive invoices and record them along with purchase orders and good/ service receipt
Review and approve supplier invoices after verification of receipts
Closely audit the invoices and flag for any variance to the company and the vendor
Sending invoices for payment authorization after being completely satisfied
After getting approvals, payment is executed and remittance is sent to vendor and the company
After successful remittance of payment, invoice is marked as paid and filed into repository
Recording of all purchases of goods and services from various vendors
Ensure accurate payments by verifying the invoices with purchase orders
Recording of all invoices with purchase orders and goods delivery receipt
Handling the disputed invoices with care by maintaining email exchanges, purchase orders and delivery receipts
Dealing with vendors by being available on calls related to payment queries
Recording purchase orders and highlighting any difference in goods receipts and invoices received
Providing monthly AP ledgers for gaining visibility on current and outstanding accounts payable
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