Accounts Payable

What is accounts payable?

AP, or money owed to vendors and suppliers, and accounts receivables (AR), or money owed to consumers, are two types of accounts in accrual-based accounting.

The short-term obligations of a firm are accounts payable. The balance sheet, which is a picture of a company's financial health, includes AP. It consists of everything your business owes to creditors.

Here's a hint: Mortgages and other loans that require more than a year to repay are not included in AP. This is because long-term obligations are categorised as distinct liabilities.

Outsourcing accounts payable

Attempting to tackle AP on your own appears to be a challenging endeavour. In addition, maintaining an in-house team to manage accounts payable will increase your employment expenses.

This is why major corporations prefer to have their AP accounting handled by a third party. Outsourcing your AP processes will help you to:

• Identify areas where you cut costs to increase your profit margins
• Minimise errors
• Manage your cash flow and working capital in the best manner

Thus, AP is integral to a healthy business.

Why Choose Outbooks?

Outsourcing AP tasks can save your company lots of money and time.

Outbooks' AP process is professional and skilled. It allows you to manage your creditors while also gaining access to the financial predictions and real-time data you need to make crucial decisions. We provide comprehensive accounting services to businesses all across Australia. Our team works remotely, so we can take care of your bookkeeping no matter where you are. Thus, outsourcing your AP to Outbooks allows you to unlock 24/7 expert assistance in generating all financial reports based on your requirements.

Our high-grade software and secure data transmission techniques protect your data and that of your customers and suppliers. As a result, we can get your accounts payable in shape quickly.

Here are the top reasons to let Outbooks handle your AP.

• Timely invoice payments
• Secure and safe historical and current data maintenance
• 24/7 web access
• Digitised invoices for better access

Our Offerings

Our end-to-end Accounts Payable process encompasses the following components.

1. Data Capture

   Data collection and administration of paper-based documents. It comprises:

   • Batch preparation
   • Sorting
   • Indexing of documents
   • Reconciliation & auditing
   • Document storage and retrieval
   • Processing and receiving incoming mail

2. Data Processing

   Managing and resolving all transactions. This includes the following:

   • Month-end closing process
   • Routing for exception and approval
   • The month-end closing process minimised audit trail documentation

3. Suspect Duplicate Analysis

   Data control mechanism. It includes:

   • Data input services (both manual and automatic)
   • Three-way database matching
   • E-invoices processing

4. Disbursement Services

   All the critical aspects of the payments are completed in a short amount of time. We ensure:

   • Efficient stock checking
   • Specialised invoice processing
   • Electronic payment processing

Frequently Asked Questions