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Accounts Payable

Accounts Payable

Accounts Payable (AP) is one of the most challenging tasks for businesses to perform in today's competitive environment. Keeping AP, financial processes, and paperwork up to date might be difficult. In addition, working out how much you owe and when you'll get paid can be challenging, especially if your company has several suppliers or purchases regularly. Thus, no business can afford to get their AP wrong.

It is crucial for the following reasons,

  1. Ensures that suppliers' information is correct and up to date in the company's systems, ensuring excellent connections with them.
  2. Ensures that suppliers are paid on time.
  3. Keep meticulous records to guarantee that cash predictions are correct and that working capital is maximised.
  4. Help in the prevention of errors and fraud.

Are you stressed out because of any of this? Don't worry - we are here to help!

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

  • What does Accounts Payable (AP) stand for?

    Accounts payable (AP) is a general ledger account that indicates a company's commitment to pay back a short-term debt to creditors or suppliers.

  • What is the Accounts Payable processing procedure?

    Any organisation's Accounts Payable Processing scale is determined by:

    • the number of service providers
    • the amount of money that you will pay in a short period
    • the paperwork that will be necessary to authenticate the purchase process

  • Is it a good idea to outsource my accounts payable?

    Outsourcing Accounts Payable is helpful for businesses with a high volume of financial transactions. It helps you maintain healthy relationships with vendors and suppliers. Moreover, it ensures timely payment of invoices and regular reconciliations.

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Services Offered

Bookkeeping

With Outbooks, you gain access to highly qualified and dedicated offshore bookkeepers. Bookkeeping forms the core of the accounting process, and our expert bookkeepers bring many years of Australian bookkeeping experience.

Management Accounts

Management accounts are the lifeblood of all well-run organizations. They can boost performance, inform strategy, escalate profits, enable detailed analysis, and accentuate issues.

Payroll Processing

Payroll management can get time-consuming and exhaustive. Getting payroll correct month after month is critical for everyone.

Data Entry

Data entry comes with its own set of challenges. Get the pain out of accounting data entry by outsourcing your data entry tasks to our team of efficient operators. Save time and instead focus on high-value tasks that help your clients grow.

Brochure

Outbooks is a leading provider of Virtual Bookkeeping & Accounting Services across the Australia.

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