Accounts Payable Services

Companies have to comply with regulatory requirements that are quite complex, besides trying to achieve the maximum possible value from expenditures and to reduce costs as far as possible. Higher business intelligence, better service levels, better controls and lower costs of processing can be attained through automated systems based on business rules. Accounts Payable outsourcing services are focused at providing accurate and up to date accounts payable/ creditors, which is essential to manage customers' suppliers and cash flow on a timely basis.

We have in-depth understanding of the needs of customers in various industries, in addition to extensive experience, and have developed our services based on that. Our accounts payable processing services are cost efficient, flexible, dependable and quick to implement and have been developed through the integration of many technologies. Our accounts payable services are of a quality that can be matched by few in the industry and are comprehensive and innovative. We specialise in the processing of accounts payable and providing timely aged reports to ensure you capture discounts and keep your suppliers happy without affecting your cash flow.

How Accounts Payable Outsourcing Works

• Electronic invoices are received from customers.
• All invoices are sorted, scanned and indexed as per customer rules. All documents are stored as viewable.
• All invoices are processed for approval as per the matrix
• An approved invoice is uploaded in customer's AP system for payment.
• Inventory Management
• And then the invoices are posted to general ledger.

An Overview of Our Accounts Payable Solutions:

We offer the following services or parts thereof:

• Accounting system's updates through:
• Invoices from suppliers.
• Evidence regarding services/goods receipts.
• Purchase orders.

Invoice Processing Services: Verification and approval of bills from suppliers, after matching with services/goods receipts and purchase orders.  Escalation or alerts for instances related to:

• Issuance of purchase orders without budget or authority
• Acceptance of services/goods by persons who are not appropriately designated
• No evidence of services/goods delivery against supplier bills
• Vendor purchase orders not matching supplier bills
• Incorrectly computed supplier bills
• Resolution of open issues through follow-up of escalations/alerts
• Updating of the system for accounts payable by processing supplier bills
• Recommendation of early payment of supplier invoices where attractive cashdiscounts are available
• Usage of documentary credits for 'account direct' payments on the basis of advice from your bank
• Preparation of instructions for disbursements of supplier payments due through checks or direct transfer, following treasury approval, followed by transmission for dispatch after signature
• Preparation of credit or debit notes wherever required
• Maintenance of records for accounts payable
• Preparation of vendor account statements
• Reconciliation of vendor account statements with your books
• Analysis of unbilled supplies, open PO commitments etc.
• Provision of summaries (by age, segment, etc.) of amounts you owe your vendors
• Analysis of supplier price trends and purchase history

Why Choose Taxnician?

Besides backend of accounts payable solutions, we distinguish ourselves from our competition by:

• Not requiring any capital investment while substantially reducing processing costs for accounts payable
• Efficient access to historical and current documents to reduce external and internal audit costs
• Integration with enterprise-wide financial and legacy systems
• Digitization of paper invoices for immediate access and to provide faster resolution of disputes and audit streamlining
• Assisting customers with centralization of the function for QuickBooks Accounts Payable
• Automation of travel and other expenses
• Reduce customers’ floatation cost: Your invoices will be paid before due date
• Audit and Control mechanisms: Eliminate the risk of duplicate payments
• Efficiency: You can leverage accounts payable expertise while cutting down on costs
• Efficiency: You can leverage accounts payable expertise while cutting down on costs
• Audit and Control mechanisms: Eliminate the risk of duplicate payments
• Strengthened vendor relations : Reduce invoice discrepancies and disputes
• Data Security: We maintain highest level of security of customer data