Accounts Payable Management

No matter what size your business is or what industry you are operating in, paying vendors will always be part of it.

Accounts payable management refers to set of policies, procedures and practice followed by a company to manage its purchases. No matter what size your business is or what industry you are operating in, paying vendors will always be part of it. Some organizations have separate full-fledged accounts payable team or some manages this within accounting team. By implementing best business practices you can streamline your accounts payable cycle process and be prepared for future growth.

Our accounts payable services ensure accurate and timely payments to suppliers for goods or services received, thereby ensuring proper controls over the payables function of the company.

Following are the opportunity areas of AP Management:

Insight into the vendor – risk / negotiations/credit limit/credit period
Reduce time - invoice acceptance & pay
Adherence to purchase order policy
Listen and solve vendor issues
Send list of open invoices to the vendor
Conduct regular reconciliations
Getting sign offs at fixed intervals

Following are few tips to have a good account payable mechanism in place

Reduce the number of payment runs, two runs per month are ideal
Invoice backup for each & every payment run
Make full use of credit period agreed with vendor
Have cash disbursement ceiling for every payment run
Have authority to limited people to open a new vendor in accounting sytem
Use technology to process vendor invoice
Separation of duties, approval from departmental heads
Use purchase order for each service/material to be procured. If purchase order policy not there, draft the same.
Minimize payment of advance
Carry out signoff/reconciliation with vendors

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