Account Payable Services
Account Payable Services refers to management of payable outstanding of the Entity. Account Payable Services includes review of Contractual Obligation and payment thereof accordingly.
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For every organisation managing account payable service is one of the crucial tasks, account payable services directly affect the cash flow of the organisation and impact the working-capital balance of the organisation. In order to ensure smooth, economical and efficient working capital, every organisation must focus on its account payable services. Long standing account payable must be deal with utmost care and diligence as it may have large probability of turning into bad debts and may go for litigation result into unnecessary and avoidable litigation costs. Account payable services need continuous monitoring and follow-up in order to keep it on track. Organisation must consider the factors which affect the account payable services and continuously need to overhaul its policies and guidelines to streamline the factors affecting account payable services.
Some Key Factors which influence account payable of the organisation:
• Contractual Obligation as per contract
• Normal time period of bills payable
• Reduced time period of bills payable with discount facility
• Extended time period of bills payable
• Timely completion of services as per bills payable
• Timely procurement of orders as per bills payable
• Release of bond amount or security deposit after clearing all bills payable
• Adjustment in bond amount or security deposit from pending bills payable
• Milestone payment as prescribed in long duration agreement / contracts
• Milestone payment subject to specified percentage of fulfilment of task as prescribed in long duration agreement / contracts
We at ReturnFilings.com will understand the nature of the organisation. We analyse the financial statement, contractual obligation, agreement undertaken by the organisation, normal procurement of goods and services, mapping all these with the cash outflow to account payable services, and thus understand the pattern and report on strategies to be implemented to increase working capital and manage account payable services of the organisation.
Our account payable service includes:
• Document Scanning and storage: We at ReturnFilings.Com will provide services for tracking and maintaining all bills payable based upon documents, we scan these documents and store them electronically. This will enable to easily track and extract any invoice, even pertaining to past periods.
• Invoice data capturing and mapping with cash inflows: We at ReturnFilings.Com provide services for capturing and recording data of account payable in accounting software or in any ERP, post recording and capturing bills payable we map it with cash outflow and prepare report on ageing of bills payable.
• Invoice Exception: We at ReturnFilings.Com use to regularly follow-up with the parties involved in bills payable and update its report on ageing analysis along-with observation and comments of follow-up and remarks as received from parties. This will prompt and enable us to create invoice exception report based upon transaction dealing and historical data.
• Invoice Payment Services: We at ReturnFiling.Com will map the bills payable with the cash outflow and prepare the bucket of number of days for which bills have time period to pay. We segregate the payment of bills payable as per the bucket of number of days and prepare our cash flow accordingly.
We at ReturnFilings.Com will assist and provide our Account Payable Services for your organisation; we make it happen through the team of our professionally qualified staff. We at ReturnFilings.Com will provide you value added services which will be based on our study after analysing your business scenario. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your account payable services and other compliances needs.