Are you racking to optimize your operating costs and working capital while trying to transform your accounts payable procedure to create greater value for your business? If so, our accounts payable management services can assist. We are a leading accounts payable management services company that provides customized procedure automation for document management, transaction management, exception resolution, elimination of duplication, and disbursement-related services.
Our A/P Services
At our company, we understand that managing accounts payable processes requires the rightbandwidth, automation software, and ample time, given the complexity associated with it. That's why we provide a comprehensive range of accounts payable outsourcing services to help you streamline your payment activities, comply with regulatory policies, and increase your organization's agility.
Our accounts payable management services include matching invoices with purchase orders, processing purchase orders, processing debit memos, processing standard pricing information, preparing and processing AR aging reports, processing monthly AP ledgers, and processing monthly sales tax.
Coordinating Invoices with Purchases: We can assist you in comparing and linking supplier invoices to the underlying data on which the total cost is dependent, like goods delivery receipts and purchase orders or contracts.
Preparing Purchases: Our accounts payable outsourcing professionals can get this job done for you with high quality and efficiency. We also manage your purchases through order creation, approval, posting, billing, delivery, and closing. Our process includes quality reviews, budget reviews, and contract management.
Preparing Debit Memos: In addition, we can help you process debit memos when a client has been undercharged due to a sales tax or pricing error. We create debit memo requests, remove billing blocks, execute billing, and perform system integration of debit memo processing.
Preparing Qualitative Pricing Information: We can also help with standard pricing information processing for any of your requirements.
Preparation of AR Aging Report: Additionally, we create custom and advanced arrears (AR) reports that accurately list all unpaid customer invoices as well as unused credit records by date. With our aging payment report, you can see which customers have not paid, and take appropriate actions.
Preparing of your monthly AP ledgers: We also offer expert and reliable processing of your monthly AP ledgers.
Preparing Monthly Sales tax: We can assist you in determining your monthly sales tax amount after taking various factors such as total revenue and total costs.
Other Account Payable Services?
As a qualitative Accounts Payable outsourcing company, we also offer additional services like data capture, data processing, suspect duplicate analysis, disbursement services, utility bill management, travel and expenses processing, tax reporting, supplier management, special projects reports, and customer service.
Why Lekhakar?
You can be sure that our Lekhakar team of finance professionals is experienced and knowledgeable in all areas such as sales tax, Accounts Payable management, etc. We will help you comply with the regulatory requirements while updating your payment processes with our specialized services.
FAQs
1. What is the accounts payable process?
The accounts payable process refers to the payment of the goods and services that the business purchases from its vendors on credit. This means that these items are not paid for at the time of obtaining them, and the payments are to be settled at a later date.
2. What is a full cycle accounts payable?
This refers to the full life cycle of the accounts payable. The process starts with sending the Purchase Order and receiving the invoice from the Vendor. These two documents are tallied against the goods/services received, after which the payment is completed.
3. Is accounts payable a debit or credit account?
If your business owes money to its vendors against goods or services purchased from the latter, you need to settle the amount at the stipulated date. Since this is money that will be debited from your business’s account, accounts payable is considered a debit account.
4. What documents are needed for accounts payable?
Accounts payable can be settled only when you and your vendor have a Proof of Purchase. This is different from a Purchase Order (PO). A Proof of Purchase has to be a valid document- such as a transaction slip or receipt that shows the exchange of goods with the promise of payment at a later date.
Why LEKHAKAR ?
At LEKHAKAR, We specialize in providing a full spectrum of Accounts Outsourcing Services, combining expertise, technology, and a client-centric approach to deliver unparalleled financial solutions with expertise of Chartered Accountants, Company Secretaries, Advocates and Financial Advisors. Our commitment is to empower your organization with accurate, timely, and insightful financial information, allowing you to make informed decisions and drive sustainable growth.
