Accounts Payable Services

For efficient accounts paying, a proper system including appropriate software, appropriate suppliers, and approved invoices is needed besides making scheduled payments. To ensure the safety of the entire system, a test check must be run, and only then the final checks should be done.

Selecting the software- A proper software package containing an accounts payable module with the ability to set up proper payment information to the correct suppliers, identify duplication of invoices, and one that could take advantage of early payment discounts as well as one that can make electronic payments.

Setting up suppliers- Making and maintaining a default general ledger that shows each supplier’s name, addresses, payment terms, and expense accounts.

Entering invoices- Details about the invoice like the invoice date and payable amount to be entered.

Approving invoices- A system in place to have managers individually approve of the suppliers mentioned in the ledger or provide negative approvals. The manager has to notify the payables staff that they do not approve of the payment. This system could be integrated with another system that tracks all the approvals made.

Making Scheduled Payments- Print the invoice list to determine which bills are to be paid within the selected date range. This software comes in handy to make that list because, as mentioned before, all invoices would be maintained in a ledger.