How Online Accounts Payable Services Can Save You Time and Money
How Online Accounts Payable Services Can Save You Time and Money
Effective accounts payable services help ensure your vendor transactions run smoothly, and your bills are paid on time, which is important for keeping your business up and running.
However, outsource accounts payable takes it a step further by not only handling all the details of your vendor transactions for you, thus eliminating the hassle of managing your own bills and payments, which can be time-consuming, but it also eliminates the accumulation of paper invoices, checks, and other paper bills on your desk, which can be overwhelming. It also helps lower costs by eliminating the need to purchase envelopes, stamps, and other postage and handling supplies necessary to complete your payments the traditional way.
In fact, our AP services make it easier than ever to process your accounts payable activities from beginning to end because it is integrated with updated technology, such as SAS services like Bill.com, which is an online, cloud-based business payment solution that is compatible with industry-leading professional accounting programs.
When you partner with us for your online accounts payable services, you will benefit in the following ways:
Traditionally, accounts payable involves relying on contractor, vendor, or other trading partners to issue you their invoices, which requires time on your behalf to ensure the invoice is accurate, the order was received by your business, and all invoices are present before payments are issued, which can be a tiresome, long-drawn-out process.
Furthermore, vendors must record the transaction twice in their books, also called a double entry, which, should an error or omission occur when recording these separate entries, can cause various issues, including double billing and sending out inaccurate or unreasonably high statements or invoices, which can cause a delay in payments, and thus put a strain on your relationship with the vendor or contractor, as well as cause you to miss out on any discounts for early payments.
Not to mention, it also often requires trading parties to send out paper invoices to your company for payment, which must then be gathered and processed for approval before the checks are then mailed to your vendors, which can also be time-consuming, as well as require additional space to store the paper invoices.
Lastly, add to all of this that once the payment process is finally completed, it still needs to be recorded twice in your books, as well, which also takes time and is also prone to errors, which can lead to an inaccurate view of your business’s financial position that can impact future decisions, regarding growth.
However, we are able to automate all of the above processes, and more, seamlessly into our accounting program, which helps save long hours, frustration, and space, managing it yourself.
Once your details are successfully recorded by our system, your trading partners can then either email their invoices to you, which can then be forwarded to the system, or you can scan the invoices yourself to upload them into your account, which will enable you to pay the bill electronically, or you can have us mail a check to the vendor for you.
With our services, you can also automate approvals, based on your own custom policies, which speeds the process twice as fast and also saves time on tedious tasks. You can also assign different positions for other members of your team in your account, such as approver, clerk, accountant, or administrator, which will also enable them access to your account for approvals.
Your payments are also synchronized to your account, which means any payments made using the system will automatically be entered into your account, which helps keep your books up to date and your entries error-free, both necessary for establishing and maintaining good relationships with vendors. It also enables you to pinpoint areas where you can potentially save costs.
It also enables you to see which payments you made as well as which payments came in, all on a single page, so you are always kept in the know regarding the available balance for bill payments.
And as with all of our services, our online accounts payable services are also performed according to regulatory standards, so you remain compliant.
Unlike traditional professional AP services or accounting software, with our outsourced accounts payable services, you can also enjoy many modern amenities. For instance, outside of just making electronic payments via electronic funds transfer, our program also enables you to improve your accounts payable process by also enabling you to accept business payments in local currency or USD, either domestic EFT or international wires, virtual card, or check. It also makes ACH payments much faster and more secure for added peace of mind.
You can even have your vendors send their invoices straight to your account for quicker processing. Then, when it comes time to accept or deny a bill, simply swipe right or left to do so in just a matter of seconds.
With our system’s updated technology, you can also simply take a snapshot of your bills, invoices, and receipts from your smartphone or another device while on the go and then upload them to your bill payments.
And if you already have accounting software, we can also simply integrate it into your new account, and it will automatically begin where the previous software ended, just another way we help simplify your accounts payable process.
As awful as it may sound, sometimes fraudulent invoices are submitted to your business for payment, either by way of a hacker or another fraudulent entity, which, if overlooked, can cause your business to pay an amount that is not owed, or worse, which can wreak havoc on your finances. In the meantime, fraudulent wire transfers also sometimes occur, which can also put you at risk of losing money.
Our program also helps eliminate fraud by allowing you to customize the life cycle of every bill from invoice to input to approval to pay for increased security. In the meantime, if you see a bill that looks unfamiliar, simply deny it.
You will also get notified immediately if something doesn’t look right, such as a duplicate invoice or payment, so you can take action.
As you can see, our professional online accounts payable services with updated technology include many benefits, and you only need to take just a few steps to make the transition. In fact, to sign up for our outsource accounts payable, simply pick up the phone and call us, or you can complete and submit the contact form on our website, and we’ll promptly get back to you. Once you have decided that we are the right online AP service for you, we’ll then walk you through the rest of the process and set you up with the right service or services for your needs.
From there, you will enjoy less stress, knowing you have allocated your professional AP services to us to manage and streamline for you, which not only helps free up time, but our services are also budget-friendly, which is especially useful to small businesses or new businesses just starting out, which also helps you save you money.
Your trading partners will also notice a difference because we also make it simpler for them to receive payments and on time, which helps ensure repeat transactions and stronger alliances that help protect the future business of all parties involved.
Online Accounts Payable Services
For the best online accounts payable services in Portland from professionally certified bookkeepers at a fraction of the cost of any CPA contact us for all your accounting solutions. Overall, outsourcing your accounting tasks to a bookkeeping company should free up your time so you can concentrate on growing your business. Yes, this type of service does involve costs, but those are probably less than employing a full-time bookkeeper, and you get the benefit of having part-time services with full-time presence.
With accurate accounting in place, you can have peace of mind that any decisions you make will be informed, considered and right for your business. Fill out our quick questionnaire for a free custom consultation or send us a message on Facebook if you have something more specific to ask.