Accounts Payable Services That Enable to Stay on the Top of Your Payables

In the present world of cutting-edge competition with important information on fingertips, accounts payable management is amongst the heftiest task for businesses to handle. Accounts payable is a form of credit that your suppliers offer to your business that allows delayed payment for a product or service you availed. This credit is allowed for a period, and your suppliers might provide you with a discount on the same when paid before the due date. The lack of efficient accounts payable can be a significant reason for disrupting cash saving policies and vendor relationships and affecting the cost of your working capital, which will lead to lessening the overall profit. It is also important that your business does not breach payment terms with your suppliers.

We at Whiz Consulting provide outsourced accounts payable services for Australian businesses, and we prepare a daily, weekly, or biweekly report as per your requirement. We have an in-depth and detailed understanding of customer expectations along with association with numerous industries. Our accounts payable services are of high quality encompassing a wide range of services and products.

Our Accounts Payable Automation Services

Our comprehensive end-to-end Accounts Payable Automation Services includes the following:

Data Capture

Management of paper-based documents.

  • Sorting
  • Preparation of Batches
  • Indexing Documents
  • Auditing & Reconciliation
  • Storage & documents retrieval
  • Processing of the incoming mail

Data Processing

Resolution and management of the all transactions.

  • Exception and Approval routing
  • Minimised month-end process of closing
  • Audit trail documentation

Suspect Duplicate Analysis

Control mechanism of data.

  • Automated & manual data entry
  • Three-way database matching
  • E-Invoice processing

Disbursement Services

All the major parts of the payments are handled in minimal time.

  • Return cheque handling
  • Secure and efficient stock checking
  • Invoice & Mail handling
  • Electronic payment handling
  • Online cheque proofing

Other Accounts Payable Services

  • Utility bill management
  • Expenses & travel cost management
  • Tax reporting management
  • Supplier management
  • Special project reports

Benefits of Outsourcing Accounting Payable Services

Outsourcing Accounts Payable Services can help you in the following manner -

Increase in Efficiency

You can focus on other aspects of your business, especially that related to the growth of your business, while being sure any of the payables doesn’t turn into debt.

Savings in HR Cost

Accounts Payable Outsourcing pricing as compare to hiring house resources or external CPA is far more cost-effective.

Continuous Tracking

An outsource partner make sure your accounts payable dues are cleared on time and helping you to avail of discount in most cases.

Error Free

With the help of high-end accounts payable automation, your outsourced partner makes sure it is minimal, or zero error involve.

Advantages Offered by Whiz Consulting

Whiz Consulting finds its place amongst one of the top accounts payable outsourcing companies in Australia. Whether you are based in Brisbane, Sydney, Adelaide or other parts of Australia, we can provide you excellent accounts payable service for your business. Here are a few of the advantages you will get with Whiz Consulting -

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Timely payment of invoices
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Monthly, quarterly, and annual reports
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Adhere to SOX compliance
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Confidentiality of data shared
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Cross-examining checks issued with the paid invoice
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Experts without incurring overhead costs
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Safe and secure 24/7 web access
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No capital investment on expensive software
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Digitisation of Accounts Payable paperwork

Frequently Asked Questions (FAQs)

Accounts payable is a liability for your business. Businesses have to purchase goods or services from their suppliers, and it is inevitable for a business to purchase the same on credit at one point or another. The payment is made within the agreed upon period, typically less than 90 days. The amount you have to pay to your suppliers or credits forms the account – Accounts Payable.
When you require goods or services on credit, you will be sending out a purchase order to your supplier, after which you will be provided with the purchased item along with an invoice with a due date. In simple words, four important task takes place – acknowledging the invoice, approval of invoice, authorisation of payment and lastly payment execution. It sounds easy and straightforward. However, failure to conduct the accounts payable process on time can lead to penalties and deteriorate your supplier relationship.
Automating your accounts payable has various benefits. One main reason is to focus on core business activity and ensure that you do not default on any payment. As your business grows, you will have to increase accounts payable. Getting behind in accounts payable tasks can disrupt your cash flow. However, once you automate your accounts payable, you will have a massive burden off your shoulder while having the peace of mind that you do not face any problems with your supplier.

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