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Accounts Payable Services Online To Streamline Your Payables

Accounts Payable is a form of credit that your business can avail from your suppliers. It allows delayed payment for products or services your business avail. Accounts payables should not be ignored at any cost as this will only disrupt cash flow and ruin relations with your suppliers. It also affects your working capital, which will lead to the reduction of the overall profit. A credit period is allowed by the creditors and suppliers, and in a few cases, you might avail discount when it is paid before the due date. But not paying on time might have a more significant issue like breach payment terms with your suppliers, which might land your business in legal matters. Accounts payable outsourcing services can be the perfect solution for managing all your payable's needs.

Whiz Consulting understands that accounts payable is essential to keep up with smooth cash flow. Hence, we provide outsourced accounts payable services that help you process accounts payable efficiently. Our accounts payable outsourcing services can help you to manage your accounts payables efficiently. We provide our outsourced accounts payable services to Indian businesses, whether you require the same in Delhi, Mumbai, Bangalore, Pune, Hyderabad, and other cities in India. We prepare a daily, weekly, or biweekly report as per clients' requirements. We offer efficient online accounts payable services and help improve cash flow and maintain your vendor relationships.

Accounts Payable Automation Services We Offer

We provide the following Accounts Payable Automation Services :

Data Capture

Management of paper-based documents that includes -

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

Data Processing

Management of the exception transactions that include -

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

Suspect Duplicate Analysis

Control and auditing mechanism -

  • Automated as well as manual data entry services
  • Three-way database matching
  • E-Invoice processing

Disbursement Services

This includes -

  • Return check handling
  • Secure and efficient stock checking
  • Invoice & Mail handling
  • Electronic payment handling
  • Online check 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 your accounts payable function can help you in the following manner -

Increase Efficiency

Outsourcing menial yet important tasks like accounts payable helps you focus on your business's overall growth.

Reduce Personnel Cost

Accounts Payable Outsourcing pricing as compared to hiring in-house resources or external CA is far more cost-effective.

Continuous Tracking

When you hire a outsource partner, they are responsible for continuous tracking, thus helping to pay off payables on time.

Error Free

An outsource partner utilises accounts payable automation software that enables the reduction of any errors.

Advantages Offered by Whiz Consulting

Whiz Consulting is one of the top accounts payable outsourcing companies in India. Here are few advantages listed that you can avail yourself with Whiz Consulting -

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

Frequently Asked Questions (FAQs)

Businesses purchase goods or services from their suppliers on credit, which has to be paid within the agreed-upon period. It is inevitable for a business to purchase on credit at one point or another. The amount one has to pay to their suppliers or creditors forms a part of accounts payable. Accounts payable is a liability for businesses.
Businesses send out a purchase orders to suppliers for their requirements. The said order is provided with an invoice, and the final payment is made within the due date. So, the accounts payable process includes acknowledging the invoice, approval of invoice, authorisation of payment, and payment execution.
Businesses outsource accounts payable because it is effective and easy as compared to conducting the same in-house. Accounts payable outsourcing is highly beneficial for businesses with a high transaction volume. Businesses can focus their core business activity and be assured that they do not default on any payment. Accounts payable services providers assist businesses in ensuring that they do no lack behind in accounts payable tasks, which can disrupt cash flow. Having accounts payable services companies take care of accounts payable process can help businesses take a massive burden off the shoulder while maintaining supplier relationships.
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