Plan for Future with EA’s Outsourced Accounts Payable
Avoid reputational and financial losses associated with staling payables with Expertise Accelerated’s support on Accounts Payable optimization.
Delay in payments to vendors, regulatory bodies or other third parties can have adverse implications for the company in the form of delayed payment surcharges, suspension of licenses and loss of reputation, among others, compromising future growth and borrowing potential.
It is, therefore, of paramount importance for the company to bring its Days Payable Outstanding to the optimal level, which is possible only through system automation and integration and tracking of key metrics.
Expertise Accelerated leverages its global talent pool to provide you with the human capital you need to optimize your Accounts Payables function by:
- Developing standardized processes;
- Maintaining a rigorous check on payables due;
- Reducing reliance on cumbersome paper-based records; and
- Enhancing operational transparency.
Leverage Expertise Accelerated’s global talent pool for a well-optimized Accounts Payable function.
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Vendor Master Maintenance
- Restricted Access
- Controls for Only Authorized Changes
- Periodic Data Cleansing
- Exception Reports Review and Approval
- Invoice Receipt Automation
- PO 2 or 3-Way Matching
- Approvals for Without PO
- Resolution of Queries
- GL Account Coding
- Verify Terms of Payment
- Payment Scheduling
- Payment information Transmiited
- T&E Policies
- System Administration
- Policy Compliance Review
- Exception Communication
- Reconcile Sub-ledger with GL
- Review Aging
- Reconcile Bank
- Segregation of Duties
WHAT OUR CLIENTS HAVE TO SAY
FREQUENTLY ASKED QUESTIONS
Accounts payable refers to balances owed by your business to your vendors/suppliers.
Accounts payable is a liability account, an increase in which is reflected through a credit entry and a decrease in which is reflected through a debit entry. Accounts payables are classified as current/short-term if they are due within a period of 12 months, and as non-current/long-term if they are due beyond a period of 12 months.
Accounts payables are calculated by summing up all the balances which the business owes to its suppliers/vendors.
Accounts payable is not an expense. However, technically, the non-cash element of an expense becomes a payable, i.e. an expense or a part thereof for which the amount due has not been paid will have its corresponding entry recorded as a credit to the payable account.
Accounts receivable represent balances owed by customers to the business; whereas, accounts payable represents balances owed by the business to its vendors/suppliers.
Accounts receivables are an asset while accounts payables are a liability.
Accounts receivables are a debit balance while accounts payables are a credit balances.
A reduction is accounts receivables is made through a credit entry and an increase made through a debit entry; whereas, a reduction in accounts payable is made through a debit entry and an increase made through credit entry.
Accounts receivables are booked when an invoice is issued; whereas, an accounts payable is booked when an invoice is received.