Outsourced Accounts Payable Services

Outsourced Accounts Payable Services

Build a Tremendous Reputation and Long Term-Business Relations with Vendors.

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Get your vendors and suppliers’ invoices handled by our Accounts Payables Experts, who adroitly manage the entire AP cycle from receiving purchase orders and matching them with invoices to determine whether items are received and getting timely approval for payment disbursals. The quicker you issue payments to your suppliers, the more your business bond will be enriched.

By outsourcing accounts payable to India, you will expand your operations beyond your office timings and elevate your business productivity. Your operational and overhead costs will decrease by 50%, and the accuracy of your accounts payable records in the general ledger will be increased. We aim to automate your workflow for working capital optimization, revolutionize your payment tasks, and help you discover ingenious ways for cost-saving.

As one of the best Accounts Payable Outsourcing Companies in India, we are illustrious for delivering our client’s AP requirements with remarkable accuracy and in a shorter turnaround time. Our Seasoned Accountants have the right skillsets and expertise to manage accounts payable processes of tax, accounting, and CPA firms of all scales and sizes in the United States. They quickly locate duplicate payments and errors to minimize them significantly.

By outsourcing Accounts Payable Services to Prime Offshore Accounting, you will get customized solutions for your AP process. Our Accounts Payable Outsourcing Services include a broad range of services, such as transaction and document management, prompt resolution and skillfully handling all escalations, processing debit memos and purchase orders, and more.

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    Why Choose Us for Account Payable Outsourcing?

    Choose Us for Account Payable Outsourcing

    100% Data Security

    As one of the top Accounts Payable Outsourcing Companies, all our services comply with federal and state regulatory policies and regulations. We employ the industry’s best security measures, NDA clauses, and data privacy policies to safeguard data breaches.

    Customized Solutions

    By outsourcing Accounts Payable Services to us, you will get customized solutions for your AP process. We comprehend your project requirements and suggest flexible engagement models to help you get maximum ROI from our services.

    Reasonable Pricing

    Our Accounts Payable Outsourcing Pricing is reasonable, as we want our clients to attain scalability and expand their firm’s operations without deploying massive capital investment in human resources, infrastructure, technology, and software.

    11th Hour Requirements

    We help you meet your 11th-hour Accounts Payable processing requirements during seasonal and routine months to maintain your firm’s credibility. We help you cash in additional projects and deliver flawless output within a committed timeframe.

    Broaden Service Portfolio

    We help you expand your service basket by enabling you to present your additional expertise in the local market to drive in new clients without investing in the workforce to handle the projects. We have dedicated resources to help you seamlessly manage new projects.

    What does our Accounts Payable Outsourcing include?

    • Processing of Monthly Sales Tax, Accounts Payable Ledgers, and Debit Memos
    • Audit and Reconciliation of Scanned AP Invoices
    • Matching Invoices with Purchase Orders (PO) and Processing of PO
    • Dedicated Supplier Helpdesk for resolving queries, escalating high-level issues, and taking follow-ups
    • Tracking and Monitoring of Purchasing Cards
    • Database Management of Disputed Invoices and Supplier Ledgers
    Accounts Payable Outsourcing include

    Frequently Asked Questions

    What is accounts payable?

    Accounts Payable is a short-term current liability within the general ledger and balance sheet reflecting the amount owed to creditors for the goods/services procured from suppliers/vendors without paying upfront cash (on credit). The amount must be paid within 12 months as it is a short-term current liability to avoid payment default.

    The number of days a business takes to make the payment to the supplier is known as Days Payable Outsourcing (DPO).

    Can accounts payable be outsourced?

    Yes, you can outsource accounts payable to third-party Accounts Payable Outsourcing Providers. Its chief benefit is a significant reduction and savings in operating and overhead costs of up to 50%. It has become a primary aspect for businesses to outsource Accounts Payable Services.

    Also, it enables businesses to hire highly qualified and experienced accountants with extensive expertise and skillsets at arbitrage savings of workforce cost to broaden their service portfolio and capture a substantial portion of the competitive local business market.

    What is a good accounts payable process?

    There are numerous ways to process accounts payable. The following is the ideal process:

    1. Order placement for goods/services and generation of a Purchase Order (PO)
    2. After receiving the order, the business takes receipt of it to create a receiving report. The accountant tallies the purchase with the PO to verify that all the ordered items are received.
    3. After confirmation, the vendor/supplier generates the final invoice, and the business performs a 3-way matching between the final invoice, receiving the report, and PO.
    4. And lastly, the payment is disbursed after the approval and the cycle is completed.

    What are the benefits of outsourcing accounts payable?

    There are several benefits of Accounts Payable Outsourcing, which businesses consider to take their operations to newer heights. The following are the salient benefits:

    • Expanding your firm scale by hiring seasoned accountants and leveraging the infrastructure and resources of third-party instead of deploying them in-house
    • Cash in numerous projects during seasonal months without worrying about staffing new workforce and get ongoing projects-specific tasks completed in a shorter turnaround time
    • Get relief from Accounts Receivables activities and utilize the saved time in other core business areas and strategy formulation.
    • Outsourcing accounts payables gives your clients highly professional and exceptional customer support service.
    • Record the invoices and bills systematically and enhance the firm’s goodwill by timely payments to vendors and suppliers.
    • Access the dashboards and dynamic reports for in-depth analysis and profound insights.

    What are the 4 functions of accounts payable?

    The four core functions of accounts payable are:

    1. Invoice Processing – Receiving and Processing of Invoices from Vendors and Suppliers
    2. Payment Processing – Obtaining Timely approval for issuing payments to Vendors and Suppliers
    3. Records Keeping – Recording Invoices and Issuance of Payment against their respective Vendor ID, line items, and date in the General Ledger
    4. Vendor Management – Building healthy and long-term business relations with Vendors and Suppliers by promptly resolving their queries, mitigating unnecessary delays, settling conflicts, negotiating discounts, and proficiently handling all escalations

    What is the main objective of accounts payable processing?

    The primary objectives of Accounts Payable Processing are optimizing working capital, enhancing compliance, boosting labor productivity, and driving cost avoidance by mitigating duplication, incentivizing discounts, and eliminating penalties. Accounts Payables ensures that suppliers and vendors are issued payment timely for the received goods and services to improve business relations.

    What are the four steps in the accounts payable cycle?

    The four core steps in the accounts payable cycle are:

    • Receiving Purchase Order and Invoice
    • Matching the Purchase Order with Invoice to check whether goods/services are received
    • Recording the transactions and getting timely approval for Invoice
    • Payment Disbursal to Vendors and Suppliers after approval and recording in the balance sheet

    Should you outsource accounts payable?

    Getting along with the dynamic business world trends and changes is vital for every company to sustain itself in the market. Every firm operates primarily to earn profits and drive in more revenues. 

    For maximizing net profits, it is crucial to reduce unnecessary expenditures and eliminate the costs that have lucrative substitutes. You can attain significant savings of up to 50% on operational and overhead costs by outsourcing accounts payable. 

    It is essential for every business operating in today’s era to outsource their accounts payable activities to a third-party service provider to worry-free expand their operation in the future without deploying capital for new space, recruiting workforce, and other elements. 

    You can seamlessly attain scalability by broadening your service offering basket and enriching your expertise by leveraging the resources and technology of an outsourced firm. 

    Most importantly, you will get error-free and 100% accurate reports, enhancing your cash flows, streamlining workflows, and timely payments to vendors and suppliers.