What are the Advantages to Outsourcing Accounts Payable?
Making sure your accounts payable are up to date can be very time-consuming even if you’re able to hire someone who is experienced in managing accounts payable. Outsourcing your accounts payable is often the best solution for a small business.
Typically, these are the tasks required to properly manage your accounts payable:
- Verifying entries in your bookkeeping system and comparing system reports to balances
- Keeping track of spending and payments, including payroll, bills, statements, purchase orders, and more.
- Verifying expense reports and payroll to accurately prepare paychecks for employees.
- Maintaining accurate records of all accounts payable.
- Paying vendors and making sure payment is received. This also includes creating payment schedules for vendors and responding to vendor inquiries. Another important part of paying vendors is obtaining vendor discounts and avoiding penalties or interest for late payments.
- Preparing monthly, quarterly, and annual reports for internal reviews
- Analyzing cash flow and finding ways to improve payment processes, including optimizing the management of your working capital.
At Bookkeeping Unlimited, we believe properly managed accounts payable and accounts receivable are a goldmine for business owners. Unlike outsourced bookkeeping software or other bookkeeping solutions, our team of bookkeeping experts is dedicated to the financial health of your business. That includes conducting quarterly and annual reviews of your books and providing you with reports to help you make informed decisions about your business’ cash flow.
Why Every Company Needs to Build Internal Controls & Compliance into Your Accounts Payable System.
We work with you to develop internal controls within your accounts payable system so that not only are your assets safe, you aren’t disrupted because of a duplicate payment, an incorrect bill, fraudulent charges, and other bookkeeping matters. Internal controls are rules and processes we set up with you so that we are given certain, specific permissions and authorities to protect your assets and liabilities. Part of setting up internal controls is determining how and when you’d be notified if an internal control process has to be implemented.
Effective internal control processes for accounts payable includes making sure your accounts payable system is always in compliance. Compliance for accounts payable is borne out by good, effective internal controls and a company-wide, top-down culture of integrity, honesty, and ethics.
When we help you set up your internal controls and processes for your accounts payable system, we’ll help you separate duties, choose tools that will help you monitor systems access, and create workflows that help you delegate specific authorities to your team based on your company’s needs. In addition, we’ll review your vendors and suppliers to ensure there are no financial or compliance risks, to avoid potential fraud or payment errors, and to make certain there are no regulatory or tax compliance issues.
We make sure compliance is woven into every part of your accounts payable system. Great internal controls processes and great compliance save you time, save you money, prevent fraud, and protect your assets.
Ultimately, the goal of a well-managed accounts payable system is to give you greater clarity and understanding of your cash flow in order for you to have more control over what your business is spending money on and why. It enables you to focus on the financial health of your business instead of struggling to find time to do your accounts payable in your busy schedule.
Gain Control Over Your Cash Flow Today. Outsource Your Accounts Payable to Bookkeeping Unlimited.
Whether you’re trying to maximize your cash flow, get better insight into your financials, trust your team, make sure your records are accurate, or simply gain more time every week, outsourcing your accounts payable to our team of specialists will help your business grow and succeed.
When you sign up for our obligation-free bookkeeping consultation, we will review your books and current accounts payable processes to determine what solutions are best for you and your company. This consultation, valued at over $500, is being offered at no cost to business owners for a limited time.
Once we’ve conducted a thorough review of your financials and created a custom digital solution for your business, we review everything during a one-hour Zoom consultation.
Get the tools and expertise you need to save money, spend more time growing your business, and improve your bottom line. Sign up for a FREE consultation today to get bookkeeping that works for you.