Accounts Payable Services
Companies must comply with complex regulatory requirements besides trying to achieve the maximum possible value from expenditures and reduce costs as far as possible. Through automated systems based on business rules, higher business intelligence, better service levels, better controls, and lower accounts payable processing costs can be attained.
Cogneesol's flexible, industry-specific, and innovative accounts payable services offer customers the ability to convert their processes into such a system. Our accounts payable outsourcing services are comprehensive and qualitative in nature that can be matched by a few in the industry.
Our Accounts Payable Outsourcing Services
- Accounting System's Updates Through
- Invoices from suppliers
- Evidence regarding services/goods receipt
- Purchase orders
- Invoice Processing Services
- Verification and approval of bills from suppliers, after matching with services/goods receipts and purchase orders.
- Escalation or Alerts for Instances Related to
- Issuance of purchase orders without budget or authority
- Acceptance of services/goods by persons who are not appropriately designated
- No evidence of services/goods delivery against supplier bills
- Vendor purchase orders not matching supplier bills
- Incorrectly computed supplier bills
- Resolution of open issues through follow-up of escalations/alerts
- Updating of the system for accounts payable by processing supplier bills
- Recommendation of early payment of supplier invoices where attractive cash discounts are available
- Usage of documentary credits for 'account direct' payments on the basis of advice from your bank
- Preparation of credit or debit notes wherever required
- Maintenance of records for accounts payable
- Preparation of vendor account statements
- Reconciliation of vendor account statements with your books
- Analysis of unbilled supplies, open PO commitments etc.
- Provision of summaries (by age, segment, etc.) of amounts you owe your vendors
- Analysis of supplier price trends and purchase history
- Preparation of instructions for disbursements of supplier payments due through checks or direct transfer, following treasury approval, followed by the transmission for dispatch after signature
We Support Multiple Accounting Software
With expertise in every accounting software and platform, our team of highly skilled professionals offer fast learning curves and swift implementation of solutions.
Our Key Differentiators
With us on board, you get to reduce processing costs for accounts payable substantially. This eliminates your need to have any capital investment.
Efficient access to historical and current documents to reduce external and internal audit costs. This lets you utilize the same money for business growth.
Integration with enterprise-wide financial and legacy systems for a streamlined approach. This minimizes the possibility of any inaccuracy in the systems.
The Digital Approach
Electronic paper invoices for immediate access and to provide faster disputes’ resolution and audit streamlining. Also, you get protection against any accidental damage.
Best Software Use
Assisting customers with the centralization of the function for QuickBooks Accounts Payable for a collective approach, helping us serve you better.
Our accounts payable staff is available round-the-clock to help you deal with your concerns efficiently. Take hold of our support any time you require as per your needs.
Our Expertise in Accounts Payable Services
Today accounts payable is not just restricted to mere transactions only but has proved to be a base for enhancing business relationships and image.
We promise to provide you with transparency and greater control, deliver bottom-line savings, drive efficiencies through standardization, optimizing operating costs and working capital, enhancing value for your business eventually.
We have an in-depth understanding of the needs of customers in various industries, in addition to extensive experience, and have developed our services based on that. In a nutshell, our accounts payable outsourcing services are cost-efficient, flexible, dependable, and quick to implement and have been developed through the integration of many technologies.
We help our clients navigate from where they are to where they aspire to be through our always-on learning agenda in the form of client stories and blogs covering the latest industry trends.
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It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
We used to suffer from huge volumes of duplicate invoices and missed vendor payments. Cogneesol streamlined our Accounts Payable process by centralizing data, eliminating data entry, and streamlining the invoice workflow. This has not only eliminated the problem of duplicate invoices but has also standardized the payment system and has regulated our working capital management, making us financially stronger and in-control of our operations.
We automated our Accounts Payable division with the help of Cogneesol’s team of qualified accountants. They came in with game-changing process improvements, including the elimination of data-entry errors with automated OCRs, the establishment of a ‘No PO No Pay’ policy, ensuring a system of timely payments, and elimination late fees. All of these have changed the face of our AP books. We are now in a great position to make strategic decisions.
Cogneesol increased our operational efficiency with timely payments and efficient management of our working capital. We are impressed with the dedication of the team and their professionalism. Most importantly, the team is professionally qualified and has the technical expertise to guide the accurate and compliant management of the payables process. Thanks to them, we have a non-manual AP function that functions seamlessly and has brought us significant cost savings.