Accounts Payable Services
Accounts payable management might seem a routine task for your business organization, but done improperly this can lead to innumerable problems for your capital, cash flows, and management of other business processes as well. Proper pay processes can help you maintain better relationships with your suppliers, have more control over your cost saving structures, improve flexibility in your operations and be more legally compliant, all at once.
Intersoft BPO is your best bet to manage your accounts payable and reap all the additional benefits mentioned above. It is one of the leading business processes outsourcing companies with the best talent, latest technology and qualified resources for all your business needs.
The Services Basket
Intersoft BPO provides a wide array of accounts payable services, in addition to many associated services like payroll processing and human resource outsourcing as well, but for accounts payable in particular you can outsource the following processes to us:
- Standard pricing and information processing
- Sales tax processing, monthly or as per different time period
- Accounts payable ledger processing
- Debit memos processing
- Purchase orders processing
- Invoice management and reconciliation with purchase orders
The Need for Accounts Payable Outsourcing
Business environment is getting more and more competitive by the day. This not only puts more pressure for saving on costs, improvement in efficiency, and better organization and management of resources. In such conditions, you not only lead to focus more on the business segments that directly contribute to your revenues but also make sure that your subsidiary activities are also being performed efficiently. This is where outsourcing those auxiliary operations can help you immensely. However, many entrepreneurs are still unsure about hiring BPO companies. More often than not it is because they are not aware of the benefits that can be reaped from simply outsourcing. Accounts payable outsourcing is an ideal service for businesses that have to deal with large volume of bills, for example construction industry, research and development, accounting etc.
Benefits of Accounts Payable
Cost savings: The core benefit of outsourcing – reduction in costs – also comes with accounts payable. Not only do you save on employee costs but also on all the related costs. The workplace dedicated to employees managing accounts payable, the utility expenses, as well as the additional benefits that need to be paid to the workforce.
Efficiency: Since accounts payable is only a secondary segment for both businesses, there are only so many concerns about investing in best technology or hiring best of the best. However for outsourcing companies this one segment is among the core business activities, which means that they have every incentive to have the best resources on board.
Minimization of error: Here again, a major part is played by the software and technology at play. When numbers and a plethora of documents are handled manually, which usually is the case for companies who keep accounts payable in-house, the chances of error are much higher without technology.
Legal compliance: When there is surety of no errors in your books, you not only get the benefit of having much tighter control over your financials, but also avoid any legal complications that can range from a fine to more severe legal penalties.
Tighter controls: When you outsource accounts payable you also get the certainty that your invoices will not be overlooked and there will not be any double counting either. This will save you costs on payments and will also save you from any employee or supplier grievances due to any delay or missing out on payments.
There are, however, some things you might have to compromise on. But these things are not risky or loss making for your business. Instead they test a manager’s or entrepreneur’s ability to delegate and keep a business in control at the same time. The biggest challenge when it comes to outsourcing then is the loss of control. There might also be dependency between your business and your outsourcing partner.
The pitfalls mentioned in the previous sections are in fact unavoidable for any business that does not want to stop growing. Be it because of your preemptive move to improve efficiency, or be it because your business has grown big enough to require departmental division, loss of control and interdependence has to kick in some time. Therefore, keeping your business away from reaping the cost and efficiency benefits because of these reasons would not be a prudent decision.
Intersoft BPO has the top qualified professionals that provide performance based results, guarantee efficiency, and ensure against erroneous documents that can lead to further penalties. Alongside, our experts can also provide additional services for related segments in your business, leading to further cost reductions and higher efficiency.