Accounts Payable Outsourcing Services
Checkissuing’s innovative and flexible Accounts Payable Automation Service provide companies with the ability to outsource parts of their accounts payable departmental processes through a secure, automated, rule-based system which is driven by strict processes, resulting in lower processing costs, improved controls, higher service levels and secure payment processes. Some of the AP services we provide are:
- Scanning and OCR Invoice processing
- Approval and Signatory Management
- Check/ACH/EFT/ Disbursement Templates and Services
- Compliance and KYC Services
- Tax Services and IRS Tax Form Management
- Standard and Custom Reporting Available
- We integrate fully with most common ERP systems such as SAP, PeopleSoft, Oracle, Great Plains, etc.
We can often reduce the costs of a company’s AP processing by over 40% while providing detailed data for Cost Analysis, as well as can provide your business with imaging and workflow which can reduce your days payable outstanding by 4-5 days compared to traditional processes.
- Change your the A/P department into Profit Center
- SOCII and HIPPA Compliant
- Increase your Productivity while Decreasing Processing Costs
- Invoices visible within 24 Hours
- Faster approvals and period closes for your staff
- Improve Working Capital through better payment management
Let us help your business reduce your accounts payable departmental expenses without capital investment while having tighter control over the entire process. Outsourcing the functions of your A/P department to us will help your company reduce costs, extract the most value possible from their expenditures, meet complex requirements, and become more competitive in your industry
WHAT IS ACCOUNTS PAYABLE?
Accounts payable is a term that’s used to refer to a complete list of a company’s liability (debts) owed due to the purchasing of services and products. Companies are able to purchase goods without fronting money on store credit, which is recorded in a bookkeeping program as accounts payable (AP).
Short-term debts are only referred to as accounts payable. However, long-term debts and other such liabilities aren’t considered to be accounts payable. Accounts payable is a type of liability account, which means that it has to have a credit balance to use. When properly recorded, the total balance of the credit has to be equal to the total of the outstanding vendor invoices that your company has received. The balance of accounts payable has to be equal to the total of the unpaid vendor invoices.
As mentioned, accounts payable is a short-term liability account which shows the total amount of supplier credit that your company owes a vendor at any specific time. In other words, accounts payable are liabilities that have to be paid off within a certain time frame. They’re normally short-term debts to purchase items such as short-term loans, taxes, and even supplies for your office.
THE BENEFITS OF USING CHECKISSUINGS ACCOUNTS PAYABLE OUTSOURCING SOLUTION
Hiring a third-party company to outsource your tasks doesn’t mean that you’re just transferring basic tasks, such as data entry, to another company to handle. Accounts payable outsourcing will provide your business with a dramatic increase in AP efficiency, helping to add more value to your company.
Based on your business rules, we provide you with a web-based control panel that lets you automate your accounts payable operation by integrating with your system electronically, and following set or custom approval rules. Our invoice automation system allows you complete control over management authorization.
BACK OFFICE CONTROL
The ideal account payable solution is geared toward helping you improve the operations of your back financial office without disrupting your existing systems, software or processes. Checkissuing’s program is capable of scanning and storing documents, interfacing with numerous accounting systems, automatically merging and error-checking data, and allowing your vendors a wide range of payment options..
Checkissuing assists with the collection of the required tax forms for your vendors and helps manage US entities, which is typically a W-9 (Request for Taxpayer Identification Number and Certification) is required. With Non-US entities, they are typically required to submit a declaration stating that they are not a “US Person” as per the IRS definitions and are asked to complete the necessary W-8 paperwork.
By following along with a set of specific practices during your management of accounts payable, your accounts payable system will have a positive impact on the profitability of your organization.
PROVIDE YOU WITH MORE RESOURCES
Third-party companies that provide accounts payable services will have all of the technology and tools that they need to ensure that your process is as optimized as it can possibly be. Some of the tools that will be used by third-party companies include reporting tools and automation.
WEB PORTAL & ELECTRONIC INVOICING
Our Vendor Portal provides a single point of entry to allow our clients to view document status and allows them to participate in both the submission and correction processes, manage reports, and many other things.
Checkissuing’s proven and innovative accounts payable solutions will put your department back to work on your core business instead of managing mountains of paper. Working with us is straightforward and direct. We get sent invoices directly or purchase orders. Based on your business requirements and approval rules, then we process the payments and send them to the appropriate vendors using a range of electronic payment options.
DRASTICALLY REDUCE YOUR PROCESSING COSTS
Businesses today are being challenged to reduce costs, collect the most value possible from their expenditures, and meet a wide variety of requirements. Imagine reducing your accounts payable automation processing expense without capital investment while boosting regulations over the entire process. When you outsource the functions of your AP department to us, that’s what happens. Contact Us Today to see how we can help.
LESS EXPENSIVE SOLUTION
Outsourcing your AP process is cheaper than traditional solutions—hands-down—because you’ll be able to avoid the overhead expenses that come with accounts payable. Hiring a third-party company to outsource your tasks doesn’t mean that you’re just transferring basic tasks, such as data entry, to another company to handle. Accounts payable outsourcing will provide your business with a dramatic increase in AP efficiency, helping to add more value to your company.
As the world of business expands and supply chains spread across the world, sending payments to contractors and vendors has become increasingly complicated. If your company doesn’t have the best reporting and efficiency tools, there’s an increased risk of payment fraud as your company continues to expand.
78% of organizations experienced some form of payment fraud in 2018 and according to the same statistic, the companies that were affected by fraud stated that the payment fraud had an impact of 0.5% on their company’s revenue for 2018.
The majority of small and mid-sized businesses don’t have the ability to hire a large team of security experts to keep track of payment frauds. In addition, they don’t have the skills and security tools they need to complete extensive audits to help reduce the risks of payment fraud.
OUTSOURCING YOUR ACCOUNTS PAYABLE TO CHECKISSUING
If you’re looking to increase the efficiency of your company, maximize results, and reduce the risks of errors, consider finding a company for accounts payable outsourcing.
The best outsourcing companies don’t just take over your business’s AP tasks, but also augment and improve them to make the process more efficient. If you’re looking to streamline the accounting and financial aspect of your business, hiring an accounts payable outsourcing company will help give your business a competitive edge.
With the right provider, you’ll be able to reap all of the benefits that account payable outsourcing has to offer.
Frequently Asked Questions
Accounts payable is the process of keeping tracking of, and sending out, money owed to a third-party.
The role of an accounts payable department is to send payments out to third-parties for the companies liabilities.
Accounts Payable payments can be sent by check, ach, wire, paid by credit card, and others.
Accounts Payable covers the liability side of the company and thus has a credit balance of what it owes its suppliers and vendors.
Accounts receivable are the amounts owed to a company by its customers, while accounts payable are the amounts that a company owes to its vendors.
Accounts Payable is also commonly known as AP.
CONTACT US TODAY
Contact us today to get a demo and find out how we can help with your printing and mailing needs!