The Benefits of Hiring an Accounts Payable Outsourcing Firm
No matter the size of your business, finance is a critical piece of the puzzle. As you grow and continue to process more transactions every day, you must have processes to handle both Accounts Payable and Accounts Receivable. Not doing so means you risk not paying all your bills or not being paid for all the goods and services you provide. IBN's Mission is to help organizations run their business process more efficiently and profitably with their AP & AR Functions.
As the market shifts toward using online technologies, businesses must adapt and renovate their services to competitors. The benefits of hiring accounts payable outsourcing firm that will save you money may surprise you.
It takes much time and labour to review invoices for errors. Many companies are using outsourcing payable outsourcing firms, and they find that they save up to eighty percent on the cost of labour alone. Additionally, they save money related to errors on invoices. This takes up too much valuable time to improve the company and consistently increase profits. Businesses that take advantage of accounts payable processing services report saving as much as $60 per invoice on error correction alone. IBN has the innovative technology necessary to catch errors and correct them while still saving client's money.
IBN's Accounts Payable Services: Purchase to Pay
More and more companies are choosing to utilize accounts payable outsourcing firms for accounts payable services. IBN offers accounts payable processing services to provide clients with the utmost quality care to save time and money and spend more time on what matters most in running a business.
Next, IBN will facilitate PO authorization. As soon as the PO is authorized, IBN will send the approved PO to the requester to place an order with the supplier. Included in this service is creating a Goods Receipt Note (GRN), the receipt necessary for receiving the goods/items mentioned in a PO. It is then the seller's responsibility to prepare an invoice for sending an invoice once goods are dispatched as per the PO.
Like the PO, IBN will make invoices accessible online for approval purposes. Once invoices are received on our end, we will put the same in the accounting system by making general ledger entries. We ensure these are coded correctly and posted to correct the supplier to show an accurate outstanding balance.
We make the payment to the supplier as per approval by selecting the appropriate bank. Included in our account payable services is taking care of posting the bank entries for these payments. After making payment entries in the accounting system, we allocate the invoices against these payments.
