The Benefits of Hiring an Accounts Payable Outsourcing Firm

More and more companies are selecting to utilize accounts payable outsourcing firm for accounts payable services. IBN gives accounts payable processing services to provide clients with outstanding care so they can save time and money and spend greater time on what matters most –Core Business Value.

As the market shifts closer to using online technologies, the business must adapt and renovate its offerings to competitors. The benefits of hiring an accounts payable outsourcing company will save your money and time.

It takes plenty of time and labours to examine invoices for errors. Many organizations are using Accounts payable outsourcing companies, and they find that they save up to 60 % on the price of labour alone. Additionally, they save money associated with mistakes on invoices. This takes up an excessive amount of time that could be spent on improving the company and usually increasing earnings. IBN has innovative technology to catch errors and correct them while still saving customer’s money.

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IBN’s Accounts Payable Services: Purchase to Pay

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Only an employee of your company can initiate a formal request to buy something needed for the business. The rest is taken care of by IBN. We’ll use your purchase order (PO) to create a flawless first official offer, covering the types, quantities, and agreed prices for your products or services. IBN prepares this based on the requisition, which will take you mere seconds to send to us, as we accept requisitions via email.

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Next, IBN will facilitate PO authorization. As early as PO is authorized, IBN will send authorized PO to the requester for putting an order with the supplier. Included in this service is the creation of a Goods Receipt Note (GRN), the receipt is important for receiving the products/items mention in a PO. Then the seller must prepare an invoice to send an invoice as soon as goods are dispatched as per the PO.

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Like the PO, IBN will make invoices accessible online for approval. Once invoices are received on our end, we will put the same in the accounting system via the approach of making the latest ledger entries. We make sure these are coded correctly and post to the accurate supplier to show exact outstanding balance.

Accounts Payable

We make the payment to the provider as per approval by selecting the appropriate bank. Included in our account payable offerings, is looking after posting the bank entries for these payments. After making payment entries within the accounting system, we allocate the invoices against these bills.

Supplier Reconciliation Process & Supplier Payment Process

The supplier reconciliation process is the process of matching transactions in books of accounts with statements provided by the supplier, which contains details of unpaid invoices as per his books. We’ll perform this process on a monthly basis, or basis as per client requirement and we also provide reports for the same. IBN has the technology to insure accurate reports, saving you much time and hassle.
The supplier payment process is efficient; the supplier is paid as per previously agreed upon terms with clients. IBN makes such payment from client directly from the client’s bank account.

Accounts Payable

Getting Started

Let IBN create a personalized plan tailored just for you. IBN will walk you through every step along the way and always take the time to thoroughly provide answers for any questions you may have. When you take care of our accounts payable processing services, you’ll start seeing a decrease in your business’ costs. Contact us via phone or email, and we’ll start showing you exactly how we can help your individual business.