Accounts Payable

For efficient accounts paying, a proper system including appropriate software, appropriate suppliers, and approved invoices is needed besides making scheduled payments. To ensure the safety of the entire system, a test check must be run, and only then the final checks should be done. All of these are provided to you in a consolidated manner here at VPS.

➜ Selecting the software- A proper software package containing an accounts payable module with the ability to set up proper payment information to the correct suppliers, identify duplication of invoices, and one that could take advantage of early payment discounts as well as one that can make electronic payments.

➜ Setting up suppliers- Making and maintaining a default general ledger that shows each supplier’s name, addresses, payment terms, and expense accounts.

➜ Entering invoices- Details about the invoice like the invoice date and payable amount to be entered

➜ Approving invoices- A system in place to have managers individually approve of the suppliers mentioned in the ledger or provide negative approvals. The manager has to notify the payables staff that they do not approve of the payment. This system could be integrated with another system that tracks all the approvals made.

➜ Making Scheduled Payments- Print the invoice list to determine which bills are to be paid within the selected date range. This software comes in handy to make that list because, as mentioned before, all invoices would be maintained in a ledger.

➜ Testing a check run- All the approved payments are marked, and a batch of checks to pay for the invoices is invited. A properly working software should ensure that only those bills are paid are selected.

➜ The signing of checks- A person is usually designated to sign checks at a primary base, and another is appointed as well to be the backup check signer. Their duty would be to examine each of these checks before signing them off.

We at VPS provide you with expert guidance on managing and paying your bills in an organized manner. Paying your bills timely, all the while making sure that they are paid in the right amount to the right suppliers, is our top priority. With ever-increasing competition to build up your startup or to run your ongoing business, an organized system for your accounting, managing your books, and keeping track of the numbers is the need of the hour, and skilled professional advice from our experts is sure to come in handy.