Accounts Payable (Procure to Pay)

7 Problems faced by companies related to their Accounts payable function:

Regular complain of user/purchase department about delay in payment of vendors.
Biased behaviour towards vendors or user department while releasing payment
Error of judgment while deducting TDS on vendor payments resulting in interest and penalty
No real time status about pending bills
No real time tracking of bills which are yet to be posted in Accounting Software
Incorrect provisioning at the month end which leads to incorrect profitability
Cases of double payments to vendor

Benefits experienced by our clients

Complete objectivity while processing of payments as per agreed credit period or SLA’s
Real time access to status of pending payments which leads to better understanding between user department and accounts department.
Full availment of applicable tax credits i.e. Input service tax or Input VAT
Correct accounting as per cost/profit centers leading to correct profitability
Timely preparation of Financial MIS which hugely depends on

Scope of our services

Checking of documents received on various parameters i.e. P.O. terms, Service tax Credit etc. through a checklist
Correct deduction of withholding tax i.e. TDS, Work Contract Tax
Bill wise recording in the accounting software along with detailed narration.
Profit/Cost center wise recording of expenses
Processing of bills for payment as per agreed credit period based on complete documentation.
Generation of various reports i.e. Aging Schedule, Bill wise outstanding report.
Employ checks and balances to ensure internal control.
Contractual staff payment and taxation compliance there on.
Updation of masters relating to accounts payable.
Keeping track of validity of agreements.
Preparation of audit schedules and other desired details

Reports related to Accounts Payable