Account Payable process
For any business across any industry, finance stands to be the most important factor in running it smoothly and viably. In order to do so, a business has to have a sorted and regular receivables’ cycle. Lack of it can cause serious financial strain on a business; there are probabilities of getting out of the market as well. To take care of this importance aspect of businesses, we at Meru Accounting provide you with our quality Receivables Management services to make sure that your business grow at a great pace.
Why Payables management system is important?
- Owner-supplier relationship : If payables are done timely and accurately, it strengthens your relationship with suppliers; they would trust you and your business. It develops great business ties as well.
- Credit benefit : Once suppliers trust you on never delaying their payments and it’s always up to the mark, they will see you as creditworthy business entity. You will stand out from the rest of businesses and are likely to get credit benefits as well.
- Working capital efficiency : If you pay the bills early, it may hamper your daily capital requirements; whereas if you procrastinate it, it will impact your credit and goodwill adversely. Thus, a good payables management is of at most importance for a business.
- Discount benefits : Many suppliers provide business owners with terms that allow them to get great discounts; by opting for payables management, you can easily get such advantages.
Payables management in India
Meru Accounting has been providing accounting services including payables management from years now. We have been outsourcing these services to our clients in the United States, United Kingdom, Australia and New Zealand. Our experience and sound knowledge on various accounting software make the process of payables management quite easy and rapid.
Some of the steps that we take into consideration for payables management are as follow :
- Maintaining and updating the records of purchase orders
- Managing reports received from suppliers
- Updating invoices sent by suppliers
- Tracking contracts
- Maintaining ledger for timely payments
- Preparing payables management plan, etc.