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Accounts Payable
At Divsam Consultants, we streamline your accounts payable process to ensure timely and accurate payments to suppliers. Our comprehensive services include invoice receipt, verification, approval, recording in the accounting system, payment processing, reconciliation, vendor relationship management, and detailed reporting. By optimizing these processes, we help you maintain accurate financial records, improve cash flow management, and enhance supplier relationships.
Accounts Payable
At Divsam Consultants, we understand the importance of efficient accounts payable management in maintaining the financial health of your business. Our comprehensive accounts payable services are designed to streamline your financial processes, ensure timely payments, and foster strong relationships with your suppliers. Explore our service portfolio to see how we can support your business.
- Invoice Receipt
- Invoice Verification
- Invoice Approval
- Recording in the
- Accounting System
- Payment Processing
- Reconciliation
- Vendor Relationship Management
- Reporting
Invoice Receipt
We handle the initial receipt of invoices from your suppliers. This involves collecting and organizing all incoming invoices, ensuring that each one is logged and ready for further processing.
Key Benefits:
- Efficient collection and organization of invoices
- Provides a clear starting point for the AP process
- Ensures no invoice is overlooked
Invoice Verification
Our team meticulously verifies each invoice to ensure the goods or services listed were received and are in accordance with the purchase order and agreed-upon terms. This step helps prevent overpayments and discrepancies.
Key Benefits:
- Prevents errors and overpayments
- Ensures accuracy and legitimacy of invoices
- Aligns invoices with purchase orders and delivery receipts
Invoice Approval
Once verified, invoices undergo an approval process based on your company’s established procedures. This may involve obtaining approvals from department heads or managers who authorized the purchase.
Key Benefits:
- Maintains strong internal controls
- Ensures accountability and authorization
- Streamlines the approval workflow
Recording in the Accounting System
Approved invoices are recorded in your company’s accounting system or ERP software. This updates the accounts payable ledger and ensures your financial records are accurate and up-to-date.
Key Benefits:
- Accurate financial reporting
- Up-to-date accounts payable ledger
- Facilitates financial analysis and decision-making
Payment Processing
Our team processes payments for invoices according to agreed-upon terms (e.g., net 30 days). We handle various payment methods, including checks and electronic funds transfers (EFT), to ensure timely and accurate payments.
Key Benefits:
- Timely and accurate payments to suppliers
- Avoidance of late payment penalties
- Maintenance of positive supplier relationships
Reconciliation
Regular reconciliation of accounts payable records is essential to ensure that all invoices are properly recorded, payments are accurately processed, and outstanding balances are accounted for. This helps detect and correct any discrepancies early.
Key Benefits:
- Ensures accuracy of financial records
- Detects and prevents fraud and errors
- Enhances financial transparency
Vendor Relationship Management
We maintain strong relationships with your vendors by addressing inquiries, resolving payment discrepancies, and negotiating payment terms. Our proactive approach helps maintain positive and effective supplier relationships.
Key Benefits:
- Builds and maintains strong supplier relationships
- Facilitates smooth communication and dispute resolution
- Enhances negotiation capabilities
Reporting
Our accounts payable services generate detailed reports that provide insights into cash flow management, outstanding liabilities, and vendor performance metrics. These reports support your financial planning and decision-making processes.
Key Benefits:
- Informs financial planning and budgeting
- Provides insights for process improvements
- Enhances visibility into cash flow and liabilities
Why Choose Divsam Consultants?
Let the numbers speak
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Happy Clients
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Countries
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Team
At Divsam Consultants, we are committed to delivering excellence in accounting outsourcing.
Anuradha Gupta
Managing Partner