Automate the Process of Accounts Payable Using Outsourced Accounting Services and Bill.com
With an Accounts Payable outsourcing service, an organization can better manage cash flow and working capital, develop and maintain well-founded vendor relationships, determine possible cost-saving areas, increase an organization’s agility, and comply with regulatory policies.
With the help of Bill.com, quick and effective services enable an organization to streamline its accounting and finance processes and achieve efficient operation. Outsourced Accounts Payable services cover a broad spectrum of transactional processing including
• Aging report preparation and processing
• Debit memos processing
• Matching purchase orders with invoices
• Monthly Accounts Payable ledger processing
• Monthly sales tax processing
• Purchase orders processing
• Standard pricing information processing
Outsourced accounting firms provide services suited for particular business requirements. By outsourcing Accounts Payable, you control expenditures and demand special vendor privileges in the form of volume and price discounts.
Bill.com brings smart Accounts Payable automation and new payment capabilities to a company. It is one integrated platform that automates payments from beginning to end by connecting accounting tools and payment accounts in one place.
Smart features, such as duplicate invoice detection, and automatic data entry, help reduce human error and save time. Collaboration with cloud based accounting services eliminates the back-and-forth. Work efficiently with a team in real-time – anywhere, and anytime.
Payment options that include internal wire transfers, virtual cards, and ACH are more flexible and expand the way payments are made. The benefits of to a company include
• Being audit-ready
• Gain more control
• Get fast, exceptional support
• Quickly get up and running
• Keep everything in sync
• Simplify international payments
• Trust in a secure outsourced accounting solution
Payment-related activity is logged that provides easy reference. Set up custom roles and approval workflow that suits your business. Start making payment in days or hours, instead of months or weeks. If you need a hand, friendly support is a click away.
Connect Bill.com with top payment tools and accounting software. Pay vendors in various countries and currencies. Transit data is encrypted with industry-standard TLS (Transport Layer Security). Benefits of outsourced accounting service for Accounts Payable are
• Adherence to regulatory norms
• Assured cost reduction
• Customizable services
• Emphasis on data security and confidentiality
• Latest technology
• Regular communication
Outsourced accounting firms adhere to GAAP (Generally Accepted Accounting Principles). The cost of business operations is reduced from 30 to 50 percent. Customizable services are aligned with the strategic goals of a company.
The utmost importance is given to data confidentiality and security. Data is protected and not shared with anyone without authorization. Outsourced accounting solutions include the latest procedures and technology. Virtual accounting services stay up-to-date on best practices. Consistent communication assures outsource accounting services USA are delivered with optimized efficiency, flexibility, and transparency.
Paying International Vendors
Does your business have one process for domestic payments and a separate process for international payments? Is it necessary to log into accounting software and enter the same data to reconcile the books? Are you overpaying for international payments?
Bill.com offers a cost-effective and straightforward way to pay international vendors electronically. There is only one payment process for both international and domestic payments that give more visibility and control.
Enter the bill, review, approve the details, and pay. It reconciles everything with the bank and syncs with accounting software automatically. Invoices are entered once, and you are finished. Pay internationally with US dollars or the local currency.Bill.com does the conversions for you.
If multiple approvers are needed for payment, it is built into the process. The person paying the bills finds the process easy. Vendors are impressed. The solution is outsourced accounting services combined with Bill.com. Domestic and international payments are all in one place. You save 50 percent on international wire transfer fees compared to most banks.
The Bill.com Platform
You may be wasting time gathering invoices and manually entering data into your accounting system. The Bill.com inbox solves the problem by storing invoices in its one central location, automatically capturing relevant data and routing them for approval.
Invoices can be emailed to your unique email address. You can also drag and drop invoices from a desktop, or import them. Besides invoices, keep contractor and other vendor documents in one place, making it easy for vendor inquiries and audits.
With the invoices collected in the Bill.com inbox, IVA, the Intelligent Virtual Assistant, automatically starts capturing data like the date, vendor name, and payment information, reducing data entry and getting smarter over time.
Bill.com also remembers your previous accounting treatment by associating bills with the accounts you have assigned, improving efficiency, and creating a more seamless workflow. When the bill has been captured and coded, you can route the bill for approval with the click of a button.
How to Use Bill.com
If a client wants Bill.com to pay bills, the company implements and integrates the system into the client’s software. There are no paper checks and invoices. Bills cannot be lost. Bill.com gets approval and sends payment online.
It helps the Accounts Payable department regulate workflow and workdays. The complete process includes setting up vendors, processing bills, printing and sending checks, and responding to vendor and client questions.
Bill.com reduces the average time spent on Accounts Payable by 30 percent. Cloud based accounting services is the direction in which businesses are moving. Continuing to do things manually may cause a company to be left behind.
Accounts Payable is a time consuming and costly, but necessary task in the bookkeeping and accounting functions of a business. Automation can change that. Advances in cloud computing and software development have introduced time-saving, repeatable processes that provide improvements and have an impact on business.
Accounts Payable automation is a means of using remote staffing for accounting firms that save money and time. The accounts staff is more productive and efficient. Their time is better spent on tasks that save or make money for a business.
Assess your current processes to see where automation is advantageous for your business. Benefits include
• Maintaining good supplier relationships when invoices and bills are paid on time. Take advantage of discounts for early payments.
• Ensures fraud protection by adherence to strict business rules that include tight sign off approvals
• Reduces duplicate payments and errors
• Saves administration time that permits focusing on other accounts functions and reduces the repetitive and mundane aspects of a job
• Accountants also focus on finance and planning tasks of more importance
• Improves cash flow. Viewing supplies totals before posted can generate forecast reports on committed expenses.
When assessing the function of Accounts Payable, most regular creditors are the same – rent, loan payments, insurance, utilities, telecommunications. The account role can be automated and streamlined using existing accounting software or implementing a third-party Accounts Payable automation add-on like Bill.com.
The features vary depending on the software and version used. Bill.com uses a variety of software that includes Xero and Quickbooks. The Xero ‘repeat regular bills’ feature eliminates creating a new bill each time an invoice from a regular supplier is received.
Users create a template for every regular supplier’s invoices. Xero automatically creates and saves recurring transactions based on the custom template. The software allows the user to assign specific bank transaction rules during bank reconciliation.
Similarly, Quickbooks uses ‘recurring transactions’ for bills made regularly. Scheduling payments for Accounts Payable permits businesses to avoid late charges and manage cash flow. It also contributes to building relationships with suppliers by making on-time payments.
Bills that are not regular transactions are scheduled for a specified date and paid after approval is granted. After payments are made, relevant documents and invoice copies are sent to suppliers. It enables looking up an invoice that needs to be referenced or checked and saves filing time.
An inbuilt document management tool scans invoices, bills, and checks and attaches them to the relevant entry. They are viewed by clicking a symbol on transactions under Account, Names, and Item list entries.
Accounts Payable Solution
KMK Ventures is an outsourcing cloud accounting service USA that handles companies’ Accounts Payable processes. Our virtual accounting team, along with Bill.com, is fully equipped with the technology, skills, and tools to manage existing Accounts Payable function and integrate new capabilities to provide a more streamlined environment.
We not only take over Accounts Payable tasks, but we also improve and augment them. Outsourced accounting services are advantageous to businesses that do not have the capability, means, or time to transform their internal Accounts Payable process.
Outsourcing accounting solutions in USA are more than shifting such tasks as data entry to a service provider. Case studies show that companies that use an outsource accounting agency USA add value to their business and dramatically improve Accounts Payable.
The benefits of hiring KMK Ventures and using Bill.com are
• Cost savings
• More resources
• Accounting system integration
• Faster results
• Stronger security
• Fewer errors
As vendor relationships grow more complex, more businesses need to rely on outsourced accounting firms like KMK Ventures to re-architect the operation of Accounts Payable. If you wish to cut costs within the Accounts Payable department of your business, consider Accounts Payable automation and KMK Ventures as an outsourcing solution.