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What is accounts payable?

Accounts payable is money that your business owes your vendors and suppliers. That’s why accounts payable management is such a crucial function for the health and growth of your business.

  • Your credit rating and your reputation as a business depend on your ability to track and fulfill your payment obligations.
  • Prompt payment can help ensure prompt delivery of goods and services and avoid late payment fees.
  • Better accounts payable turnover makes you more attractive to potential suppliers.
  • Cash management and revenue forecasting depend on knowing where your money is, and where it needs to go, at all times.

All of that is why the most modern, efficient, accurate accounts payable procedures are essential to the success of your business. Back Office Center follows best practices for AP processing to improve accuracy and safety and decrease the time and expense associated with the accounts payable process.

Why should I trust my accounts payable to GraphX?

You’re busy running your business. Chances are, the core functions of that business don’t center around document scanning, purchase-order matching, and check writing. Those small but very important functions are what we do. Trust our expertise to give you the freedom to offer your expertise to your clients and customers. You’ll benefit from reduced costs due to lost efficiency and improved finances, as you’re able to concentrate your efforts on the revenue-producing aspects of your business.

We have top-end resources. You aren’t just trusting your business to an accounts payable specialist – you’re trusting it to state-of-the-art technology and a system built around accounts payable best practices. If you don’t have access to that kind of a high-end system, it’s okay – you don’t need to. That’s what we’re here for.

End-to-end AP management is more efficient and accurate. Using a dedicated system that manages the AP process from beginning to end means less time spent transferring data and fewer opportunities for data corruption, misplaced mission-critical documents, or transcription errors.

You’ll always know that your data is being handled correctly. And it’s not just because we’re trustworthy – our transparent process results in records that document the steps we take to make sure your payments are made in full, on time, without fail.

Document Management

The first steps in the accounts payable process involve those chores you’ve wanted someone else to take care of anyway – getting that stack of invoices off your desk and into an efficient, secure, and proven system.

  • Invoice receipt
  • Imaging
  • Digital invoice management
  • Invoice processing
  • Purchase order matching and entry

Invoice receipt. Opening envelopes… Sorting and batching invoices… Spare yourself the paper cuts and let us take care of the mail.

Imaging. Scanning paper invoices eliminates the need for paper storage – that means less space dedicated to paperwork, less concern about lost or damaged pages, and quicker, easier access to documents when you need them. It also makes it easier to extract data for processing and to share documents and transfer information at the click of a button.

Digital invoice management. Invoices that are issued via email or vendor portal are prepared for payment through appropriate channels.

Invoice processing. Each invoice is processed using the standards and procedures you’ve negotiated with each vendor. If discrepancies arise – an invoice doesn’t match an agreed-upon price, a travel expense looks questionable, or a purchase appears to be made by an unapproved party – the issue is escalated as necessary to make sure all information is correct and all angles are covered. Then the invoices are routed through the responsible parties within your organization for approval so that payment can be issued. We also send reminders to keep approvals on track and on schedule – it’s easy to get busy, so we want to make sure you’re able to get this one obligation out of the way quickly so you can concentrate on your work.

Purchase order matching and entry. Purchase orders (PO) are instrumental in tracking your company’s expenditures and streamlining the purchasing process. We keep that moving smoothly with two- and three-way matching of invoice and purchase order price, quantity billed and ordered, and quantity billed and received. Posting that data to our system keeps payment smooth and makes the data available when you need it.

Disbursement

Payment when due – or before it’s due – is key to supplier relationships. It’s also key to cost efficiency – late payment fees and interest are a preventable loss of revenue, and early payment credits reduce costs. Some vendors even offer discounts and other benefits to clients that consistently pay their invoices in a timely manner.

  • Check preparation
  • Credit card processing
  • Direct payment processing
  • Recurring payment management

Check preparation. Miswritten addresses, typos in payee information, and even poor handwriting can hinder the AP process when paper payments are involved. We ensure that your employees, suppliers, and partners get the checks they’re due on time, every time.

Credit card processing. Credit data is some of the most delicate information available on a company or individual – but it’s also an efficient way of making payments. GraphX relies on industry best practices for data storage and transfer, both in digital form and through the security of sensitive areas within our facilities. That, in the hands of our competent and professional staff, keeps your data safe from parties that might want to take advantage of your success and responsible business practices.

Direct payment processing. For some transactions, payment directly from your bank account is a quick and efficient option. For those transactions, we make sure the transfer goes smoothly and according to procedure.

Recurring payments. Consistent, recurring payments are a convenient option for fulfilling payment obligations, but they can also be a source of trouble if charges change without sufficient notice. With our redundant human and digital analysis of your invoices, you can feel comfortable knowing that your payment will always be accurate, even if your vendor’s communication methods aren’t.

Records Maintenance

The accounts payable process isn’t finished when payments are disbursed. Precise and comprehensive record-keeping makes important information available for future reference and any presentment needed.

  • Invoice archiving
  • Document linking
  • Vendor master maintenance service
  • Ledger reconciliation

Invoice archiving. Processed invoices and payment information are stored in an easily accessible format in a secure, remote location inside the U.S.

Document linking. Invoices and payments are just one part of your company’s financial wellness. Our full suite of financial and accounting services keeps all of your relevant data organized and collected for maximum efficiency at every stage of the accounting process.

Vendor master maintenance. Issues like duplicate records, incorrect or missing information, payment errors, and even fraud can complicate those errors – and the accounts payable process – and hinder your business. We maintain your vendor records to make sure they stay accurate and up to date. We find and correct vendor background information, track payment and delivery schedules, and analyze your data to find and resolve any discrepancies. That helps to keep your business safe and supports positive relationships with the vendors that make your business possible.

Ledger reconciliation. Accounts payable represent a liability on your balance sheet. Once payments are made, that liability is resolved. GraphX keeps invoices, payments, and vendor account statements up to date in your records so that you always know where your money is, where it’s going, and where it needs to go.

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