This is one of the most crucial processes, which directly affects bottom line of the business as well as image of the business in the market place. Accounts Payable Outsourcing Process outlines Information Management as well as Vendor Relationship Management.
The detailed process envisages following functions:
- i) Vendor Master creation, maintenance and updation.
- ii) Integration with Materials Management for Purchase Order Data and GRN Data.
- iii) Receipt and Scrolling of incoming invoices.
- iv) Invoice Verification and Processing.
- v) Paying the approved invoice on due dates in concurrence with preplanned cash flow projections.
- vi) Reconciliation of vendor statement of accounts.
- vii) Clarifying vendor queries.
- viii) Processing Service Payments like Freight Payments, Utility Payments etc…
- viii) MIS Reports Like:
- Cash Outflow Projections
- Maintenance Of Vendor History
- Float Analysis