No matter the size of your business, finance is a critical piece of the puzzle. As you grow and continue to process more transactions every day, you must have processes in place to handle both Accounts Payable and Accounts Receivable. Not doing so means you risk not paying all your bills, or not being paid for all the goods and services you provide. IBN's Mission is to Help Organizations to run their business process more efficiently and more profitably with their AP & AR Functions.
As the market shifts toward using online technologies, businesses must adapt and renovate their services to competitors. The benefits of hiring an accounts payable outsourcing firm will save you money may surprise you.
It takes much time and labour to review invoices for errors. Many companies are using outsourcing payable outsourcing firms, and they find that they save up to eighty percent on the cost of labour alone. Additionally, they save money related to errors on invoices. This takes up too much valuable time that could be spent on improving the company and consistently increasing profits. Businesses that take advantage of accounts payable processing services report saving as much as $60 per invoice on error correction alone. IBN has the innovative technology necessary to catch errors and correct them while still saving client's money.
More and more companies are choosing to utilize an accounts payable outsourcing firm for accounts payable services. IBN offers accounts payable processing services to provide clients with the utmost quality care so they can save time and money and spend more time on what matters most is running a business.
Next, IBN will facilitate PO authorization. As soon as the PO is authorized, IBN will send authorized PO to the requester for placing an order with supplier. Included in in this service is the creation of a Goods Receipt Note (GRN), the receipt necessary for receiving the goods/items mention in a PO. It is then the responsibility of the seller to prepare an invoice for to send an invoice once goods are dispatched as per the PO.
Like the PO, IBN will make invoices accessible online for approval purpose. Once invoices are received on our end, we will put the same in the accounting system by making general ledger entries. We make sure these are coded correctly and post to correct the supplier to show an accurate outstanding balance.
We make the payment to the supplier as per approval by selecting the appropriate bank. Included in our account payable services, is taking care of posting the bank entries for these payments. After making payment entries in the accounting system, we allocate the invoices against these payments.
Supplier Reconciliation Process & Supplier Payment Process
The supplier reconciliation process is the process of matching transactions in books of accounts with statements provided by the supplier, which contains details of unpaid invoices as per his books. We'll perform this process on a monthly basis, or basis as per client requirement and we also provide reports for the same. IBN has the technology to insure accurate reports, saving you much time and hassle. The supplier payment process is efficient; the supplier is paid as per previously agreed upon terms with clients. IBN makes such payment from client directly from the client's bank account.