Accounts Payable Services

    • Maintaining, matching, and capturing data for Invoices
    • Payment processing of invoices
    • Cross-checking invoices with the company
    • Document Scanning
    • Logistics
    • Assembling and Distribution of works 
    • Leasing 
    • Licensing
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For efficient accounts paying, a proper system including appropriate software, appropriate suppliers, and approved invoices is needed besides making scheduled payments. To ensure the safety of the entire system, a test check must be run, and only then the final checks should be done. All of these are provided to you in a consolidated manner here at Especia.

➜Selecting the software- A proper software package containing an accounts payable module with the ability to set up proper payment information to the correct suppliers, identify duplication of invoices, and one that could take advantage of early payment discounts as well as one that can make electronic payments.

➜Setting up suppliers- Making and maintaining a default general ledger that shows each supplier's name, addresses, payment terms, and expense accounts.

➜Entering invoices- Details about the invoice like the invoice date and payable amount to be entered

➜Approving invoices- A system in place to have managers individually approve of the suppliers mentioned in the ledger or provide negative approvals. The manager has to notify the payables staff that they do not approve of the payment. This system could be integrated with another system that tracks all the approvals made.

➜Making Scheduled Payments- Print the invoice list to determine which bills are to be paid within the selected date range. This software comes in handy to make that list because, as mentioned before, all invoices would be maintained in a ledger.

➜Testing a check run- All the approved payments are marked, and a batch of checks to pay for the invoices is invited. A properly working software should ensure that only those bills are paid are selected.

➜The signing of checks- A person is usually designated to sign checks at a primary base, and another is appointed as well to be the backup check signer. Their duty would be to examine each of these checks before signing them off.

Besides these basic measures that are provided by our accounts payable system, additional accounts payable outsourcing services that will be at your disposal are:

➜Make sure the supplier's invoice and the company's purchase orders are matched: This is usually done by a payables clerk whose main duty is to make sure that the company is paying for only those items that were properly authorized and received items.

➜Maintaining an expense report for the company: This involves employees submitting a report on the items they purchased and other expenses made through the company and providing the respective invoices. The report will also include a set of travel policies for which any expenses made will be reimbursed.

➜Setting up a system that issues procurement cards to the employees which allows them to make purchases on behalf of the company and the system will also review the cards, identify any error statements, and submit the fully reviewed statements so that payment staff can process them to make the proper payments.

➜Setting up a system of checks that prevents excessive payment from being made by adding a selection of control options to the already existing payables system.

About Accounts Payable Services

We at Especia provide you with expert guidance on managing and paying your bills in an organized manner. Paying your bills timely, all the while making sure that they are paid in the right amount to the right suppliers, is our top priority. With ever-increasing competition to build up your startup or to run your ongoing business, an organized system for your accounting, managing your books, and keeping track of the numbers is the need of the hour, and skilled professional advice from our experts is sure to come in handy.

Why choose Especia’s Accounts Payable Services?

-World market leader recognized for ProcuretoPay outsourcing (including HfS, Everest, and Nelson Hall).

-Expertise on all important F & A, ERP, and Source to Pay Systems Internal system experts and integration options 

-World-class distribution centers around the world Best-in-class service management tools and security infrastructure 

-Cloud-based unified Source to Pay software platform 

-Excellent reporting, measurement, Six Sigma, and continuous improvement.

Need for accounts payable services:

One of the most important needs for having good accounts payable services providers at your service is that it helps to improve the relationship with your suppliers. All your invoices will be paid well before the due date, and a monthly or quarterly inspection of these reports can be made to design strategies for improving the business. Also, with a strong accounts payable system in place, discrepancies in invoices and purchase orders can be avoided in the first place.

Functions of accounts payable services:

  • Paying third parties or employees on the scheduled time and preparing checks 
  • Resolving purchase orders
  • Ensuring that credit is received for outstanding bills
  • Issuing stop-payment orders
  • Making amendments in purchase orders
  • Ensuring that invoices are received, checked, and maintained
  • Keeping track of all the expenses and cash inflow so that profit margin can be determined

Key skills

1. Procure-to-pay

From procurement to payment Long purchase cycles, late payments, and low cash flow transparency are all signs of stagnation in the Procedure-to-Pay (P2P) process and need immediate correction. 

The optimized Procedure to Pay process allows procurement organizations to reduce paperwork and reduce lead time, as well as increase administrative costs, increase compliance, reduce lonely spending, and improve the overall shopping experience.

2. Source-to-Pay

By automating all sourcing and sourcing activities with the help of Sourcetopay Technology (S2P), companies can significantly increase process efficiency and achieve revenue savings. 

3. Strategic Expense Management 

Strategic Expense Management allows management to reduce spending in low-impact categories and optimize spending in areas that drive sustainable growth. Our strategic expense management program helps identify and eliminate SG & A expenses (selling, general and administrative expenses) of up to 35% annually, investing to drive growth and improve shareholder ROI. Release the money you can. 

4. Tail Spend management 

Your tail spending is one of the biggest sources of additional savings available. 

 In fact, if you put the individual costs of each supplier into this tail, you may find that the tail is the largest supplier combined. In an economic and business environment where the CFO leaves no stones in the quest for cost savings, spending can definitely help you get your number. 

5. Expense Analysis 

A successful procurement program requires a company to have a complete understanding of expenses. Proper spending analysis is an essential step towards real cost savings, continuous process improvement, and value creation. The spending analysis service helps large companies around the world identify and realize millions of previously unknown savings.

Accounts payable services for a manufacturing company

If your company is a large manufacturing company with the needs of raw materials, power, and fuel to complete the manufacturing process and post-production, look no further, you have come to the right place where we will keep a record of your purchases of the raw materials, logistics and transportation costs. Cost of all the processes that the raw materials need to go through before they can be transported, cost of transportation, and in cases where cash cannot be immediately paid for the services, our company will add them to the accounts payables, and this will be mentioned as before through an accounts payable system and will be adjusted whenever payments are made in cash.  

Accounts payable services for a small business

If your company is not a vast elusive one, your data needs to be stored in a consolidated and organized manner. Otherwise, keeping records of the profits at the end of the day becomes a cumbersome task, don't worry. Especia provides a vast multitude of outsourced accounts payable services, some of which suiting your business could be invoicing, syncing of bank and credit cards, maintaining a ledger of the accounts that have already been paid for, and payments that have been paid for. Also, maintaining an account received record, online payments made by customers, making balance sheets, basic financial statement preparations like profit and loss statements are crucial for the efficient functioning of any business, be that a small one or a large one. In case you don't have an expert team on the site to handle all this vital information, that is where our company and its package expert advice and teams come in for the rescue.

Accounts payable services for a startup

Maintaining records of the expenditures made and the cash inflow is vital for any business, especially a startup. Some of you who are thinking of starting a small business on your own but are putting their plans on hold because first you need to understand the accounting side of things and only then you will be able to regulate business, well you should consider your problems gone. We at Especia are here to do just that- help you with keeping up your books and explain and advise on numbers to make your business thrive and grow. Even people with not much commercial idea of a small business need not give up on their business idea because if it is an organization of your profit and loss details that is required, then you can rely on us to provide you with such advice from our financial experts on what kind of accounts payables you should maintain.

Service Scope

The solution provides a wide range of services to help customers manage end-to-end accounts payable capabilities. A quick look at what you do below will help you understand the 360 ​​degree approach to managing accounts payable

Vendor Helpdesk -

Receiving Invoice from the front desk and doing its verification

All vendor queries can be dealt with from this one single point.

Upstream and downstream management of Voucher Movement 

Setting up a timeline and making stages to control vendor invoices

Mailroom -

Scanning and indexing of the Invoices

Initiation of the Workflow

Managing the e-library of the collected invoices

Invoice Processing -

Checking the Invoices and verifying them

Matching (3 way/ 2 way) and doing an accounting of invoices

Deduction of TDS and WCT

Then finally Parking and Posting them

Payment Processing - 

Creditors Aging needs to be analyzed

Payment Run

Preparation of Payment File or uploading it

Providing Payment Advice

Record Management - 

Recording the Invoice Copy

Doing the Management Pre & Post Processing

When a company or any business purchases from a vendor on credit, the purchases come under what is given the term of accounts payables. It is basically a form of debt that is shown in the balance sheet of the company.

It is important to make sure that the accounts payable system in place should record all actions performed by users within the business organization and any automatic actions so that every time a change is made to the invoice, it is recorded in the company database. If it does not have such a feature, then suitable upgrades should be made to the pre-existing system.

It all depends on the state law. So, it's advisable to choose an accounts payable system that allows storing the invoices for any period of time. As defined by the customer, having software with multiple retirement policies is a wise choice.

The best-in-class AP software checks the entry of invoices through the help of a program so that the accounts payable staff get notified when the time comes to approve and validate them. Some AP software also automatically checks the invoices for any duplication and matches them against the purchase orders issued by the company and the information stored in the company's database.

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