What is an outsourced accounts payable service?
Outsourcing of the accounts payable function within your accounts department involves sending tasks such as checking, coding and processing invoices for payment, to a staff member or team of staff outside of your organisation. It can cover all tasks related to the management and paying of creditors and this type of work is often sent to overseas locations like the Philippines.
No matter how big your organisation is, sending simple, transactional tasks involved with accounts payable, can allow your local team to focus on more complex tasks, and jobs that will be of more value and impact to your business growth and development.
It’s also a cost effective alternative to employing locally, giving your accounts team the support they need at a reduced cost. An offshore accounts payable officer can complete a number of tasks including but not limited to:
- Checking invoice accuracy
- Inputting and coding invoices correctly
- Matching invoices and purchase orders
- Processing and paying invoices
- Following internal payment approval processes
- Scheduling payment runs
- Managing creditor enquiries for payment
- Processing employee expense claims
- Performing reconciliations
- Monthly reporting
- Working with required accounting software such as MYOB, Xero or Quickbooks.