Not only a satisfied customer, a satisfied vendor also enhances your goodwill and a managed payable function is the creator of happy vendors.
Properly managed Accounts Payable (AP) System helping organization to maintain its credibility in the market and among the connects. Timely payments whether internally or externally making you more reliable identity.
Accounts Payable functions includes receiving the purchase order (PO), receiving the invoice from the vendor, checking them in various aspects, matching/validating the PO and invoice, ensuring proper approvals final bank payments and communication of the same to respective stakeholders.
The extension of Accounts Payable functions includes the activities like vendor reconciliation, verifying expenses reports, Accounts Payable Reporting and continuing to improve the payment process.
At Storch we help you from beginning to end to manage accounts payable processes. We start with studying your current process, identify the existing loopholes or areas of improvement and then our experienced team come up with a robust plan. And after planning we support in execution too focusing cost effectiveness, maximum possible automations and stakeholder satisfaction.
The scale of an organization’s accounts payable processing workflow depends on:
At the end of the process, the amount that was “payable” during initial steps, would no longer be a liability.
The extension of Accounts Payable functions includes the activities like Vendor Ageing, Reviewing Payment cycles, Vendor reconciliation, Verifying expenses reports, Accounts Payable Reporting and continuing to improve the payment process.