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BEST PRACTICES FOR OFFSHORE PROCESSING ACCOUNTS PAYABLE INVOICES

The departments of Accounts Payable are always under pressure to make robust controls, increase the efficiency time consuming manual processes and decrease costs. It is very difficult to achieve this because these processes are distributed in nature. For example, the approval process of invoices has to happen on many levels, generating huge volumes of documents which are very difficult to manage effectively. Also, the AP departments are faced with high pressure due to compliance issues like the “Sarbanes Oxley Act” which try to manage the paper based processes in a better way.

When these issues go out of hand then the need for automating the accounts payable process becomes very strong. Due to automation the amount of paper involved in the processing will decrease drastically and the department will be able to optimize the process of approval and payments of the invoices. One way to automate the AP processes is to use the “imaging and workflow” solutions. Many organisations use this technology to decrease costs and increase efficiency of their AP processes.

With the “imaging and workflow solution”, the Accounts Payable staff will be able to view the images of the invoices which are part of the automatic system. Every step of the process beginning with the receiving of the invoice to the approval of the payment is documented in to the system. This process starts when the invoice is received from the vendor. The invoices and documentation which are all paper based are scanned and converted to images and uploaded in to the system. Then these images can be seen by users who are authorized to access them. These invoices get routed automatically with defined conditions and notifications. This automatic and step by step process of approving invoices is one of the most efficient methods to keep a steady flow of the documents.

Also, the need to spend time in finding paper files is reduced dramatically, thereby improving the productivity of the employees. This system will enable you to customize the internal controls for every business process which results in fast access to the required documents and also results in reduced cycle and faster approval times.

There are several other benefits when you use the “imaging and workflow” technology. The direct positive impact is increasing the efficiency of the AP departments. This solution will reduce the costs significantly, streamline the overall process and automate the internal controls. Instant access and automated internal controls will eliminate the probability of losing or misplacing the paper documents and even prevents the duplicating of the invoices. It also helps to make the payments on time thereby improving your business relationship with your suppliers.

Another significant advantage of this system is that several members of the firm can collaborate securely in real time to discuss any issues. Also, these documents can be accessed by other employees instantly when they are given access. It cuts of the faxing, shipping and copying costs.

This solution is very effective in reducing the over all costs of the AP process.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.