Accounts Payables

Recognize what you owe and pay on time!


There are still bills to pay, and it is important to control cash flow and minimize interest payments and keep up with how much you owe and when it is due. We’re happy to help.

  • Expert AP professionals
  • Advanced AP listings
  • Paperless invoice supervision
  • Controls for validating invoices
  • Procedure automation for invoice submission & entry
  • Payments of Invoice
  • Employee expense payments</li?
  • Remittance information and notify you

Accounts Payables

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When a business buys goods on credit that need to be repaid in a short period of time, it is referred to as Accounts Payable It is regarded as a liability and falls under the current liabilities of the head. In order to prevent default, Accounts Payable is a short-term interest payment that has to be paid. Accounts payable (AP) are money owed by a company to its vendors shown on the balance sheet of a company as a liability. It distinguishes itself from notes of payable liabilities, which are debts generated by records of formal legal instruments.

The accounts payable at the time an invoice is vouched for payment are reported in the Account Payable sub-ledger. Vouchered, or vouched, means that an invoice is accepted for payment and has been reported as an outstanding or available liability in General Ledger or AP sub-ledger since it has not been paid.

Payables are also known as trade payables, payables for the purchasing of physical items registered in the inventory, and payables for expenses, payables for the purchase of expensed goods or services. Publicity, travel, entertainment, office supplies, and services are typical examples of Cost Payables.

AP is a type of loan that providers give to their customers by enabling them to pay for a product or service after it has already been received. For an invoice, manufacturers give different payment terms. Payment conditions involve providing a cash discount within a given number of days for the payment of an invoice.

Step 1: Receipt for Invoice
We will receive your hard-copy and electronic invoices at the first point of the invoice receipt.

Step 2: Image and Capture of Data
All your papers will be stored as pictures and all pictures of the invoice will be available.

Step:3 Process and Method
The invoice documents are processed at the process and route level and routed to the appropriate customer executives for approval and final resolution.

Step 4: Archive and Disburse
The authorized invoices will be submitted for payment via standard interfaces, on all accounting platforms, to the customer’s A/P system. If this is completed, General Ledger will file the invoices as “normal”. The hard copies will be held at our facility and the electronic images will be available online, as Legalraasta also conducts disbursements.

  • Our advanced workflow and imaging technologies promote performance and precision, adherence to industry best practices, and high standards of quality.

  • Our processes include up-to-the-minute customer details on the process stage of the invoice (amount, provider, date), approvals (who approved it, when), exceptions (price discrepancy, quantity discrepancy), as well as all the organization’s outstanding liabilities.

  • To promote timely response and resolution to customer/vendor enquiries, we provide 24×7 customer support.

  • At the same time, our web-based monitoring system ensures the the highest degree of customer data protection, enabling real-time tracking of customers.

  • The big picture available to management promotes better business intelligence.

  • Our clear processes and 24×7 safe online access to customers makes better financial management possible.

  • Reduced inconsistencies and disagreements over invoices.

  • Strengthened ties with vendors.

  • Quick access to the invoice transaction audit trail and access to the supporting documents needed for audits through the online repository.

  • Matching Invoices with Purchase Orders

  • Processing Purchase Orders

  • Processing Debit Memos

  • Processing Standard Pricing Information

  • Preparation and Processing of AR Aging Reports

  • Processing of Monthly AP Ledgers

  • Processing of Monthly Sales Tax

A crucial aspect of Cash Flow Management is monitoring the Accounts Payable Services. You will be spending money on various services for your company as your business expands, and you may obtain invoices that need to be charged. You can find yourself in a cash pinch, or worse, defaulting on a mortgage if you can’t handle your debts.

You can need to buy more inventory and invest in business expansion faster than your customers are paying you, particularly when you are rising fast. That implies that before you collect money from your clients, you will have bills that come due.

You need to keep track of your payable accounts to stay on top of a situation like this to make sure you have enough cash on hand to continue paying your bills. Ideally, to make sure you intend to have enough money to cover the costs of growth, you can forecast your revenue and cash flow.

No. of Partners In Your Business


Third-party firms that offer payable services for accounts will have all the technology and equipment they need to ensure that the process is as optimized as possible. Reporting methods and automation include some of the tools that third-party businesses can use.
Therefore you can hire and outsource a business instead of trying to go through your organization and find all the technologies and services you need for AP. By doing this at a fraction of the cost, you can have access to all of the advantages of updated technology.

More affordable solution


Outsourcing the AP method is easier than conventional hands-down methods because you will be able to avoid the overhead costs that come with payable accounts. For example, one of the greatest costs you would have to bear by not outsourcing payable accounts is educating current workers on the process and eventually hiring new employees to help handle it.
We all know that training for workers can be costly: you have to pay for training materials and training and reward the employees for their time, not to mention the time they would need to get caught up in the job they have lost because of training. The essence is that embracing payable outsourcing accounts would give your business the opportunity to skip having these costly investments.

Stronger Security


As the company world grows and supply chains extend across the globe, it has become increasingly difficult to submit payments to contractors and suppliers. Even if you are a small company, in order to offer your services or goods to your customers, you probably have to rely on vendors in many places. However, if your business does not have the best monitoring and productivity instruments, as your business continues to grow, there is an increased chance of payment fraud (and non-compliance from your vendors).
Many small and medium-sized enterprises do not have the resources to employ a large team of security specialists to detect payment fraud. In addition, to better reduce the risks of payment fraud, they don’t have the expertise and security resources they need to complete comprehensive audits. One of the best ways to ensure your company’s protection is to focus on outsourcing services payable by accounts. Outsourcing will greatly reduce the chances of your business suffering payment fraud by removing the need for paper invoices, receipts, and checks.

Reduced Errors


If you have had problems with enforcement issues in the past, outsourcing payable accounts will help reduce the company’s mistakes. When you complete an audit of accounts payable and you have found errors, not only can it add to the company’s expenditures, but it can also generate concerns of government complicity.

Receiving the bill:


The bill/invoice helps to track the number/quantity of goods purchased in the case of items. When the bill is paid on time, the date for which the bill is valid may also be identified.

Scrutinizing the bill for information:


It is also possible to check the name, licenses, date, and conditions of the vendor raised with the vendor based on the purchase order.

Updating the information on the paid bills:


It is important to update Ledger accounts linked to the received bills. Here in the account books, an expenditure entry is normally expected to be made. In cases where accounting software is used, it can require managerial permission to report certain expenditures. Based on the bill value, the approval would be based. As a precautionary measure, the ‘builder and checker’ principle for posting is typically adopted by large organizations.

Timely Payment Making:


The payments need to be processed when and when the due dates arrive (based on a shared agreement with the vendor/supplier/creditor). Here it is important to prepare and verify the appropriate documents. It is important to scrutinize the details entered on this cheque, bank account details of retailers, payment vouchers, the original bill, purchase order/agreement, etc. The signature of an approved individual will often be needed. The vendors/providers/creditors ledger account must be closed in the account books until the payments are made. This will lower the previously created liability. The sum displayed as payable, in simpler terms, would no longer be considered as a liability. The above methods are organization-specific. For large firms with more approvals required, they may be more stringent. However before payments are made, the basic precautions must be taken into account in order to prevent errors and fraud.

In order to support cheques that have been cut, auditors also rely on the presence of accepted invoices, expense reports, and other supporting documents. The presence of the supplier’s acknowledgment or declaration is reasonable evidence of the existence of the account.

Auditors usually prepare an ageing structure of accounts payable over discrete intervals to better understand outstanding debts (30, 60, 90 days, etc.). Such agreements are helpful in reporting the balance sheet accurately at the end of the fiscal year.

The liability known as account payable liability occurs if there is some expenditure related to the purchasing of products or services on the account. This is to be produced and reported by the firm in the books of accounts. The sum is calculated using the seller’s invoice for the purpose of recording journal entries for accounts payable, as it typically includes specific details about the amount that the buyer needs to pay and the due date.

We recognize that the Accounts Payable Process is important for the management and cost optimization of successful supplier relationships. Therefore, we always aim to improve productivity at LegalRaasta and help you to reduce costs. Our Accounts Payable Services assist in the smooth management through automation and documentation of the account payable process flow. We help companies make prompt payments by helping them take advantage of early payment discounts and operational productivity improvements.

Our accounts payable services assist you in:

  • Satisfy your regulatory needs
  • Optimize your cost by up-to-date payment of bills and avoiding interest and penalties
  • Maximize working capital management
  • Receiving vendor discounts
  • Duplicate Payments Stopped

We will help you turn your paper business into live online data, helping you to get as many reports as you can by concentrating on automating the flow of payable account processes through a mix of people and soft goods. For better comprehension and decision making, you will be provided with daily aging reports.

We’ll be pleased to assist you! Feel kind and feel free to contact us here!

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Accounts Payables

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  • This field is for validation purposes and should be left unchanged.