What is Payable Management you ask?
Well - similarly to Receivable Management - we make sure your Vendors are getting paid on time.
If you don’t know where to begin because you don’t have a process don’t worry, we got you covered😉. We start your Payable Management in a few phases:
Phase 1
What are We Working with?
Some Companies already have an established system on how bills are to be received and paid. If that is the case we’re happy to maintain it as long as it fits in the budget set. But if not we set up our own system.
Systems We Set Up
- Accounting email for your company where all bills can be sent by vendors
- QuickBooks Online to manage the Aging Payables
-If needed, Purchase Order to Bill System to make sure Inventory stays accurate
-Melio/QuickBooks to Process Check, ACH and Wire Payments to Vendors
-Vendor Portal Access to any Vendors that have an online way to pay bills.
Phase 2
Get Things Back to Reality
Now that we know what we’re working with, lets start making some changes
First, we reach out to our vendors to get an up to date Vendor Statement to reconcile the account.
Secondly, remove, write off, apply payment or find payment for any Bills that need to be updated
Finally, send you an updated report of outstanding bills so you can finally know when actually needs to be paid and when. Let us know and we’ll get it all sent out for you.
Phase 3
Set up a Better Process
We finally have a good foundation - no we need to maintain this!
We maintain this accuracy by:
Weekly (minimum)
Update Bank Transaction
Entering all new bills received
Reconciling Vendor Statements
Respond to any Vendor e-mails
Send a list to you of Aging Bills
Send Payment for any Approved to Pay Bills
*This is all customizable: This is a general outline of the steps we aim to take for each A/P Account but understand that not every business is the same and may need specific adjustments.
Ready to Get Started?
