Accounts 4. 5. Notifying the client of payments

Accounts 4. 5. Notifying the client of payments

Accounts Payable in BPO The workflow of A/P in BPO industry can be described as follows: 1. Receiving Scanned Invoices: The client company scans its vouchers and vendor’s invoices as and when they are received.

2. Preparing and updating Master database of vendors: A master database for vendors information is prepared which includes details of vendors, his address, tax code, etc. Additional notes relating to vendors are also entered. 3. Documents Review: The scanned documents are reviewed in terms of readability for significant figures viz. uantity, type, rate, amount, total, tax etc.

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If the scanned image is not readable, it is redirected to the client company for rescanning. 4. Resolve non-conforming issues (comparison with PO and GRN, if provided) by applying step 4. 5.

Notifying the client of payments due before a reasonable period: The client is then notified about the payments to be due within short period. E. g. a client can be informed that certain bills of certain amounts are to be paid within this week. 6.The client finally approves payment of the said bill and also informs the reasons for which certain bills are to be withheld for payment. 7.

Checks are processed for printing in our systems for payments approved. 8. Checks processed are finally sent to client for final printing and distribution. SERVICES in addition to above o Maintaining Master database of vendors. o Rush Checks handling.

o Informing the client co. to avail discounts on early payments. o Preparation of monthly Vendors’ Accounts Statements Reconciliation of Vendors accounts with the statement provided by the vendors. o Double payments avoidance. o Respond to vendor enquiries about payment status through email. o Vendor Performance Analysis. o Handling Form 1099.

o MIS reports for analysis and decision-making (see reports) ACCOUNTS PAYABLE ? Definition ? Supporting Documents ? Payment process and approach ? Errors in A/P processing. ? A/P from BPO viewpoint ? Outsourcing process Definition: Debts resulting from purchasing assets or receiving services on credit or on an open account.You have accounts payable when you have not yet paid for the assets or services you have received. Also Known As: A current liability on your balance sheet. pic Business Intelligence & Analysis 1. Details of Vendors/Suppliers 2.

Scanning and receipt of Invoices Digitization 3. Scanning 4. Data Entry 5.

Quality Review Workflow 6. Voucher Review, Approval & Routing By Client (on the web) 7. Accounting System Interface Transaction Processing 8. Check printing 9.

Payment Accounts payable work related areas: (http://www. it-careernet. com/itc/OS/bpoAccounting. tm#ACCOUNTS_PAYABLE) » Invoice processing » Process Client approved Vendor invoices » Verify negotiated price items based on client’s input » Resolve price and quantity discrepancies based on client’s input » Maintain files to support invoice processing » Payment processing via mails, e-fax etc » Prepare client approved checks, electronic payments and wire transfers » Voids and reissue client-approved checks, drafts, electronic payments » Respond to vendor enquiries about payment status » Maintain records of client approved payments issued Retrieve copies of payments as necessary » Maintain records of batch reports ACCOUNTS PAYABLE SERVICES (Datamatics) • Receive / Open mail • Code / Prepare documents / Audit / Validate • Image / Index documents • Validate per policy • Data entry into financial system • Resolve non-conforming issues • Field internal and external customer calls • Web-based document routing and management • Payment services • Call center services • Offshore processing component • Vendor file maintenance • Month and year-end support Accounts Payable (Ephinay) http://www.

phinay. com/services/value. html – Document Receipt – Matching/Authorizations – Vendor Payments – Freight Payments – Statement Reconciliations – Vendor Disputes – Escheatment – 1099 & B notice processing PAYMENT PROCESS The payment process in any company to its vendors is governed by three basic documents: 1. Invoice 2.

Purchase Order 3. Receiving Documents (e. g. Goods Received note) Invoice: In addition to details of our purchases, an invoice ideally contains information as to • Where to send the payment • When the payment is due The terms of the payment, e. g. if a discount is available for early payment. • Any special instructions • The jurisdiction of law, in case of dispute.

Purchase Orders (PO): • Not only shows the details of goods to be ordered but also certain terms that have been agreed upon by the Purchasing Department & the Vendor. • The Purchasing Dept. often forgets to notify the terms agreed upon with the vendor to the Accounts Payable Dept. In case the vendor sends the bill of original price, the company ends up paying the original price. `

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