Accounts payable is the amount of money that a company owes to its vendors for goods and services purchased on credit. It is a current liability of a company and has to be fulfilled within a year.
Accounts payable result in negative cash flow of a company at the time they are paid off. Every company keeps a track of its accounts payable and also the time period when it is to be paid.Accounts payable reconciliation & management can be a time consuming process and can take a long time to resolve discrepancies. Large organizations therefore use accounting software's or takes the help of professional accounting firms for managing its accounts payable. A close check should also be made on fraudulent invoices, to prevent embezzlement.
TENET’s Accounts Payable solution transforms the AP process from a paper based, labor intensive process into an efficient, automated function. Our professionals leverage AP process best practices in conjunction with document imaging and workflow technologies. The results are reduced costs, web-based access to documents and all of the necessary reports for monitoring and control.
TENET Audits Accounts Payable
Professional auditors in TENET insist their clients to provide approved invoices, supporting documents and expense reports at the time of making payments through checks and other methods. This helps to keep a track of all the documentation related to purchase and also keep a check on the genuineness of invoice. Inflated or duplicate invoices get eliminated at this stage.
Advantages of Outsourcing Accounts Payable to TENET
Outsourcing the accounts payable process can help your organization by
Providing a method of internal control
Providing expense administration
Providing monthly reconciliation of accounts payable
