The Accounts Payable process can be difficult to manage. Business owners will often complete one step of the process but forget to record it properly. Mistakes like this can result in accidentally over- or under-stating your expenses. When the process is poorly managed, bills can get misplaced, overlooked, or paid late. All of this reflects poorly on the business.
At the Bean Team, we believe very strongly in having an efficient AP process. With our system, there are fewer errors, quicker turn-around time, and everything is recorded and documented for future reference. Here is an example of what our process typically looks like:
Bills from vendors come directly to us.
We scan and save copies of each bill.
Each bill is entered into QuickBooks.
We get approval from the manager or business owner to pay the bill.
We print a check using checks the business owner provides, or pay with an approved credit card.
The bill is then marked as paid in QuickBooks.
If a check is printed, it will be mailed straight from our office.
We also incorporate Bill.com into our workflow to further automate the AP process. With this web-based payables solution, managing your AP can be done with ease via a mobile app. We also can assist with setting up bills to be paid on an automatic schedule. This ensures that nothing will be paid late again.
Most issues that arise related to the vendor will be handled by us, unless instructed otherwise, or if we do not possess the needed information. When we are the point of contact, the AP process can move more quickly. Constant back and forth between business owners and vendors can interrupt the flow of work, as well as cause friction between the two. Having an intermediary, like us, helps ensure good business relationships.
For any business, maintaining an effective AP process is a key to success – ask us about how to get started on streamlining your Accounts Payable today!
Providing Outsourced Accounting is one of many services we provide at the Bean Team. Complete outsourcing of accounting makes the most sense for business that don’t have enough accounting tasks to occupy 2 or more employees.
Here are 6 benefits of outsourcing accounting to a qualified firm:
Save Time and Focus: By outsourcing, the business owner and management can focus on the operations of the business. They don’t spend time doing accounting tasks that they don’t like to do and are likely not qualified to do. The business owner saves the time and focusses on the business. You are good at your business, we are good at accounting.
Save $: After taking into account the time you would save, the cost to outsource is typically less than an in-house solution, especially when cost of the business owner’s time is considered in managing or doing the accounting tasks. The Bean Team understands that time is money.
Team vs. Individual: When you outsource, the work is done by a team of professionals ranging in skill sets from entry level accounting, up to a seasoned CFO or CPA. This allows a team approach to enable a system of tasks and cross training. The team completes the work on time even if one member is out or if a team member needs to be replaced. The outsourced model provides for a process based on a system instead of the knowledge being possessed by one person a defined skill set.
Customized and Staffed Solution: Clients receive a customized solution that allocates the accounting tasks done by the firm and those tasks done by the client. The firm recruits, vets, hires, and manages the team to deliver the offered services. The client doesn’t need to do any of these HR or management tasks as it pertains to accounting tasks. The end result is less stress and peace of mind for the client.
Best-in-Class Systems: The outsourced solution offers the best people and the best systems. The outsourced firm tests, vets, purchases, and then rolls it out to clients in a way that spreads the cost and spreads the benefits to all. Systems that are online, mobile, secure, backed-up, and integrated are requirements in the systems used. Knowledgeable, qualified, and conscientious professionals.
Scaled Solutions: The outsourced solution can scale up or down as accounting volume increases or decreases. Scaling can be done quickly without the need for the client to go through a recruiting process or laying off personnel. This is all done quickly and seamlessly by the outsourced firm.