Accounts Payable Management: Opportunities for Slashing Costs

Today's web - based imaging technology is capable of transforming your Accounts Payable Management. It shortens the AP cycle, improves accountability and reduces cost and effort to your organization. Don't invest in non - core activities, outsource it instead! Investing money in technology for non-core functions doesn't make much business sense. The benefits of automating non-core functions are attractive, but investing in them is not such an interesting proposition. With its call to be the extended financial arm of your business, Thomas & Alex stands with you as a responsible partner - taking up the responsibility of recruiting, training and retaining clerical staff. Expertise in technology allows Thomas & Alex to access and accommodate the software application used by your company. By accessing those applications through the internet, Thomas & Alex can manage all your Accounts Payable Management needs.

Our Accounts Payable Management Outsourcing service includes:

Data Capture

• Receipt of hardcopy or electronic invoices
• Indexing and archiving of invoices
• Audit and reconciliation of scanned invoices
• 100% availability of scanned invoices

Data Processing

• Customized invoice processing
• Resolution of mismatched invoices
• Follow up and resolve problem invoices
• Routing of invoices for approval and final resolution
• Document audit trail

Invoice Entry

• Manual and computerized data entry
• Three-way database matching
• Electronic invoice processing

Payment Disbursement

• Mailing of checks
• Secured maintenance of check stock
• Return check handling
• Electronic payment handling
• Special invoice mail handling

Other services include:

• Tax reporting
• Travel & expense processing
• Supplier management
• Special projects reports
• Bill management
• Customer service

Thomas & Alex's Accounts Payable Management Process

Invoice Receipt & Sorting

Your softcopy and electronic invoices are received, following which, they are sorted and organized.

Data Capture

Hardcopy invoices are imaged upon receipt. Faxes are stored as images in our systems. Invoice data is then read from the images into our systems.

Data Process & Route

Exception Management/Resolution: Invoice documents are processed according to your business requirements. Controls are applied to eliminate any duplicate payments. Exception transactions are resolved through research and discussions with your suppliers and staff. Once processed and checked, the invoices are then routed to the proper employees within your organization for approval and final resolution.

Disburse & Archive

Once an invoice is approved it is uploaded to your General Ledger for payment. Benefits of Outsourcing Accounts Payable Management:

• Reduced operational costs
• Save costs without capital investment
• Increased departmental efficiency
• Reduced invoice processing cycle
• Access to latest web-based imaging technology, best industry practices and trained staff – with no capital investment
• Real-time tracking and reporting of all payables
• Increased control, accountability, and precision in the AP process
• Better business intelligence with timely and relevant reporting to upper management
• Reduced invoice discrepancies and disputes
• Stronger vendor relations
• SOX compliance and easily accessible audit trail
• Greater focus on core competencies

The most successful businesses of today have outsourced financial services and now have time and money to spend on differentiating themselves in the marketplace. Stay ahead of your competition with Thomas & Alex's FAO services including Accounts Payable management outsourcing service.