How do you deal with growing invoices?

Outsource it. Or at least that‘s what a new study conducted by financial research and advisory firm Aite Group Companies has found out. According to this study, companies that outsource their accounts payable function can achieve a 50% reduction on in-house processing expenses. It also encouraged companies that had decided to keep their accounts payable operation in-house to reconsider their decision, pointing out that the advancement in technology is so rapid that most software programs will become outdated at a faster rate, making it difficult for companies to stay on the cutting edge.

How outsourcing can help you?

Most TA clients outsource their AP management because they feel that their managers are wasting far too much time overseeing regular administrative tasks, and thus, deviating from their core competencies. Others outsource because of HR issues. Not only is HR hard pressed to find people with the right qualifications and skills, but retaining people for performing repetitive and monotonous stuff is an even bigger challenge. Besides, the infrastructure costs incurred in setting up an in-house department may not be worth the effort.

TA can handle the following reports:

• Age Analysis report- A detailed report showing the ageing of items not paid for based upon dates and the specified ageing periods.
• Cash Requirement report- A detailed report showing the cash requirements needed to fulfill expected commitments.
• Account Analysis report- A detailed report showing the statistics on the performance of each creditor‘s account.

Benefits of Outsourcing AP reports

Make better decisions in terms of planning for future cash payments and cash outflows.

• Customized and secure service with cost savings of up to 50 percent.
• The invoice approval routing process is automated and you are provided with digital storage.
• Allows you to retrieve old invoices and expense reports 24/7.
• Paperless system can save you non-productive time and internal processing costs.
• Helps you pay the invoices on the due date as per company policy.
• Get a clear picture of your liabilities and the nature of cash flow.
• Compliance to SOX is automatically carried out.
• Tax related work will be completed without loss of man-hours at the company level and you‘ll be ready for the CPA perusal.