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Complete Accounts Payable Solution
Keeping accounts payable financial processes and paperwork up-to-date and accurate can be a challenge. Particularly if you are a business that has multiple suppliers, or that orders frequently, working out how much you owe and the timeline for payment can be difficult. Geekbooks provides a professional, experienced accounts payable process, enabling you to manage your creditors as well as gain access to the financial forecasts and real-time information needed for good decision making. With prices starting from as little as $25/hour for our bookkeeping services, as well as a no-hassle, 30-day money-back guarantee, there's never been a better time to try our bills payable service and see how it can help your business.
What is Accounts Payable Control?
Every business requires purchases in order to operate. From utilities through to tools, fuel for corporate vehicles, materials, travel costs or stationery, your enterprise is both a vendor to customers and a customer in its own right. Accounts payable are the accounts which a business has with its suppliers. Some accounts payable will be settled on a monthly basis; others will be ad hoc purchases; or larger amounts which are to be paid on an instalment plan. Keeping track of how much is owed and when it needs to be paid is essential in order to:
Make sure that there is sufficient cash in your business account to pay each invoice at the
Ensure invoices are paid on time to prevent late penalties or suspension of supply.
Generate financial forecasts, based on your current situation. It can be tempting to treat the amount of money in the business account as money that's actually available to spend or invest: the reality is that much of it may already be spoken for once the bills are paid. Financial forecasts and an up-to-the-minute picture of your current financial position can make it easier to plan spend appropriately
Build up a picture of spend over time. Particularly for smaller businesses that have limited bookkeeping input, it can be all too easy for unnecessary expenditure to rise. Perhaps additional expense items are generated, or goods have been ordered that don't offer the best value. Pro-active accounts payable control can ensure these matters are picked up early on so that they can be dealt with in a timely manner.
Pick up procurement irregularities. There are all sorts of reasons why supplier invoices may be incorrect, such as over-ordering; inappropriate substitutions; items charged for which have not arrived; or other errors. A scheduled finance check will pick up any inconsistencies, enabling queries to be chased with the supplier in question, and a suitable resolution found
Inform Business Activity Statements (BAS) and tax predictions. Accurate accounts payable make it easier to collate the information needed for ATO reporting requirements. Using the right accounts payable software on a regular basis results in consistent, high-grade data that is easy to review and utilise when it's time to create documentation for the ATO.
Whether you are a start-up business or one that's been around for a while, our seasoned bookkeepers can bring order, clarity and accuracy to your accounts payable system. Why not take advantage of our 30-day money-back guarantee and request a no-obligation trial? Our packages of support are competitively priced, starting from just $25/hour.
What Do We Offer?
We are a team of online bookkeepers who offer a complete bookkeeping solution, including accounts payable to businesses across Australia. Our staff work remotely, which means we can deal with your bookkeeping no matter where you're located. Strong on privacy, our secure data transfer mechanisms and high-grade software protects your data and that of your customers and suppliers. Responsive, pro-active, knowledgeable and fast, we are able to get your accounts payable into shape quickly. Ask us about our competitive rates - from as little as $25/hour
If you purchase bookkeeping services from us, you can expect to benefit from:
What are the Advantages of Professional Accounts Payable Processing?
- You know the job's done properly. Even business owners with a good grasp of bookkeeping basics can find it harder to deal with the more sophisticated aspects of the job. We are senior bookkeepers with lots of experience; used to dealing with any bookkeeping which comes our way, we are able to work on complex, challenging bookkeeping issues that can leave amateurs baffled!
Bookkeepers are meticulous and detail-orientated by nature. We will go through your accounts payable information line by line, checking each part of every entry to ensure accurate record-keeping. As well as dealing with current purchasing invoices, we are also able to check historic data for errors or omissions. Whatever we do, you can be confident that ATO won't find fault with it.
ATO and other financial reporting requirements change over time. In addition, fresh initiatives and policies create further change. We keep our finger on the pulse of financial affairs: if the government announces a change, we'll make sure we know about it. Using us ensures your financial records are fit for purpose.
Many business owners come up with their own, organically grown finance systems. In the longer term, these may not be sustainable. Our team is able to help you put in place suitable systems to ensure the generation of robust, accurate data. We are committed to making your life easier! Many of our customers are amazed at how easy and convenient we make it for them to keep on top of their accounts payable. Please get in touch to find out more about our capacity building - costs start at just $25/hour. Use our 30-day money-back guarantee to see the difference we can make.
We are bookkeepers with a strong accounting background. This enables us to not only generate timely financial information but also provide suggestions for interpreting it. Knowing how much money you're paying out, and how much you've got coming in, is critical for successful business management. We want your business to succeed: by putting our professional expertise at your disposal, we hope to provide an enterprise with the data needed to grow.
Our team operate in a friendly, open and transparent manner. We recognise that every business wants to do things a little differently - our goal is to come up with a bookkeeping system that works for you. We value your questions and will always do our best to find the answers that you need. You will see the difference! Professional bookkeeping really does make a positive difference. Use our 30-day money-back guarantee to test our services and see the benefits for yourself!
Who Are Our Accounts Payable Services Suitable For?
We offer online bookkeeping services that are suitable for almost any business. We tend to work mainly with SMEs, fledgeling businesses and start-ups. Our speciality is high-value bookkeeping input that's flexible, responsive and competitively priced. With some packages available for as little as $25/hour, we strive for accessibility to all. Would you like to have an established, well-organised accounts payable cycle? We can help. Get in touch now to find out more about our services, or to take advantage of our money-back guarantee when you try one of our competitively priced bookkeeping packages.
Your Questions Answered
Accounts payable (AP) is a financial term that refers to the money owed to suppliers or vendors for products or services acquired on credit. The total amount of any and all outstanding payments one organisation owes to its suppliers is reported as the balance of accounts payable on the company’s balance sheet. The cash flow statement will show the growth or reduction in total AP from the previous quarter.
Paying close attention to your AP expenses and establishing internal controls to protect your assets and cash plays a vital role in preventing paying for incorrect invoices. Maintaining an organised and well-run accounts payable process is critical to staying informed about the impact AP has on your bottom line.
The overall accounts payable balance of a corporation at a given moment in time will appear under the current liabilities column of its balance sheet. Accounts payable are commitments that must be paid in a specific time frame to avoid default. AP refers to short-term payments owed to suppliers at the corporate level. The payable is simply a short-term loan from one firm to another. The transaction would be recorded by the opposite party as an increase to its accounts receivable for the same amount.
A company’s AP is a critical metric on its balance sheet. If AP rises over a previous period, it indicates that the corporation is purchasing more products or services on credit rather than paying cash. If a company’s AP falls, it suggests it is paying off its prior period commitments quicker than it is buying new things on credit. The management of accounts payable is essential for controlling a company’s financial flow.
Accounts payable (AP) and accounts receivable (AR) are direct opposites. Accounts payable are the funds owed to suppliers, whereas accounts receivable are funds owed to the firm, generally by consumers. When one firm conducts a credit transaction with another, one will record an accounts payable entry on their books, while the other will record an accounts receivable entry.
Accounts payable and receivable balances are routinely examined as part of a liquidity study to see whether there is enough money coming in from receivables to cover existing payables. The current ratio is most usually employed in this comparison. However, the quick ratio can also be utilised. Other distinctions between accounts payable and receivable include:
• Receivables are considered current assets, whereas payables are considered current liabilities.
• Receivables may be offset by an allowance for suspicious accounts, but payables cannot.
• Receivables typically consist of a single trade receivables account and a non-trade receivables account. On the other hand, payables may include many more accounts, such as trade payables, income taxes payable, sales taxes payable, and interest payable.
All entries entered into the general ledger must have an offsetting debit and credit, according to proper double-entry accounting. Accounts payable are recorded when the invoice or bill is received by the accountant. The debit offset for this item is typically applied to an expenditure account for the credit-purchased commodity or service. If the good or service purchased was a capitalisable asset, the debit might potentially go to an asset account. When a bill is paid, the accountant deducts it from accounts payable, lowering the liabilities amount. The offsetting credit is also applied to the cash account, reducing the cash balance.
The accounts payable department’s function is to provide a company with administrative, financial, and clerical support: The team is in charge of overseeing the payment of the full account process. This is a vital function in the company’s accounting department, and it entails the coding, payment, approval, and reconciliation of vendor bills.
A skilled and well-managed accounts payable staff may save your company a significant amount of time and money in the AP process. They may also apply automation tools to streamline the process.