Outsource Accounts Payable Service to Experienced Team
Accounts Payable isn’t just a transaction focused activity anymore; it has now evolved into a strategic business function that helps the top management optimize a business organization’s working capital, ensures bigger savings and also ensures improved working relationships with suppliers. We at DP Tech Group, assist numerous organizations the world over transform their otherwise static and old-fashioned accounts payable processes.
We focus on creating actual value by assisting in optimization of working capital as well as operating costs while at the same time ensuring greater audit control and across the board transparency through tried-and-tested standardizations.
As a preferred destination for outsourcing accounts payable services, DP Tech Group provides businesses with the flexibility of customizing an outsourced accounts payable solution. By choosing us, you gain the advantage of skilled workforce with proven domain experience and state-of-the-art technology, without having to invest in hiring fulltime employees for accounts payable processes or buying expensive software licenses.
Accounts Payable Services on Offer at DP Tech Group
When you outsource accounts payable services to DP Tech Group, you get an end-to-end solution, customized to meet your specific business requirements. We have more than 10 years of experience in delivering this service to global clients. Our Accounts Payable Services comprise of the following:
- Data Capture
We use automated invoice data capture processes by utilizing the OCR (Optical Character Recognition) technology that ensures greater accuracy and speed in extracting invoice data and other important information. Paper based payable docs are thus easily managed at our end when you outsource accounts payable service to our professional team.Data capture as part of our accounts payable service includes the following:
- Scanning, sorting/indexing and batch preparation
- Receipt and invoice document storage/retrieval
- Receipt and Processing of emails
- Auditing scanned invoices
- Reconciliation of invoices
- Ensure total availability of all invoices scanned
- Paper, fax or digital – we will aim at centralizing the receipt of all kinds of invoices
- Data Processing
In this case, we handle exceptions. Errors and exceptions in business invoicing, if not handled correctly and promptly, can cause delays in supplier payments. It can also result in loss of opportunity when it comes to early payment discounts. Lastly, exceptions, if not detected and resolved on time, can block your capital!The management and resolution of exceptions in data processing part of our accounts payable service includes the following:
- Routing exceptions
- Ensure hassle-free and faster closing at the end of each month
- Maintain audit trail with proper documentations
- Suspect Duplicate Analysis
We initiate the process for putting necessary audit & control mechanisms in place so as to preempt the possibility of duplicate payments. By outsourcing accounts payable services to DP Tech Group’s overseas team, your contracts and payment terms are optimized by professionals, the ‘procure to pay’ process gets optimized and lastly, the possibility of future leakage is minimized through maximum compliance, automation and transparency.In case such payments have already been made, we provide the necessary assistance for recovery of these payments through:
- Automated/manual data entry of financial transactions and other related data
- Matching databases from different sides
- Digital invoice processing
- Identification of root cause of a discrepancy
- Reconciliation followed by identification of cost recovery opportunity
Besides the above mentioned accounts payable services, your custom solution can also include some or all of the following as per your unique business requirements:
- Print/distribute payment checks
- Handling E-Payments
- Emailing invoices
- Cross checking online checks
- Maintain check stock
- Tax reporting
- Accounts payable reporting
- Bill management (including utility bills)
- Customer support
- Specific project reports concerning account payables
- Expense processing (including travel)
Outsourced Accounts Payable Service Workflow
It’s a four-step process:
- Receipt of invoices: We receive your invoices in digital or print format
- Data/Image capturing: All documents received at our end are digitized into the image format and stored as such; all such invoices can be viewed or retrieved easily
- Processing and routing of invoices: As per the pre-defined business rules, invoices are processed and routed to concerned officials/executives for approval
- Disburse and achieve: An invoice that has been approved or resolved by the concerned executive or official at your company is uploaded by our staff to customer’s accounts payable system for payment. The invoice in the next stage is also moved to the general ledger of the company. Our staff also takes care of disbursements. All invoices thus processed are stored at one place and are property indexed.
Want to Know More About Outsourcing Accounts Payable Services to DP Tech Group?
With us, you can gain instant access to advanced technology systems; experienced workforce with years of experience in handling accounts payable processes and tried-and-tested workflows that deliver. We also provide round the clock customer service so that you never have to wait!
With DP Tech Group by your side, the management at your company will always have the ‘big picture’ available for crucial business decision making, courtesy the business intelligence they can draw out from accurate, up to date data, down to the last minute detail, in a format that can be searched or analyzed.
You can achieve better vendor relationships, ensure there are minimal invoice discrepancies and reduce operating costs while experience no bottlenecks in managing your working capital by outsourcing accounts payable services to DP Tech Group.
Call us today at 630-372-0100 for a non-obligatory consultation. We’re here to help. You just have to ask!