A. 7 Common Challenges in Accounts Payable

• Frequent complaints from user/purchase teams due to delays in vendor payments
• Perceived bias while releasing payments to vendors or departments
• Errors in TDS deduction leading to interest and penalties
• Lack of real-time visibility on pending bills
• No proper tracking of invoices yet to be recorded in the accounting system
• Inaccurate month-end provisions impacting true profitability
• Instances of duplicate payments to vendors

B. Benefits Experienced by Our Clients

• Objective and systematic payment processing aligned with agreed credit terms or SLAs
• Real-time visibility of pending payments, improving coordination between departments
• Maximum utilization of eligible tax credits (Input Tax Credit, VAT, etc.)
• Accurate cost/profit center accounting, ensuring correct profitability analysis
• Timely and reliable financial MIS reporting

C. Scope of Our Services

• Verification of invoices and supporting documents against parameters like PO terms and tax eligibility using structured checklists
• Accurate deduction of applicable taxes such as TDS and Work Contract Tax
• Bill-wise accounting entries with detailed narration in the accounting system
• Allocation of expenses to appropriate cost/profit centers
• Processing of vendor payments as per agreed credit terms with complete documentation
• Generation of key reports such as ageing schedules and outstanding statements
• Implementation of checks and balances to strengthen internal controls
• Management of contractual staff payments along with tax compliance
• Maintenance and updating of vendor master data
• Monitoring validity of agreements and contracts
• Preparation of audit schedules and supporting documentation

D. Key Accounts Payable Reports

• Ageing analysis of payables
• Real-time status of pending bills along with reasons for delay
• Provisioning reports for creation and reversal of expenses
• Vendor-wise outstanding reports
• Alerts for contracts or agreements nearing expiry