In today’s competitive business where information is required on your fingertips, Accounts Payable management is one of the most essential tasks for businesses. Lack of it will reflect poorly in vendor relationship, cash saving policies and working capital, eventually affecting the overall profit. The option of accounts payable outsourcing services can be favorable for your business in increasing the working capital.
The significance of outsourcing has been discussed and proved beneficial time and again. Firms from all industries and across the size spectrum. Many enterprises recognize the necessity for efficiency in work, lower operational costs, and control in time-responsive business processes. To achieve these objectives, firms have worked with outsourcing service providers to make profit, gain knowledge and innovate technology.
Though, a lot of firms have been hesitant to outsource some financial processes, such as accounts payable (AP). However a recent study has shown that best in class companies are four times more expected to outsource their whole AP operations. The research firm also found that 21% of all companies currently outsource a part of their accounting and finance process. Companies’ hesitation to outsource accounts payable is often based in unsupported fears and common misconception.
The infographic further explains common accounts payable outsourcing myths and the actual reality.
Common Accounts Payable Outsourcing Myths
AP outsourcing moves only the processing of payables, and not the decision-making. So, you need to choose a service provider whose objectives align with your own and that gives valuable ways for you to execute the necessary support for management, review, and control of the AP process.
It is the time to choose AP outsourcing and place your company as a best in-class performer. Know the accounts payable outsourcing myths, but identify the facts, companies that partner outsourcing company get better with their AP processing, regulate policies around AP, and attain significant gains in efficiency and cost reduction.
OHI is a specialized finance and accounting outsourcing service provider since 2006, providing skilled and experienced accounts payable specialists at economical rates. High expertise in QuickBooks, Xero, NetSute, Yardi (Genesis and Voyager), AppFolio, Timberline and Microsoft Dynamics. Our services are used by 300+ businesses across sectors like real estate, construction, logistics & transportation, retail, manufacturing, IT firms and CPA firms.
We invite you to experience finance and accounting outsourcing through us. Contact us to develop a customized accounts payable process manual suited for your needs and business requirements.