ACCOUNT PAYABLE SERVICE

Managing accounts payable involves handling a company's responsibilities to its suppliers and creditors. This encompasses documenting, validating, and handling invoices, guaranteeing punctual payments, and keeping precise financial records. Efficient management of accounts payable is essential for fostering strong supplier relationships and ensuring seamless business operations.

Accounts payable refer to the money a company owes its suppliers for goods and services that have been provided, for which the supplier has submitted an invoice. It also refers to the team responsible for managing all outstanding payments a business owes to its suppliers.

Managing accounts payable is one of the most crucial financial responsibilities for any business. It ensures timely bill payments and maintains the necessary cash flow for operations. Effective fund management, including maintaining supplier payables, allows a business to set better budgets, ultimately improving liquidity.

Outsourcing accounting and bookkeeping services can reduce the burden of accurately managing data in the system, enabling businesses to receive timely reports for various needs. This process includes everything from bill verification to payment processing.

Why Are Accounts Payable Services Important?

Ensure that all supplier invoices are paid promptly to avoid late fees and uphold good supplier relationships.
Monitor and control cash outflows to sustain a healthy cash flow.
Minimize errors in financial records by systematically documenting and validating invoices.
Comply with local and international accounting standards and regulations.
Optimize the accounts payable process to save time and resources.

The process of accounts payable involves multiple steps:

Confirming purchase orders or contracts and verifying bills
Obtaining management approval for invoices
Entering invoices and processing payments
Managing supplier payables aging and keeping PDC records
Reconciling with suppliers
Generating reports and conducting analysis
Preparing documentation and audit materials

We assist in tasks such as comparing and connecting a supplier invoice to the original data that forms the total cost, such as a goods delivery receipt and purchase order or contract. This task is typically intricate and requires a lot of time, but our experts can complete it for you with top-notch quality.

Our Services Include

Cornerstone provides specialized accounts payable solutions designed to cater to the specific requirements of companies in Dubai.

Our range of services comprises:

Invoice Management

Supplier invoices are received, recorded, and verified.
Invoices are matched with purchase orders and delivery receipts.
Payments are approved and processed.

Payment Processing

Coordinating and carrying out payments to suppliers.
Overseeing payment options, such as bank transfers, checks, and electronic payments.
Securing prompt payments to prevent late fees and uphold supplier relationships.

Reconciliation

Matching supplier statements with company records.
Finding and addressing discrepancies.
Guaranteeing precise and current financial records.

Reporting and Analysis

Creating comprehensive reports for accounts payable.
Evaluating expenditure trends and pinpointing opportunities to reduce costs.
Supplying valuable information to improve financial decision-making.

Compliance and Audit Support

Adhering to UAE accounting regulations and standards to maintain compliance.
Getting ready for audits by maintaining well-organized and precise financial records.
Helping with audit inquiries and needs.