Your accounts payable system will run smoothly when set up correctly. Each vendor account will have up to date address, contact information, and agreed terms including any discounts available. When your vendor invoices are processed, each one is checked for correct terms, taxes, and due dates. The invoices are then stamped for payment authorization, date posted, and expense account code.
Cheque preparation is carefully done to only include those items that are currently due. The paperwork used in preparing the cheques is presented to the signing officer for confirmation. When paid and ready to file, the vendor invoice includes a copy of the purchase order, the receiving report or signed packing slip, payment authorization, cheque number, and the date paid. This complete package is then filed for future reference.
Your accounts payable are reconciled monthly, and any disputed amounts dealt with promptly. Your monthly payments schedule is handled correctly to prevent any bad credit reports and protect your credit rating with your suppliers.
Serious about getting results? Call us now at (604) 239-3982 to get started.