Account Payable Services
Xpact Globiz, the name you can trust for managing all your accounts payable needs. With our strategic execution model, you can gain peace of mind knowing your finances are in good hands. Whatever your business goals are, we help you achieve greater efficiency and control over your accounts payable process.
Partnering with Xpact Globiz delivers:
- Automated invoice processing
- Improved visibility and control
- Faster payments
- Reduced costs
- Enhanced security
Our Comprehensive Account Payable Services
- Receiving and recording invoices from vendors
- Verifying invoice accuracy (matching with purchase orders, checking prices).
- Data entry into accounting system.
- Approval workflow management (routing invoices for authorization).
- Scheduling payments according to terms and discounts.
- Selecting appropriate payment methods (checks, ACH, wire transfer).
- Generating payment instructions.
- Disbursement of funds to vendors.
- Maintaining accounts payable ledger (tracking outstanding invoices).
- Reconciling bank statements (ensuring payments match bank records).
- Generating reports (aging reports - identifying overdue invoices, variance reports - highlighting spending discrepancies).
- Tracking and categorizing business expenses (often integrated with corporate cards).
- Implementing expense reimbursement programs for employee out-of-pocket costs.
- Identifying and managing duplicate payments.
- Maintaining vendor information (contact details, payment terms).
- Negotiating payment terms and discounts with vendors to optimize cash flow.
- Managing vendor performance (monitoring delivery times, quality of goods/services).
- Identifying opportunities to take advantage of vendor discounts for early payments.
- Balancing this with optimizing cash flow.
- Handling discrepancies or errors identified in invoices.
- Communicating and working with vendors to resolve issues.
Why Xpact Globiz
Cost Saving and Efficiency
Our solution eliminates the need for in-house staff, payroll taxes, and office space, saving you money on overhead. Plus, automation cuts processing time and errors, boosting efficiency.
Improved Accuracy and Controls
Our expertise and technology streamline your AP with confidence by minimizing errors, preventing duplicate payments, and safeguarding against fraud. We also ensure strong internal controls with clear approvals and segregated duties.
Expertise and Scalability
Our dedicated team of AP specialists will become an extension of your accounts payable department, ensuring best practices are followed and freeing you up to focus on other areas. Plus, our solution scales to meet your needs, so you won't need to add extra staff as your invoice volume fluctuates.
Technology and Automation
We always leverage cutting-edge automation to streamline your accounts payable process by ensuring invoices are captured automatically, data entered flawlessly, matching done in a snap, and approvals flowing smoothly.
Security and Compliance
We assure your data is protected by our software which adheres to the latest accounting standards, keeping your information secure. Also, our services adhere to relevant accounting standards and regulations.
You Might Be Thinking
Security should be a top priority. Xpact Globiz will explain their data security measures, compliance certifications, and disaster recovery plans.
Xpact Globiz offers customizable solutions with clear communication channels. You should be able to define approval workflows and maintain control over financial decisions.
Integration with your existing financial system is crucial for seamless data flow. Xpact Globiz will explain their integration capabilities and compatibility with your software.
Performance metrics are important to track progress. Xpact Globiz will outline key performance indicators (KPIs) they use to measure efficiency, accuracy, and cost savings.
We offer different tiers with varying costs based on the volume of invoices, features included, and level of automation.