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Account Payables and Account Receivables

Account Payables and Account Receivables

Strengthening the Bedrock of Your Financial System!

Creating a fair balance of accounts and empowering businesses to take reliable financial decisions, account payables and account receivables are the most significant and critical processes in any productivity oriented organization. Additionally, with systematic accounts receivable and payable operations in place, you can efficiently manage the working capital and identify the key areas for fund savings.

Maintaining accurate accounts of purchased and sold goods or services either on cash or credit gives you clarity in the finances and allows you to manage your funds accordingly. Offering virtuous outsourced business bookkeeping services in India, Mindspace Outsourcing has been supporting its overseas and Indian clients to streamline their financials more effectively and productively. With reliable AP & AR services, we strengthen your financial system by efficiently updating your accounts and recording accurate and real-time receivables and payable transactions.

Organized and Systematic Procedures

Our diligent accounting and bookkeeping processes that include scanning, filtering, categorizing, and storing, enable us to offer reliable AP & AR services to our clients. Our stringent methods of ascertaining the account payables and receivables for your business include:-

  • Invoice Receipt: In the first step, we acquire hard and e-copies of your invoices in order to start the further accounting process.
  • Image and Data Capture: Right after acquiring the invoices, all the data will be stored in image format to complete the invoicing procedure.
  • Process and Route: All the invoices are segregated according to the business agreements and further routed to respective customer executives and lenders for final approval.
  • Disburse and Archive: Post the final approval, the invoices will be uploaded to the respective A/P and A/R accounts/systems for payment procedures. The invoices are then posted manually in the general ledger for further accounting procedures.

Complete Control over the Data

With our AP & AR services, we allow you to seamlessly handle all vital finance functions that effectively parallel with the cash flow. With our meticulous solutions, we aim to augment your control over your accounts by maintaining up-to-date financial records with real-time access to it.

Services Backed By Our Accounting Experts

With constant assistance from cutting edge technology and a proficient finance staff on board, the outsourced bookkeeping services provided by us effectively and extensively manage all your payable and receivable records. Our reliable Account Payable & Account Receivable Services include:

Account Payable Services:

1. Data Capture: Covering all the receipt and managing the paper-based payables and receivables documents.

  • Sorting
  • Batch preparation
  • Scanning
  • Indexing
  • Storage and Retrieval
  • Audit and Reconciling

2. Data Processing: Stringency towards exceptional transaction and treating it accordingly.

  • Approval and Routing
  • Shortened Month End Closing Process
  • Document Audit Trail

3. Suspect Duplicate Analysis: Eliminating the risk of duplication of transactions and accrued payments.

  • Automated and Manual Data Entry
  • Three Way Database Matching
  • Electronic Invoice Processing

4. Disbursement: Reducing the floating costs via fast payments

  • Print and Distribution of Cheques
  • Secured Maintenance of Check Stocks
  • Online Proofing
  • Electronic Payments
  • Special Invoice Mail Handling

5. Our Additional Services: To strengthen the financial stability of your business.

  • Utility Bill Management
  • Travel Expenses Processing
  • Tax Reporting
  • Supplier Management
  • Special Project Reports

Account Receivable Services

  • Billings preparation and mailing after customer approval
  • Record and account for revenue
  • Entering receivable transactions into the accounting software
  • Preparing and delivering periodic statements
  • Issuing of credit memos and refund checks approved by the customer
  • Maintaining subsidiary receivables ledger
  • Carrying out process adjustments approved by the customer
  • Applying cash received to customer accounts and resolving short pays
  • Preparing accounts receivable reports
  • Accounts receivable deductions management (AR deductions management) services

Diligence - Our Service Mantra

Extensively monitoring your payables and receivables, substantially minimizing the possibilities of any errors and further ensuring the authenticity of the final records, our accounting experts offer precise and flawless outsourced bookkeeping services. Our web-based reporting system provides real-time access to your data and allows you to keep an observant eye on the A/R and A/P accounts.  With diligence in our work and reliability in our AP & AR services, we intend to strengthen your business relationships with your vendors and customers alike, and deploy transparency in your overall business finances.