Strengthening the Bedrock of Your Financial System
Creating a fair balance of accounts and empowering businesses to make reliable financial decisions, Accounts Payables and Account Receivables are among the most significant and critical processes in any productivity-oriented organization. With systematic Account Receivable Procedures and Account Payable Reconciliation in place, you can efficiently manage working capital and identify key areas for fund savings.
Maintaining accurate accounts of purchased and sold goods or services, whether on cash or credit, provides clarity in your finances and allows you to manage your funds accordingly. Mindspace Outsourcing offers virtuous outsourced business bookkeeping services in India, supporting both overseas and Indian clients in streamlining their financials more effectively and productively. With reliable Accounts Payable Outsourcing Services and Accounts Receivable Outsourcing, 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 which include scanning, filtering, categorizing, and storing enable us to offer reliable Account Payables and Account Receivables services to our clients. Our stringent methods of managing Accounts Receivable Services for Small Business and Account Payable and Receivable operations for your business include:
- Invoice Receipt: We acquire hard and e-copies of your invoices to initiate the accounting process.
- Image and Data Capture: All invoice data is stored in image format to complete the invoicing procedure.
- Process and Route: Invoices are segregated according to business agreements and routed to respective customer executives and lenders for final approval.
- Disburse and Archive: After final approval, invoices are uploaded to the respective A/P and A/R systems for payment procedures and posted manually in the general ledger for further accounting.
Complete Control over the Data
With our Accounts Payable Outsourcing Software and AR services, you can seamlessly handle all vital finance functions that effectively parallel cash flow. Our meticulous solutions are designed to enhance your control over your accounts by maintaining up-to-date financial records with real-time access.
Services Backed by Our Accounting Experts
Supported by cutting-edge technology and a proficient Mindspace finance team, our outsourced bookkeeping services effectively manage all your payable and receivable records. Our reliable Accounts Payable & Account Receivable Services include:
Accounts Payable Services:
1. Data Capture:
- Covering all receipts and managing paper-based payables and receivables documents.
- Sorting, batch preparation, scanning, indexing, storage, and retrieval.
- Audit and reconciling.
2. Data Processing:
- Addressing exceptional transactions with appropriate measures.
- Approval and routing.
- Shortened month-end closing process.
- Document audit trail.
3. Suspect Duplicate Analysis:
- Eliminating the risk of duplicate transactions and accrued payments.
- Automated and manual data entry.
- Three-way database matching.
- Electronic invoice processing.
4. Disbursement:
- Reducing floating costs through fast payments.
- Print and distribution of checks.
- Secured maintenance of check stocks.
- Online proofing and electronic payments.
- Special invoice mail handling.
5. Additional Services:
- Utility bill management.
- Travel expenses processing.
- Tax reporting.
- Supplier management.
- Special project reports.
Accounts Receivable Services:
- Billings preparation and mailing after customer approval.
- Recording and accounting for revenue.
- Entering receivable transactions into accounting software.
- Preparing and delivering periodic statements.
- Issuing credit memos and refund checks as approved by the customer.
- Maintaining subsidiary receivables ledger.
- Process adjustments as 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
We extensively monitor your Accounts Payable and Receivable processes, substantially minimising the possibility of errors and ensuring the authenticity of final records. Our accounting experts offer precise and flawless outsourced accounting services. Our web-based reporting system provides real-time access to your data, allowing you to keep a close eye on the A/R and A/P accounts. With diligence in our work and reliability in our AP & AR services, we aim to strengthen your business relationships with your vendors and customers alike, fostering transparency in your overall business finances.
