Learn About Accounts Payable vs Accounts Receivable
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Learn about accounts payable vs accounts receivable services. And what benefits you will get by outsourcing them from one of the leading exponents of outsourcing accounting services - Cogneesol. Cogneesol's financial and accounting outsourcing services gives you intensive accounts payable and receivable services to small/mid-sized businesses & accounting firms.
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Learn About Accounts Payable vs Accounts Receivable
- 1. ACCOUNTS PAYABLE VS. ACCOUNTS RECEIVABLE
- 2. All medium or large sized business needs to configure their accounts on-books on monthly, quarterly or annual basis to make their business line successful. Financial books cover the information of business assets, liability, accounts payable, receivable, profit, loss, depreciation and more. Business Financing
- 3. Accounts payable refers to the process wherein the staff processes vendor invoices to pay companies’ bills. This process is all about legitimate and accurate numbers and writing down every single entry in the accounting records that the company needs to pay. What is Accounts Payable? Accounts Payable Services
- 4. Accounts receivable is the money that a company has a right to receive because it had provided customers with goods or services. Its important for a company to monitor its accounts receivable and to immediately follow up with any customer who has not paid as agreed. What is Accounts Receivable? Accounts Receivable Services
- 5. Lets Consider: - 1º Business: The business that have offered the goods/ service and is expecting its payment. 2º Business: The Business that have acquired the goods/service and has to pay for the same to the 1º Business.
- 6. 1º Business that will receive payment, will send the bill/invoice to 2º Business & will add the entry on its balance sheet as: ( Accounts Receivable = …$) And the 2º Business that will pay the amount will receive the invoice & add the entry on its balance sheet as: ( Accounts Payable = …$)
- 7. What’s Invoice? A bill sent to a 2º Business that specifies the amount & cost of goods/services that have been provided by the 1º Business . An invoice indicates what must be paid by one the 2º business according to the payment terms of the 1º business.
- 8. Accounts Payable vs. Accounts Receivable Refers to - Money that company owes to others Abbreviation - A/P or AP Paid to whom? - Are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Recorded as - Liability How affect business? - Accounts payable will decrease a company's cash Money that others owe to the company A/R or AR Are amounts a firm has a right to collect because it sold goods or services on credit to a customer. Asset Accounts receivable will increase a company's cash Selling goods on credit Accounts Payable Accounts Receivable
- 10. Accounts payable outsourcing services simplify the federal control over payables and other best practices to condense your annual cost, minimize the workload and management of the payables in an effective manner. Outsource Accounts Payable
- 11. Benefits – Outsourcing Accounts Payable Decreasing costs Maximize competencies and assets Staying away from overdue fees Improved document management & real-time accessibility Enhances the working capital Boost productivity Increased focus on business Get rid of paper storage .
- 12. Tipalti SecurePayPlus Altus Dynamics ERP for Higher Education Standard Accounts UNIT4 Agresso GoToBilling Invoicing Aestiva Purchase Order Nexus Payables ABBYY FlexiCapture ABS for Windows XTBills AccountMate SQL Software Accura Software Financial Adagio Financial Suite Adminsoft Accounts Appterra BillZap Top Accounts Payable Software’s
- 13. Accounts Receivable Outsourcing ensures that companies derive the maximum output from the amount they spend on managing their receivables and that can provide the benefits of being scalable according to changing needs. Outsource Accounts Receivable
- 14. Benefits – Outsourcing Accounts Receivable Assess financial and credit rating Helps you to save your finances and time Strengthens your accounts receivable process Enables you to concentrate on your core business Carry out digital invoicing Offer numerous payment modes Outsource handling of your company’s accounts receivable .
- 15. Avaza Debtor Daddy FG Receivables Manager Plooto EzyCollect Ayanx Small Business Accounting PaidYET Standard Accounts UNIT4 Agresso GoToBilling Invoicing Bill & Pay Connected CMI Accounting Corcentric BillZap Artemis Accounts Adapt Accounts Top Accounts Receivable Software’s
- 16. Cogneesol Pvt. Ltd. https://www.cogneesol.com Address: 12648 Agave Bay Street, Victorville, CA 92392, USA Contact Us : USA - +1 646 688 2821 UK - +44 203 371 7486 Canada - +1 905 487 8562 Australia - +61 286 078 983 E-mail - info@cogneesol.com Sponsored By:
- 17. https://en.wikipedia.org/wiki/Accounts_payable https://en.wikipedia.org/wiki/Accounts_receivable https://www.cogneesol.com/blog/manage-business-by-outsourcing- accounts-receivable/ https://www.cogneesol.com/blog/accounts-receivable-process-by- outsourcing/ https://www.cogneesol.com/blog/get-rid-paper-intensive-accounts- payable-processes/ https://www.cogneesol.com/blog/boost-performance-by-outsourcing- accounts-payable-services/ http://www.investopedia.com/terms/a/accountsreceivable.asp References Thank you For your Attention…!