Accounts Payable Outsourcing
Companies today are continually being challenged to reduce costs, extract the most value possible from their expenditures, and meet complex regulatory requirements. HLB Hamt’s innovative and flexible Accounts Payable Services provide customers with the ability to transform their accounts payable processes into an automated system which is driven by business rules, resulting in lower processing costs, improved controls, higher service levels and higher business intelligence.
These services have been developed by HLB Hamt based on its extensive process experience and deep understanding of customers needs across industries. The integration of multiple technologies provides customers with accounts payable services which are quick to implement, dependable, flexible and cost efficient. HLB Hamt’s Accounts Payable Services speed-up the accounts payable approval process and provides proper documentation and audit trails. Customers have early visibility of invoices which improves the ability to accurately accrue expense. HLB Hamt provides customers with innovative and comprehensive accounts payable services which are second to none within the industry. This enables our clients to transform their complex accounts payable processes to an automated system which are driven by business best practices, lower processing costs, improved controls, better service levels, usage of business intelligence and other IT capabilities.
We Offer accounts payable, accounts payable workflow setup, payables vendor management, employee expense processing, project (construction) cost management and accounting. We understand the essentials of our clients across industries and region .We offer services in G.C.C countries and the rest of the world through HLB Internationals member firms.
The methodology we follow is described below:
- Understanding the business process and internal controls
- Establishing the work flows and separation
- Invoice intakes and file management (digital /hardcopy)
- Invoice processing (Validation and approval)
- Invoice payment (Cheque/Electronic)
- Reconciliations and records management
- Month/Year end financial/Analytics reports
- Vendor maintenance support
Our flexible accounts payable services provide customers with the ability to transform their accounts into an automated system which is driven by business rules, resulting in lesser processing costs, enhanced controls, higher service levels and advanced business intelligence. These services are carefully developed by HLB Hamt based on its extensive process experience and thorough understanding of customers need across the countries. The integration of high-end technologies provides customers with outsourced accounts payable services that are quick to implement, dependable, innovative and lucrative. Our efficient outsourcing services speed up the accounts payable approval process while providing proper documentation and audit trails.
There are many benefits achieved through Account Payable Outsourcing including:
- Reducing Costs – Companies use up enormous amounts of money every year to process invoices. Outsourcing has been shown to reduce accounts payable costs to as much as 50 percent or more with no capital investments.
- Leverage Expertise and Resources – Companies that outsource Accounts Payable activities can tap into the vast pool of competent talent and the latest software and technology that you may not have in-house to improve business operations.
- Better Document Management and Real-time Access – With Accounts Payable outsourcing, all statements are managed digitally and can be accessed anytime they are needed. When information is kept digitally, companies can work more efficiently and productively. In addition, invoices that are web-based are easier to manage and process especially for remote approvers.
- Managing disputes and strengthening vendor relations
- Improve Efficiency – The Aberdeen Group found that companies that leverage outsourcing can process invoices as much as 59% faster than other companies that don’t outsource. In addition, we all know that paper is the enemy in any Accounts Payable department. Research shows that eliminating paper, increases efficiency and drives cost savings. Accounts Payable outsourcing is one of the fastest ways to eliminate paper.
- Greater Focus on Business – Automating processes and reducing administration work, allows staff and management to concentrate more on other areas directly related to the strengthening the business.