Accounts payable (AP) is a strategic business function that optimizes working capital, allows higher savings for the company, and helps strengthen supplier relationships. Historically, AP was a tactical, transaction-focused process.

By optimizing working capital and operating costs, supplying greater control and transparency, driving efficiencies through standardization, and delivering bottom-line savings, GEP helps Fortune 500 and Global 2000 enterprises transform their accounts payable processes and create greater value for the business.

The business can very quickly organize the flow of vendor bills via multiple approval and quality control processes by digitizing its invoices and setting up a workflow. Additionally, it guarantees the same by recommending minor technological adjustments to the current system and developing a workflow with the necessary checkpoints for the correctness and timeliness of the payment cycle.

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By making their payments on time, suppliers contribute significantly to the success of the business and help to fortify relationships. A properly completed invoice enables hassle-free payables clearance and early payment discounts.

The firm must carefully manage the credit term because it has a direct impact on the company’s cash flow. While paying ahead of time might result in further discounts and cost savings for the company, paying on time enables it to take advantage of the whole credit period and keep always working capital on hand.

Reconciliation of GRIR

We compare the invoices that the vendors send with the Purchase Orders that we get at the unit level, and we report/clear any discrepancy at regular intervals. To take the necessary steps to float a regular MIS for you, we interact with the procurement and the accounts payable teams. At the end of the year, you may sit back and unwind instead of chasing your employees to close the books on time.

Every payment is within your control. Our team compiles an age of payables, identifies the important bills, identifies the best vendors, generates a payment plan in the accounting ERP system, and makes it available for your approval before submitting a payment file to the bank. Regardless of the price we provide you with all the information you need to decide how to handle your payables on a daily or weekly basis.

Vendor statement reconciliation

Do your top vendors provide you with statements? Are the relevant invoices receiving your payments? Are late fees on the statements being applied to you? Avoid paying excessive late penalties by not allowing yourself to battle with the issue simply because your statements were not reconciled on time. Now you may easily concentrate on releasing 1099 documents on time and meeting annual return deadlines.

We compare all vendor invoices to the payments made to them, considering any appropriate rebates or returns, and we update the vendor as needed when there are differences in the ledger. For any necessary corrections, we work with the vendor’s accounts receivable staff, as a result, maintaining accurate vendor databases is essential for both seamless day-to-day operations and accurate tax reporting at year’s end.

Benefits of accounts payable services

  • Time savings: Previously, invoices would wait for the review on desks or in inboxes, but AP automation eliminates these delays and streamlines the entire approval process. Users may observe the processing of invoices in detail and in real-time thanks to intuitive dashboards. You can even modify the workflow to ensure that the right person receives the invoice on time.
  • Low-cost in-voicing: The Institute of Finance & Management estimates that the cost of processing an invoice range between $1 and $21. This benchmark is calculated by dividing the overall cost of the accounts payable team by the total number of handled invoices.
  • Improved accuracy: Duplicate payments are simple to find using AP automation software since your invoice data is checked against enterprise resource planning (ERP). There is no requirement for manually entering invoice headers or line-item data, lowering the risk of human error.
  • Enhanced insight: Detailed dashboards clearly outline the AP process, making it simple to determine where an invoice is and who to contact in the event of delays. Real-time access also allows you to import and export data, which makes it easier to produce accurate reports and analyses, which are essential towards the conclusion of business cycles.
  • Fraud protection: A startling 81% of businesses were the target of payment fraud in 2019, according to the AFP Payments Fraud and Control Survey released in 2020. Fortunately, AP automation software shields your company from fraud by granting only certain personnel access to approve invoices and release payments. This AP process guarantees that no one employee oversees payment approval, which has the dual benefits of lowering the possibility of fraud and giving plenty of time to double-check data.
  • Greater data transparency: Enhanced dashboards are a common theme, yet it is impossible to emphasize how useful they are. For instance, you can utilize employee reviews to analyze staff productivity as thoroughly as you’d like.
  • Low-cost data preservation: HMRC advises businesses to keep records for six years following the end of their most recent fiscal year, but the associated storage fees and paperwork can quickly mount. According to a study by the North Dakota Information Technology Department, maintaining a single five-drawer filing cabinet can cost as much as $2,603.64. While a terabyte of cloud storage often costs less than £10 per month.
  • Easy auditing: Software for AP automation can help with document management, enhancing your auditing procedures. Invoices are matched with receipts and purchase orders, and all documents and messages associated with each transaction are linked. This traceable audit trail lowers the possibility of lost documents and guarantees conformity for your quarterly or annual reports.
  • Adaptation to current systems: The simplicity of AP automation’s interface with your company’s ERP, databases, and other financial systems is another advantage. A complete suite eliminates the requirement to log in and out of many apps or to re-enter data into numerous systems, both of which increase the likelihood of errors.
  • Discounts for early payments: Most vendors offer early-payment discounts, but according to an IOFM study, only 21% of businesses take advantage of these offers, and 12% don’t receive any at all. There are many reasons why such discounts are missed, but according to 31% of respondents to the Pay Stream Advisors’ AP & Working Capital Report, manual invoice routing and approval prevented them from taking advantage of early-payment incentives.


Accounts payable process


Requesting the goods or services to be purchased typically marks the beginning of the accounts payable process. The permission process, which is often necessary for any purchase request, is the crucial stage in this process.

The personnel who need goods or services to be provided in the day-to-day running of the business or the warehouse workers who oversee the stock may make the buy request. Additionally, authorized people, such as the warehouse manager or those working in the purchasing or administration departments, must typically give their consent.


Following receipt of the authorized purchase request in this second stage of accounts payable, the purchasing staff often begins requesting quotes from other vendors (usually 3 suppliers). Following the receipt of quotes, a meeting is typically held to select the supplier for purchases based on the cost and quality of the goods or services.

The people in charge of purchasing will create a purchase order after choosing the supplier and submit it to the provider to place an order for products or services.


A receiving report or goods received note will be created when the company receives products, and it will be sent to the accounting department for recording. The receiving person will compare the number of goods received with the purchase order. There is typically a contract that specifies the terms and conditions of the services, thus in this instance there is no receiving report.


Here, the purchase order, receiving the report, and supplier’s invoice are used by the accountant to record accounts payable as a liability.

Even when the products have been received, there may not yet be an invoice ready for recording. The accountant should still enter the expense previously incurred for the accounts payable by simply using the purchase order and receiving the report in this situation.

  • Making a payment

After the obligation is recorded, the accounts payable process continues when the business must make a payment to satisfy the responsibility after it arises for a specific period, typically at the time just before the due date or on the due day.

The accountant will typically oversee keeping track of the payment due date and making requests for payments to satisfy liabilities. In this situation, the accountant will create a payment voucher and ask the appropriate officials, such as the finance manager or CFO, for approval.

The accountant should ensure that all three supporting documents—the purchase order, receiving the report, and supplier invoice—are available for verification before making a payment.

  • Settle of Accounts Payable

If payment is made by bank transfer or check, the accountant must review the accompanying documentation, including the official receipt or receipt voucher, the bank transfer slip, and the copy check.




  • Maintain a vendor master record for every supplier or client that transacts business with the organization and will receive a computer-printed check.
  • Name, address, vendor discount terms, and codes for typical general ledger expense accounts are all contained in this master record.
  • The vendor’s website, email, and mobile phone number are all kept in the vendor text record, which is optional.
  • Keep track of the expense account codes and the dollar amounts owing and paid to each vendor in the vendor invoice record. Each vendor invoice has its own record.
  • Each new vendor invoice transaction receives an automatic voucher number assignment for source document management and audit trail purposes.
  • The System-Option-16 (DB03) setting overrides the automatic voucher number control mechanism, thus the voucher number must be manually assigned and entered using the user.
  • To minimize clerical coding errors and facilitate data entry, automatically assign the standard expense account codes from the Vendor Master Record to a vendor invoice.
  • Print accounting reports including the Vendor Invoice Report, Cash Requirements Report, and Accounts Payable Register to keep good control over the distribution of corporate liabilities and expenses and to give an audit trail of accounting data submitted into the system.
  • To prevent them from being paid twice, process AP06 should automatically update the Vendor Invoice Record with payment information as checks are written.
  • When new vendor invoices are added to the online master file via process AP02, payment due date and vendor discount amounts are automatically calculated based on invoice date, gross dollar amount, and other vendor master information.
  • Handle one-time or irregular vendors who occasionally conduct business with the company, where the postal address and name are recorded with the invoice in procedure AP02.


  • When entering new vendor invoices, automatically check for duplicate invoices to prevent paying the same invoice again. System-Option-25 controls this option.
  • Create invoice vouchers for periodic (recurring) payments automatically, to reduce data input processes, use examples like rent and lease payments.
  • Utilize distinct Location Codes established by Code Definition Records to manage various locales.

Account payable services


One of the essential elements of effectively managing your company’s cash flow is keeping track of your accounts payable. You’ll need to know your debtors’ names and amounts owed. You’ll maintain a strong financial position with the correct accounts’ payable management techniques, which is essential for any expanding business.

One of the essential elements of effectively managing your company’s cash flow is keeping track of your accounts payable. You’ll need to know your debtors’ names and amounts owed. You’ll maintain a strong financial position with the correct accounts payable management techniques, which is essential for any expanding business.

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