Accounts Payable Services
Keep track of the money leaving your business
Organize Your Accounts Payable
Interested in hiring a professional bookkeeper to keep track of your accounts payable? Our professional team at All About Businesses is prepared and ready to provide top-notch accounting and bookkeeping services. Keeping track of your bills and paying them in a timely fashion is often a task that many small business owners can forget. When hiring a virtual bookkeeper, you’re ensuring that your bills are always being paid, giving you a more stress-free life. Reach out today and see how our dedicated bookkeepers can work for you.
What are Accounts Payable?
Accounts payable can be summed up as the money leaving your business’s account. It’s comprised of the services that your business pays for, whether that be professional cleanings, equipment, or materials. These payments are billed to another vendor who’s charging you for the service, making it important that you guarantee they’re all paid on time. Preserving good relationships with vendors and partners will help your business succeed and grow down the line.
Examples of Accounts Payable Expenses
- Transportation
- Raw Materials
- Power/Energy/Fuel
- Products & Equipment
- Leasing
- Licensing
Accounts Payable Process
The accounts payable process can be summed up in four steps. These include:
- Invoice capture – The date of the invoice must be properly recorded and captured. Invoices include certain details such as the amounts, items purchased, and details about the seller.
- Invoice approval – Before being sent out, invoices must be approved to ensure accuracy. At All About Businesses, we double, and triple-check our invoices, making sure that all amounts and details are correct.
- Payment authorization – One of our bookkeepers will send out the amount after your approval, always keeping you in the know.
- Payment receival – We’re equipped to handle all types of payments and can pay with debit, credit, checks, ACH, or other methods. Thanks to us, your vendors will receive their payment in no time.
Accounts Payable vs. Accounts Receivable
Accounts payable and accounts receivable can be remembered as direct opposites of each other. Accounts payable are the funds leaving your business account, while accounts receivable are the amounts of money you receive. Accounts receivable can be money from clients, customers, banks, and other companies.
Accounts Payable vs. Trade Payables
Accounts Payable and Trade Payables are commonly mistaken for each other. Although both are funds that are owed to outside vendors, they can be recognized as separate concepts due to their differences in inventory and timing. Accounts payable are regular expenses, often paid monthly or on a somewhat consistent basis. These can look like cleaning services, transportation, equipment, etc. Trade payables tend to be materials provided by other companies or businesses, such as food, clothing, or merchandise. Since inventory can be unpredictable and tends to vary, these are not seen as regular expenses, earning them the name, “trade payables.”
Accounts Payable Vs Accounts Receivable
Hire a Bookkeeper Online
At All About Businesses, we want to help you succeed! Our bookkeepers are knowledgeable in different varieties of payment and will always make sure that your bills are paid on time. Working with a bookkeeping company will give you peace of mind as we arrange and organize your records, double-check that you never miss a payment, and keep track of your finances. Reach out to us today and get a hold of one of our trustworthy bookkeepers.
All About Businesses is excited to work with you and help your company succeed. Contact us today and let us show you how we can work for you!
