Accounts Payable Services
Accounts payable includes all the bills from your suppliers that you need to pay, plus the expenses you may or may not have already paid. As bookkeepers, we collate the paperwork and add that to your accounting system. This helps you know exactly where your business is financially, how much you are spending and allows you to compare your expenses against your income with confidence and accuracy.
We show you exactly what you have to pay to your suppliers so that you can make informed decisions about what you need to pay, so that you can manage your cash flow better and in some cases make sure you are never put on a credit hold by your suppliers. We don’t want you to be inconvenienced and unable to manufacture your product or supply your service.
Why is Accounts Payable Important?
Having accounts payable up to date and accurate is important for making financial decisions.
Imagine if you only have half the information about how much you owe in your accounting software but you have entered all your invoices to your customers. This will give an inflated picture of your profits and in reality you may make bad choices based on that information, as you will think you business is better off financially than you really are.
Benefits of using our Accounts Payable Services
Modern accounting software such as Xero enables us to set up your accounts payable so it runs like clockwork.
Other benefits of using Sheils Bookkeeping Service to do your accounts payable include:
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You look after your business and we will look after your accounts and invoicing.
Call us today for your free consultation and discover how we’ll help you get paid faster and get time back.
Using HubDoc for Accounts Automation and Efficiency
Hubdoc is a document capture software that works hand in hand with Xero at no additional cost for the subscription. We encourage the use of Hubdoc to automate the accounts payable process, as this only requires you to take a photo of the bill or receipt which is then uploaded to Hubdoc and we take it from there.
Sighting the paperwork assists us to know more about the purchase and the GST component of that purchase. This will help your accountant too if they need to know more about your accounts, they can simply look at the paperwork, without you having to go back through your files to find anything.
Having an Accounts Payable System
Sheils Bookkeeping Service can help by doing your payments after you have advised which creditors you would like to pay. This means we can do it all. We load the payment in your bank and either advise you, so you can authorise the payment, or we can complete the approval process for you.
Our team can also provide you with an ABA (Australian Banking Assoc.) file that you upload to your bank and approve yourself.
An important part of the Accounts payable system is having all the paperwork in your accounting software. This allows you to know what to pay. And you can compare that with the amount in your bank account in order to decide what will be paid and when.
Why choose Sheils Bookkeeping Service for your accounts payable requirements?
If you want to enjoy more time for yourself and less time doing your accounts, contact us to book your free consultation.
We can discuss how we can help you.