Accounts Payable & Accounts Receivable Service
A well-organized Accounts Payable process will assist companies in making payments more efficiently, cost-effectively, and reliably, thus minimizing operational costs. Automating the accounts payable process becomes increasingly important as a company grows in size or expands. This not only strengthens vendor ties and cash flow but also increases process knowledge and transparency.
Benefits of Outsourcing Your Accounts Payable & Accounts Receivable Requirements to Pentadesk
Accounts Payable & Accounts Receivable are particularly important and extremely critical processes in every industry, as it controls the cash-flow of a company. Thus, an effecting Accounts Receivable process is important so that payments are received correctly and quickly.
Pentadesk offers accounts payable and accounts receivable services, where a client’s entire accounts payable process from start to finish are carried out with the utmost efficiency. We have developed tech-enabled solutions that add value to your accounts payable processes based on our extensive experience in providing simple solutions to complex business problems. We not only provide core services affordably and safely, but we also assist in process development by providing best-in-class efficiency, as well as promoting seamless transactions and optimized payable processes.
Expertise in all major source-to-pay systems, in-house system specialists, best-in-class service management systems, security technology, the cloud-based source-to-pay software system, and constant improvement, makes Pentadesk the best Accounts Payable and Accounts Receivable Service provider. Pentadesk Technologies is highly experienced in the Accounts Payable & Accounts Receivable process and our expertise will help your organization convert your AP & AR process into an optimized business function, leading to systematic and quicker processing of these functions.
Our Accounts Payable Services
Pentadesk offers a wide variety of accounts payable services to help clients handle their accounts payable functions from beginning to end. A fast glance at the scope of services we offer below will help you understand our approach to managing the A/P & A/R feature.
- Invoice Data Capture
- Data Processing
- Duplicate Payment Analysis
- Tax Reporting
- Project Report Management
- Utility Bill Management
- Supplier Management Reports
- 24*7 Customer Service
10 Reasons to Outsource Your Accounts Payable Services to Pentadesk
Optimize Profit: The first and most important advantage of outsourcing accounts payable services is that it helps to boost the company’s cash flow and ensures that it is put to the best possible use.
Reduce Operational Costs: You can quickly reduce processing costs with the aid of accounts payable automation. It aids in reducing the overall amount of time needed to make a payment.
Online Invoice Access: It helps you to view the invoice through the internet, making it accessible from anywhere in the world.
Avoid Penalties: Reminders and a scheduling feature keeps you informed about upcoming payments and protects you from late payment fines.
Benefit of Early Payment Discount: Synchronously, it rewards you for making early payments by informing you of any early payment gain.
Avoid Double Payment: Accounts are outsourced to seasoned practitioners, which reduces the risk of duplicate payments.
No More Paper Invoice: With the aid of accounts payable software, a paperless accounts payable framework that maximizes productivity and effectiveness, it becomes significantly simpler.
Streamlines Process: It automates the entire accounts payable system, making it more accurate while maintaining the best quality standards.
Data Security: We are committed to safeguarding your information and will take all reasonable steps to do so. Our certified team also demonstrates our dedication to safeguarding your information.
Support and Help: Our team is available 24*7 to answer all of your questions. When you outsource to us, you will get a dedicated project manager who will be available at all times and keep you informed about the progress of the project.
Frequently Asked Questions
What are accounts payable?
Accounts payable is defined as an account in the general ledger that signifies an organization’s obligation to pay off a debt to its suppliers or creditors in the short term. Another common reason why companies use accounts payable service is to maintain the department that is responsible for making payments to the creditors and suppliers.
What are accounts receivable?
Accounts receivable is referred to as the payments or proceeds that a company will gain from the customers who have bought the goods and services on credit. Generally, the organization sells its products and services in cash and credit. Accounts receivable service is responsible for collecting the amount which the customers owe to the companies.
What is invoice data capture?
Invoice data capture is defined as the entry of invoice info into the accounting system. It can be as simple as maintaining a paper ledger using records of payments going out, vendors that gain those payments and dates. This system is good for a small business, but a larger corporation would need a more extensive ERP system to manage the financial chaos.
What are tax reporting services?
Tax reporting is a detailed global tax provision solution for companies. The solution includes all levels of tax provision processes of corporations. These levels include data collection, tax automation, tax provision calculation, tax reporting, and analysis, etc
Is it mandatory to file a tax return?
The financial statements, as well as annual returns of a firm, should be filed in a timely manner with the MCA every year. According to the Companies Act 2013, it is an offense not to file taxes. Therefore, it is imperative for companies to file a tax return within 30 days of preparation of the financial statement and 60 days of the annual general meeting.
What happens if you do not report tax?
The company’s directors are responsible for complying with the rules and regulations. And if a company fails to file a tax return for three consecutive financial years, the directors of the company would be disqualified. Moreover, the director can be penalized for up to six months or a fine of around Rs. 50,000. The fine amount may extend up to five lakh rupees. And if the information in the tax return is false, the director may be punished with imprisonment for at least six months. and this duration can also extend up to 10 years. He or she may also be facing a fine for fraud.