Accounts Payable Management

Our accounts payable management in Medway, Swale and Kent oversees the entire lifecycle of business’s obligations to their suppliers and vendors. We help ensure accurate payments and strong financial controls.

How we manage accounts payable

1. Invoice Receipt and Verification

Figures Please verify the supplier invoice details, ensuring they match purchase orders and goods received (a process known as three-way matching) to prevent errors or fraud.

2. Approval Workflow

Verified invoices are sent and approved by authorised personnel.

3. Recording Liabilities

Approved invoices are entered into your accounting system, the correct accounts, and scheduled for payment.

4. Payment Processing

Payments will be scheduled based on payment terms and company cash flow using methods such as electronic funds transfer, checks, or other digital payments. Timely payments help maintain good supplier relationships and benefit from early payment discounts.

5. Reconciliation and Reporting

After payments are made, we reconcile transactions with bank statements and supplier records. Regular reconciliations help prevent duplicate payments and ensure financial accuracy.

By following these steps and best practices, we ensure your business maintains a healthy cash flow, accurate financial reporting, and strong supplier relationships.

Lets Discuss Managing Your Accounts Payable