Automate Your Way to Effortless Accounts Payable (ap)
Accounts payable (AP) is the backbone of managing outgoing payments for any business, ensuring that bills, invoices, and vendor obligations are handled efficiently and accurately. At Fiscal Integrity Group, we take the stress out of AP by managing every step, from recording incoming bills and scheduling timely payments to maintaining vendor relationships and staying on top of due dates. Our team ensures your expenses are recorded correctly, helping you safeguard cash flow, avoid late fees, and strengthen your reputation with suppliers. With reliable, expert accounts payable support from FIG, you can focus more energy on running your business and less time worrying about paperwork and payments.
Accounts Payable (AP) Explained.
Accounts Payable is a short-term debts owed by a business to vendors for goods and services received on credit.
It's always recorded as a current liability on the balance sheet, which affects company's cash flow statement, showing changes in total AP from previous period.
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The Accounts Payable Process
Invoice Receipts
Supplier sends an invoice for goods or services provided.
Invoice Verification
AP department verifies invoices against purchase orders and receipt of goods/services.
Invoice Approval
Obtain necessary approvals for payment.
Payment Processing
Schedule and execute payments according to terms.
Record Keeping
Update financial records and general ledger.
Payment Terms and Deadlines
Common Payment Terms:
- Net 30: Payment due within 30 days of invoice date.
- Net 60: Payment due within 60 days of invoice date.
Our Commitment:
- ACH vouchers: Typically processed weekly.
- Check vouchers: Often processed weekly.
- Virtual cards: May be processed twice weekly.
- Wire transfers: Often processed twice weekly.
Best Practices for Accounts Payable
Built on integrity and expertise, our firm delivers exceptional personalized service that goes beyond standard accounting practices.
Clear Policies
Establish clear payment policies and procedures
Internal Controls
Implement controls to prevent errors and fraud
Automation
Utilize AP automation software to streamline processes
Regular Reconciliation
Regularly reconcile AP accounts
Contact Info
Ready to take control of your finances? Contact us today to schedule a consultation.
Let's discuss how we can help you achieve fiscal integrity and peace of mind.
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