Accounts-Payable / Receivable /Treasury
Accounts payable (AP) and accounts receivable (AR) both deal with business credit. The difference is that AP deals with the businesses that you owe, while AR is about the businesses or individuals that owe you.
Maintaining your AP is about managing bills that you have to pay. These include product purchases, services or supplies used in the business, payroll and taxes and other items such as utility, internet, insurance or repair bills.
To help you effectively manage your Payable
- Policy on Direct and Indirect Purchase.
- Approval authorities for Purchases to be decided in policy
- Limit for purchases below certain amount to be made without quotes and purchase order like purchase of small office items whose value is less than Rs 1 lakh
- Vendor Master creation and updation
- Purchase requisition to be raised by department
- Selection of Vendor on the basis of Quotes
- Creation of Purchase orders
- Making goods receipt in system
- Payment to vendors on due date after doing three way check and accounting of the same
- Vendor Reconciliation on periodic basis.
- Support yearend audit and periodic book closing.
To help you effectively manage your Receivable
- Creation of Customer Master.
- Fixing credit period for each customer.
- Recording of receivable on daily basis.
- Customer reconciliation on periodically basis
- Providing customer ageing to Business for follow ups
- Reserve for Doubtful accounts (RDA) accounting if any
- Periodic review of RDA with Business
- Support in closing and reporting during month , quarter and year end.
- Opening of Bank accounts.
- Getting cheque signing authorities approved board in Bank accounts.
- Preparing cash flow to support business.
- Inward remittance of Capital(Funds) approvals and approval from Reserve bank of India.
- Policy for investment of Idle funds in Bank.
- In Future to help in repatriation of funds to Holding company.
- Bank reconciliation on monthly basis to ensure proper accounting and reporting.
- Balance confirmation from banks on closure of book as per statutory guidelines.