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By Author: Yogesh Pant
Total Articles: 14
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Accounts Receivable

To manage cash flow for meeting the company’s working capital requirements is always prime focus for very organization to ensure seamless finance operations. To forecast the future working cash flow, it is important to know at any given point of time the status of receivables and payable along-with the time lag. Most of the time the reason for negative cash flow is due to unsystematic coordination and non-understanding customer process of Invoice processing.

Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who works in close coordination with the client’s payable team by creating a SOPs for each customer so as to minimize time taking in resolving queries at very first level . A full-fledged AR process cycle and related subset of processes help easy work flow and improved core functional assistance.

Accounts Payable

In every company vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor ...
... has no visibility of the status of outstanding invoices. In the whole process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.

For any finance department, tracking each and every vendor invoice status on real time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.
Initiation regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.

Forward Invoice to respective department or departments for approval as per the approval hierarchy.
Inform invoice related discrepancies to vendor and seek clarification.
Forward vendor clarification and resolve query with concerned department.
Ask vendor to re-submit the discrepant invoice.
Forward approved invoice to finance department for cheque preparation / online transfer.
Inform vendor about payment schedule.
Monitor turnaround time for payment as per SLA.
Keep record of correspondence with vendors.
MIS reporting at regular intervals. Know more...

More About the Author

Yogesh Pant, CEO, Spectra Outsource Solutions- Trusted Outsourcing Solution Provider- Finance Solutions | HR Solutions | Labour Compliance

Total Views: 307Word Count: 337See All articles From Author

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