Quinton Davies’ Post

Did you know that with us you can hire Accounts Payable Specialists using our global staffing services? From invoice processing to vendor management, let us handle the numbers while you focus on what truly matters - growing your business.   Let's review your requirements together to build the perfect Job position match for your company. Click the link below!

AP Invoices processing step by step : 1, Receiving: 1, Collect invoices from vendors via mail, email, or electronic systems. 2, Verify receipt against purchase orders and delivery confirmations. 2, Verification: 1, Match invoices to purchase orders and receiving reports for consistency. 2, Check invoice details for accuracy, including amounts, dates, and vendor information. 3, Validate that the goods or services have been received and are satisfactory. 3, Posting: 1, Enter invoice details into the accounting system. 2, Code invoices with the appropriate expense accounts and cost centers. 3, Record the invoice in the system and set a payment schedule. 4, Payment: 1, Prepare payment based on the invoice terms. 2, Authorize the payment according to company policy. 3, Process the payment via check, electronic transfer, or other methods. Update the accounting system to reflect the payment and reconcile accounts.

SINGLE PURCHASE ORDER Vs MULTIPLE INVOICES ANALYSIS We create systems to avoid waste while making the process better.   I have been part of some major projects (within my group) where purchase/service orders were mandatory for major contracts or jobs.   As every finance professional would understand, these Purchase Orders (PO) would specify the exact requirements (in terms of specifications and quantities) and where in the case of project, value (of the PO) should be within the budget allocated for the job.   Apparently, the engineers in the project would have carefully examined job to be executed and the specifications of the requirements to achieve their tasks, thereby authenticating the PO, while we the finance guys confirm if the value falls within budget.   In many cases, during our projects, the final purchase order and the value could be large to the extent that the vendor may not be able to make delivery in a single batch, but in several. Therefore, delivery of PO items, came in tranches. In other words, several deliveries were made to meet up with the agreed contract in a single purchase order. And every delivery would come with an invoice submission. While each invoice required its processing for settlement.   So, these were the case: ·        There was an agreed purchase order for a substantial amount. ·        There were several deliveries towards this single purchase order. ·        Invoices for each delivery ·        Invoice processing upon submission and batch delivery. Problem Areas We needed to be cautious and careful to ensure the batches received had: ·        the right specifications. ·        the total sum in the right quantities and in good condition and ·        the total value of all deliveries towards this purchase order does not go beyond the budget allocation/initial agreed amount.   Read more about this Corporate Solution in the link below and discover my method in ensuring resource optimization. https://bit.ly/3dal9Y1 Have you ever started something amazing at your workplace? #corporatesolutions #creativityskills #brightideas

Day 2: The Role of Accounts Payable Knowledge Share: The Accounts Payable department is responsible for processing invoices from suppliers, ensuring that all payments are made accurately and on time, and maintaining good relationships with vendors. Timely payment can help avoid late fees and take advantage of early payment discounts. Interview Question: Q: Why is it important for a company to manage its Accounts Payable effectively? A: Effective management of Accounts Payable ensures timely payments, maintains good supplier relationships, avoids late fees, and can take advantage of early payment discounts, improving the company's financial health. Like ,Share and Subscribe now and empower yourself with the knowledge and tools needed to thrive in your professional journey. Let's navigate the path to success together #WorldcareercompassInsights

To create a vendor in the Accounts Payable process, follow these steps: 1. **Identify the Need**: Determine the need for a new vendor and gather necessary information (e.g., business name, contact details). 2. **Collect Documentation**: Obtain required documents such as tax identification numbers and business licenses. 3. **Input Vendor Information**: Enter the vendor details into your Accounts Payable system, including contact information and payment terms. 4. **Verify Information**: Check for accuracy and completeness, and ensure compliance with internal policies. 5. **Approval**: Submit the vendor details for approval from relevant departments. 6. **Activate Vendor**: Once approved, activate the vendor in the system, making them available for transactions. Thanks.

Accounts Payable professionals I'm reaching out to people in AP & AR roles across the entire waste industry. I'm researching how waste brokerage companies are managing their AP process. If you're on the AR team at a hauler, I'd also love to hear from you! Looking to better understand criteria like: - days it takes a broker to fully audit all of the vendor invoices (many are over 20 days!) - how many invoices have to be manually downloaded? (surprisingly more than I figured) - how many invoices are still mailed and have to be scanned? (again...way more than I figured) - percentage of vendor invoices that have billing errors (my data says it's 18% or more) I'm also interested to learn about how easy or frustrating your process is, and where you think it could be made better. Would you be willing to chat with me?

Understanding the Role of an Accounts Technician in Payables and Receivables: Are you curious about what an Accounts Technician does, especially in the realms of payables and receivables? Accounts Payable Invoice Processing: Meticulously review and process vendor invoices to ensure accuracy. Payment Management: Timely payments to vendors are crucial. Prioritize payments to leverage discounts and avoid late fees. Reconciliation: Regular account reconciliations help in maintaining accurate financial records. Record Keeping: Detailed records of all transactions are maintained for transparency and accountability. Accounts Receivable Invoice Generation: Creating and sending invoices to customers for the services or products they receive. Payment Tracking: Monitoring incoming payments ensuring that financial records are up-to-date. Collections: Following up on overdue accounts is essential to maintain cash flow. Customer Relations: Resolving billing issues and answer customer queries to maintain strong relationships. Understanding these roles is essential for efficient financial management in any organization. #AccountsManagement

"The Purchase Order Lifecycle: A Step-by-Step Guide" The purchase order (PO) process is a critical component of accounts payable operations. This comprehensive overview outlines the ten stages involved in the PO life cycle. 1. Purchase Requisition (PR) The process commences when a department submits a PR, detailing the required goods or services, quantities, and specifications. The PR is reviewed and approved by relevant authorities. 2. Purchase Order Creation Upon PR approval, the accounts payable team or procurement department generates a PO, outlining essential details, including item descriptions, quantities, prices, delivery dates, and payment terms. 3. Supplier Confirmation The supplier reviews the PO and confirms their ability to fulfill the order. This confirmation may involve acceptance of terms and conditions or negotiation. 4. Order Fulfillment The supplier processes the order and delivers goods or services as specified in the PO. Monitoring this stage ensures timely delivery and compliance. 5. Goods Receipt Upon delivery, the receiving department inspects items to ensure PO specification match. A Goods Receipt Note (GRN) documents receipt and condition. 6. Invoice Processing The supplier submits an invoice for delivered goods or services. Accounts payable match the invoice with the PO and GRN to verify accuracy. 7. Payment Authorization Validated invoices are forwarded for payment authorization, involving checks against PO and GRN details. 8. Payment Execution Authorized payments are executed according to agreed terms, via electronic transfer or check. 9. Record Keeping Post-payment, all PO-related documents are archived for future reference and compliance. 10. PO Closure The PO is closed in the system upon process completion, ensuring accurate records. #AccountsPayable #PurchaseOrder #Procurement #Finance #VendorManagement #APProcess 😎