Accounts Payable 

Accounts payable is the process of managing your purchase bills and invoices.

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Accounts Payable

Ongoing reconciliations to generate rich data to enhance business decisions

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Accounts Payable

In Xero, your accounts payable is prepared by emailing the purchase invoices directly into the accounting software which creates a draft bill and saves the document in Xero. The fields that need to be added are account (what is the invoice for?), GST and review other key details including amount, invoice date and due date.

A standard time to do this is once every two weeks, with the batch payment aba file downloaded from Xero and uploaded into your online banking. As a result, this automates the payments and ensure all creditors are paid exactly on their respective due dates.

Consequently, paying bills on their due dates maintains a strong supplier relationship and helps with your cashflow. Therefore, by scheduling your payables on their respective due dates, you ensure you’re in the drivers seat.

The Qualified Team at POP Business are experts in preparing your Accounts Payable to ensure a smooth and effective process occurs every time.

How Does It Work?

Firstly, POP enters purchase invoices/bills into accounting software on a fortnightly basis

Secondly, POP uploads an aba file which lists all the payables due in the one page

Thirdly, payments are scheduled for approval in online banking

Pop then provides summary of A/P in email for approval

Next, the Business owner or CFO approves the batch payments

Lastly, multiple payments made on their different due dates automatically

Your Benefits include;

1. Peace of mind knowing suppliers are paid on time.

2. Purchase invoices and bills saved in Xero against the bank transaction.

3. Optimised cashflow.

4. Fast and simple process which takes the stress out of the accounts payable function.

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