Accounts Payable

Streamline Your Bill Payment Process with Professional AP Management

At Finely Balanced Financial Solutions, we take the stress and complexity out of managing your accounts payable. Our comprehensive AP services ensure vendors are paid accurately and on time, expenses are properly tracked, and your cash flow is optimized while you focus on growing your business.

What Is Accounts Payable Management?

Accounts payable (AP) represent the money your business owes to vendors, suppliers, contractors, and service providers. Effective AP management involves receiving and verifying bills, scheduling payments strategically, maintaining vendor relationships, and ensuring accurate expense tracking for financial reporting and tax purposes.

The Challenge of Managing Accounts Payable

For many small businesses, AP management is complicated by:

• High volumes of invoices from multiple vendors

• Different payment terms and due dates to track

• Multiple payment methods (checks, ACH, credit cards, online portals)

• Limited time to review invoices and schedule payments

• Difficulty optimizing cash flow while avoiding late fees

• Risk of duplicate payments or missed invoices

• Proper categorization needed for tax deductions

• Maintaining good vendor relationships through timely payment

Our Comprehensive Accounts Payable Services

Invoice Receipt and Processing

• Centralized collection of all vendor invoices and bills

• Digital filing and organization for easy retrieval

• Verification of invoice accuracy against purchase orders or agreements

• Matching invoices to goods or services received

• Identification of duplicate or questionable charges

Invoice Entry and Coding

• Accurate entry of all bills into your accounting system

• Proper expense categorization for financial reporting

• Assignment to appropriate accounts, jobs, or projects

• Class or department tracking when applicable

• Tax line assignment for deduction purposes

Payment Scheduling and Processing

• Strategic scheduling of payments to optimize cash flow

• Tracking payment terms and early payment discounts

• Prioritization based on due dates and vendor importance

• Preparation of checks for your signature

• Processing of ACH and electronic payments

• Credit card payment coordination when advantageous

Vendor Communication

• Response to vendor inquiries about payment status

• Resolution of billing disputes or discrepancies

• Management of payment plans when necessary

• Maintenance of positive vendor relationships

Cash Flow Optimization

• Weekly or monthly reports of upcoming payment obligations

• Aging reports showing bills by due date

• Analysis of payment timing to maintain adequate cash reserves

• Identification of opportunities for early payment discounts

• Recommendations for payment prioritization

Expense Tracking and Reporting

• Detailed tracking of all business expenses by category

• Vendor spending analysis and reports

• Budget comparison and variance identification

• Custom reports for specific business needs

• Support for tax preparation and deduction documentation

1099 Contractor Management

• Tracking payments to 1099 contractors

• Verification of W-9 forms and tax identification numbers

• Year-end 1099 preparation and filing

• Compliance with IRS contractor payment reporting

Vendor Management

• Maintenance of complete vendor contact information

• Tracking payment terms, account numbers, and preferences

• Organization of vendor agreements and contracts

• Management of vendor credentials for online payment portals

The Benefits of Outsourcing Accounts Payable

Never Miss a Payment We track due dates and ensure bills are paid on time, protecting your credit rating and vendor relationships.

Avoid Late Fees and Penalties Timely payment prevents unnecessary late charges that erode profitability.

Optimize Cash Flow Strategic payment timing ensures you maintain adequate cash reserves while meeting obligations.

Capture Early Payment Discounts We identify opportunities to save money through early payment discounts when cash flow allows.

Reduce Fraud Risk Our verification processes catch duplicate invoices, unauthorized charges, and questionable expenses.

Save Time Free yourself from the tedious, time-consuming work of processing bills and writing checks.

Improve Vendor Relationships Consistent, on-time payments build goodwill and may lead to better terms or priority service.

Accurate Expense Tracking Proper categorization ensures your financial statements reflect true business costs and supports tax deductions.

Better Financial Visibility Regular AP reports help you understand spending patterns and identify cost-saving opportunities.

Simplified Year-End Processes Organized AP records make tax preparation, 1099 filing, and audits significantly easier.

Our Accounts Payable Process

1. Invoice Collection You forward all bills to us via email, mail, or through our secure portal, whatever works best for your business.

2. Review and Verification We review each invoice for accuracy, proper authorization, and appropriate categorization.

3. Entry and Approval Invoices are entered into your accounting system and flagged for your approval if they exceed predetermined thresholds.

4. Payment Preparation Based on due dates and your cash position, we prepare payments according to your preferred schedule.

5. Payment Execution We prepare checks for your signature, process approved electronic payments, or coordinate with you for final authorization.

6. Documentation All payments are properly documented, filed, and recorded in your accounting system for complete audit trails.

7. Reporting You receive regular reports on AP activity, upcoming obligations, and vendor spending patterns.

Flexible Service Options

Full-Service AP Management We handle everything from invoice receipt through payment processing and reporting.

Partial AP Support We can handle specific aspects like invoice entry and categorization while you manage payment execution.

Overflow Assistance We provide backup support during busy periods or staff absences.

Custom Solutions We tailor our services to your specific needs, industry requirements, and business processes.

Who Benefits from AP Management Services?

• Small businesses overwhelmed by invoice volume and payment deadlines

• Growing companies that have outgrown manual AP processes

• Businesses that have experienced late payments or missed invoices

• Companies wanting to optimize cash flow and capture payment discounts

• Entrepreneurs who want to focus on revenue generation, not bill paying

• Businesses preparing for financing that need clean AP records

• Any company seeking better control over expenses and vendor relationships

Take Control of Your Accounts Payable

Stop letting unpaid bills pile up, missing payment deadlines, or spending hours each week on invoice processing. Finely Balanced Financial Solutions provides the professional AP management you need to keep vendors happy, expenses organized, and cash flow optimized.

Ready to streamline your accounts payable?

Contact us today to discuss how our AP management services can save you time, reduce stress, and give you complete control over your business expenses.