Best Payroll and Timekeeping Services in Bolingbrook, IL

Accounts Payable and Accounts Receivable: What They Mean and Why Outsource Them? Accounts payable (AP) and accounts receivable (AR) are two important financial functions that businesses need to manage. AP is responsible for paying bills to vendors and suppliers, while AR is responsible for collecting payments from customers. AP and AR can be time-consuming and complex tasks, especially for businesses with a large volume of transactions. This is why many businesses choose to outsource these functions to a third-party provider. What is Accounts Payable? Accounts payable is the process of paying bills to vendors and suppliers. This includes tasks such as: Reviewing invoices for accuracy Matching invoices to purchase orders Approving invoices for payment Processing payments Tracking payments What is Accounts Receivable? Accounts receivable is the process of collecting payments from customers. This includes tasks such as: Sending invoices to customers Tracking customer payments Following up with customers on late payments Writing off bad debts...