Hello,
I am a finance and accounting professional with 15+ years experience in top tier Fortune 500 companies in Middle East and now permanently based in France / Europe.
Please note the following basic ways of handling the accounts payable matters, which I adopted while working for companies such as Siemens and ABB:
- Receive vendor invoices
- Make sanity checks w.r.t calculations
- Check the supporting documents against the invoices such as P.O., receipted delivery notes, job completion certificates, time sheets, and so on.
- Also verify that the invoice has been issued as the per agreed milestones and any additional documentation such as bank guarantees, warranty bonds, performance certificates...etc. if required / earlier agreed should as well be furnished before any further processing.
- Make sure to have approval of the technical representatives from both contractor and employer.
- In case of any error, discrepancy, non-compliance...etc. the invoice should be returned to the vendor within 3 days' time limit.
- If the invoice is correct in all aspects as mentioned above then the same should be processed and put in the approval process and subsequently put for payment as per the agreed payment terms.
I believe the above givens a genuine idea that I have extensively worked on the Accounts Payable matters with great depths and willing to do the same for your company as well.
Looking forward to hearing from you soon.
Thanks in advance.
Kind regards,
Misbah