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Healthcare Business to Manage its Payables
Do you know How we helped Healthcare business to manage its payables?
We at Meru Accounting have team of experts and providing outsource accounting services since one decade to various healthcare businesses around the globe. Our experts from their extensive experience identified some key points which one can get benefited easily
- Hundreds of invoices received daily in paper format
- It was difficult for inhouse person to enter the same in payables realtime manner.
- It needs to be approved by various departments to ensure that the information is processed correctly and there is duplicate payment for same invoice.
Solution and how we helped:
- We turned the paper based system into online system where all the vendors have to compulsory send the invoices via email to stated email ID.
- Still there remained some of paper bills which came to office in physical format. They needed to be scanned and send to that email ID.
- We prepared master data of all the invoices received stating the main details namely Name, date, amount etc.
- The information was subsequently entered in Xero accounting software.
- Payables report was generated on every Thursday and sent to manager for approval.
- Batch payments were made for the payables on every Friday and the same cycle continues every week.
- Payable system became streamlined and vendors were paid timely
- Outsourcing gave benefit of focusing on core task of running business.
- Overall processing cost reduced on outsourcing model