How we helped healthcare business to manage its payables
Healthcare Business to Manage its Payables
Do you know how we helped healthcare business manage its payables?
We at Meru Accounting have a 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 that one can benefit easily.
- Hundreds of invoices received daily in paper format
- It was difficult for an in-house person to enter the same in a payables, real-time manner.
- It needs to get approval by various departments to ensure that the information is processed correctly and that there is a duplicate payment for the same invoice.
Solution and how we helped:
- We turned the paper-based system into an online system where all the vendors have to compulsory send the invoices via email to the stated email ID.
- Still there remained some paper bills that came to office in physical format. You need to scan them and sent to that email ID.
- We prepared master data of all the invoices received stating the main details namely Name, date, amount, etc.
- Then, we subsequently enter the information in Xero accounting software.
- We generate payables records every Thursday and send to the manager for approval.
- We also make batch payments for the payables every Friday and the same cycle continues every week.
- Payable system became streamlined and vendors were paid timely
- Outsourcing gave the benefit of focusing on the core task of running a business.
- Overall processing cost reduced on outsourcing model