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Accounts Payable Massachusetts

Every company has both an accounts receivable and an accounts payable department in the sense that, what is a payable for one company is a receivable for another and vice versa. This article is going to review the accounts payable and accounts receivable functions a company must undergo in order to maintain proper accounts management and keep their business running effectively.
1. Local Companies
2. In-House Accounting
3. Outsourcing Accounts Payable
4. Corporate Benefits to Outsourcing Accounts Payable
5. Featured Local Company

1. Local Companies

Cohen Financial Group
508-875-8523 ext. 210
50 Speen Street
Framingham, MA
Banknorth
508-634-3440
196 East Main St
Milford , MA
AspenCross Financial Group
508-870-0440
One Technology Drive
Westborough, MA
IEM, Inc
901 751 9737
11 Chestnut Street
Andover, MA
The Gallagher Group
978-409-1034
7 Argyle St. Ste. 15
Andover, MA
LCS BONDS & Financial Management
781-878-8979
83 Franklin Road
Norwell, MA
Lantern Financial, LLC
617-482-2700
50 Franklin Street
Boston, MA
KD Benefits Inc.
508-285-4300
10 W. Main Street
Norton, MA
Morgan Stanley
781-431-6761
45 William Street
Wellesley, MA
Compass Planning Associates
888-320-9993
70 Walnut Street
Boston/Wellesley, MA


2. In-House Accounting

The goal of accounting in any business is to create a balance between the money that you have coming in and the money that you have going out. Depending on how big a company is, they may choose to either do their accounting in-house, or outsource it if the accounting for the business is very complex. When you do in-house accounting, you will save yourself the expense of creating another payable, so if you have a small business, in-house accounting may be the easiest and most effective means of creating your credits and debits balance.

In-house accounting generally involves the service of an accountant or a bookkeeper to run the business accounting. If the business is very small, a professional accountant or bookkeeper may not be hired, and the accounting will be run by the individual running the business. In any event, in-house accounting will involve the creation of a ledger that handles the records of all monetary transactions, whether they are in-coming or out-going. The records will be kept on a balance sheet that from period to period (i.e. monthly) will provide a picture of the business’s financial status.

3. Outsourcing Accounts Payable

If you have a large business with a complex flow of cash both in and out of the company, you may want to outsource your accounting. Both accounts receivable and accounts payable are critical functions within the accounting framework, but outsourcing accounts payable will enable your company to ensure all bills are paid on time. If you are outsourcing all of your accounting needs, you will probably find two separate companies so that you have one company managing your payables, and one company managing your receivables. If you have a separate company managing your receivables, you may want to ensure they are able to act as credit or collection advisors when your own customers have issues managing their payables.

The benefits of outsourcing your accounts payable department is that it will allow the managers and administration in a business to focus primarily on business functions, and less on administrative tasks such as cash flow. The management within a company will be able to perform specific company related tasks without the need to employ accountants and bookkeepers and ultimately manage them. All of these issues come at time-cost, which is time that could be spent earning revenue for the company instead of managing it.

It is also a good idea for some small businesses to outsource accounts payable particularly if they do not have accounting experience. Failure to do so may cause problems and complications within the accounting infrastructure, and thus, a loss may be incurred by the company. Losses are often a result of defaults, late payments, or even a loss of trust between two serviceable companies. Any loss to a business, whether it is tangible or otherwise, is not good for the business's bottom line. Outsourcing accounts payable for a small business may come at a cost, but in the long run, could actually end up saving the company money.

4. Corporate Benefits to Outsourcing Accounts Payable

There are many benefits to any company that outsources their accounts payable department. While even small business will benefit from outsourcing this department, corporate and big business stands to gain the most benefit from this process.

By outsourcing accounts payable, and/or accounts receivable, the company will ensure all invoices are paid in a timely manner and done so with accuracy and efficiency. Further, reports on a monthly or quarterly basis will be easier to obtain, more accurate, and provide a better picture of the company’s status when they are provided by professionals dedicated to the task. Tax functions that are processed through outsourcing will also save the company valuable labor and time expenditures when they are performed in house. Further, depending on where the company chooses to outsource, they could actually end up saving money by having it performed elsewhere as opposed to in-house. India, for example, is known to be a leader in cost-effective outsourcing solutions.

5. Featured Local Company

Compass Planning Associates

888-320-9993
70 Walnut Street
Boston/Wellesley, MA
www.CompassPlanning.com

Comprehensive financial, tax and investment planning as fee-only services to individuals, families and small businesses.

Compass Planning, helps clients gain and maintain control over their financial assets. Whether developing investment strategies or a comprehensive approach to taxes, our close relationship with each client allows us to deliver unique, focused solutions—ones based on individual needs and realistic goals, no matter what your stage of life or level of financial saavy.


Read more about Accounts Payable

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