Accurate books and timely payables are vital to a Software as a Service (SaaS) company’s success. Quick access to reliable and precise data allows your business to make the most effective decisions based on current cash flow. These factors are crucial if your company is in the growth stage and looking to capitalize on its existing assets without overspending.
At Compass East, we can help you optimize your financial operations with our bottom-up approach to accounts payable (AP). Our outsourced billing solutions allow you to streamline your payables by improving accuracy and making more informed decisions.
What Is Accounts Payable?
Accounts payable refer to unpaid short-term obligations owed to your suppliers or creditors. These payables appear on your balance sheet as a liability because they indicate money coming out of your assets.
Accounts payable differ from accounts receivable in many ways. While payables represent the money you must pay out to your vendors, receivables signify the money your customers owe you for your products or services.
Accounts payable play a critical role in your company’s approach to cash flow management. A well-organized and efficient AP department allows you to structure payments to your suppliers that work to your advantage. Carefully managed payables also offer you visibility into how much money your company owes and when your invoices are due.
Outsourced Accounts Payable Services for SaaS Companies
When you choose Compass East’s outsourced billing and payable solutions, you take control of your entire AP department by making more strategic payments and managing your books more effectively. By implementing our industry-best cloud-based AP solutions, you can:
- Code expenses more accurately: Expense coding allows you to identify your company’s costs more reliably and accurately. When you better understand your company’s billing, you can plan your expenditures to optimize cash flow.
- Eliminate manual tasks: Our automated processes can help you eliminate manual duties like writing checks to ensure you pay your bills on time.
- Develop new strategies: Once we define and clarify your current accounts, we can help you develop new processes to maximize efficiency and produce insightful data.
- Implement new technology: Our cloud-based solutions allow us to quickly add tailor-made options based on your operation’s unique needs.
Benefits of Outsourced Billing Solutions for SaaS Companies
Outsourcing your billing and accounts payable functions to Compass East enables your company to:
- Save time: Our automated processes allow your company to eliminate the tedious manual tasks that come with expense management.
- Reduce costs: Choosing our outsourced billing services lets you avoid the high salaries associated with a dedicated accounting team.
- Increase accuracy: Compass East’s proven solutions allow you to create a more consistent payable routine to build more productive relationships with your vendors and better monitor your company’s performance.
- Manage cash flow: Understanding how money moves through your business gives you a clearer vision of your organization’s financial picture.
- Grow your business: Accurate and timely billing and payables provide the data and insights you need to make informed decisions regarding future growth and potential expansions.