Accounts Payable
In today’s competitive environment, companies are continually challenged to reduce costs, maximize the value of their expenditures, and satisfy complex regulatory standards. Using Flying Colour’s innovative and flexible Accounts Payable Services, customers can transform their manual accounts payable processes into an automated system controlled by business rules, resulting in lower processing costs, enhanced controls, and improved service levels. API developed these services based on its extensive process experience and deep understanding of customer needs across industries. By integrating multiple technologies, accounts payable services are quick to implement, dependable, flexible, and cost-effective. API offers the most innovative and comprehensive accounts payable services available in the industry.
Accounts Payable Services
Flyingcolour’s Accounts Payable Services aid in our customers success by providing them with key benefits, including:
- Creating a profit center out of the AP department
- Increasing productivity and lowering processing costs
- Within 24 hours, 100% invoice visibility
- Faster approvals, faster period closes, and detailed accrual reports
- Regulatory/SSAE 16 compliance and internal controls improved
- A Better Management of DPCompanies today are constantly challenged to reduce costs, extract maximum value from their expenditures, and meet complex regulatory requirements. Our innovative and flexible Accounts Payable Services allow customers to transform their accounts payable processes into an automated system which is driven by business rules, resulting in lower processing costs, improved controls, higher service levels, and higher business intelligence. Using its extensive experience in processes and sound understanding of customer needs across multiple industries, API developed these services. Multi-technology accounts payable services are quick to implement, dependable, flexible, and cost-effective. Our accounts payable services are the most innovative and comprehensive in the industry.
Key Benefits of Our Accounts Payable Services
- Turning the A/P department into a profit center
- Process Improvements & Productivity Boosts
- 100 % invoice visibility within 24 hours
- Faster approvals, faster period closes, and detailed accrual reports
- Internal controls and regulatory compliance improved
- Increasing working capital through better DPO management
- Using our Accounts Payable Services speeds up the approval process and provides proper documentation and audit trails. With early visibility of invoices, customers are better able to accrue expenses accurately. The use of business rules standardizes business processes and ensures compliance. Flying Colour’s DocArchive Service efficiently archives invoices and supporting documents to meet specific regulatory retention requirements.
- The Accounts Payable Service is an implementation and delivery service that can be set up with 24 hour or 48 hour turn times that meet customer’s needs
- The UAE government implemented a Value Added Tax (VAT) Act on January 1, 2018 to a variety of commodities throughout the nation at an average rate of 5%. Businesses in the UAE may take advantage of VAT registration to recoup some of the cost of this new tax.
- In regards to VAT, we’ve received many questions. Listed below are some of the most frequently asked questions.
- Indirect taxes are levied on commodities in the form of Value Added Tax, which can be compared to the type of universal consumption tax imposed on the consumption of goods and services. It is a comprehensive multistage consumption tax levied across the supply chain and collected by companies on behalf of the government. VAT is in the long run borne by the customer, who is the end user, rather than the firms.
