Our Offer
Payment and bank statement processing
- Booking bank statements
- Bank account reconciliation
- Preparing manual payments
- Preparing tax payments
- Preparing payment files
A bank statement is a list of all financial transactions that have occurred on a bank account usually sorted chronologically, divided into individual days, months or quarters. Banks provide their clients with bank statements which show all the money paid into and taken out of their accounts. These transactions must be recognized and booked into special accounts. We provide professional accounting services to anyone who wants to remain competitive as well as develop and expand their business.
Do you struggle with the daily booking of revenues and expenses? Do you want to keep all of them in order? Are you looking for specialists who can get the job done for you? We can adjust to your needs and handle everything including:
Booking payments to suppliers, transfers to customers, salaries, deposits, interests, service charges, bank fees, penalties, direct debits or standing orders
Appropriate booking of individual items to special accounts by debiting or crediting (depending on the type)
Continuous control of all revenues and expenses
Control of available balance on the account
Archiving bank statements in paper form or online
Our accounts payable outsourcing services could help you avoid various unexpected situations and deviations – especially if you have large numbers of transactions on your bank statements. We will provide you with access to our accountants equipped with key competences and relevant experience who will hopefully exceed your expectations. Booking bank statements is something we deal with daily. We are very methodical, always ready to react quickly and efficiently.
If you want to get to know us better, please contact us!
You can also read the following case studies about companies that resorted to this part of our offer to help their needs within purchase-to-pay outsourcing:
Bank account reconciliation is matching the balance in the organization's own accounting records to the corresponding information on the bank statements for a given period. The main goal of reconciliation is the confirmation that all transactions in the company are legitimate and in accordance to the managed accounts.
Which steps need to be taken to reconciliate a bank account? In a nutshell you need to:
Check the beginning account balance on the accounts
Investigate, match and book all transactions (payments to suppliers, withdrawals to customers, salaries, deposits, interests, service charges, bank fees, penalties, direct debits or standing orders) to the corresponding accounts
Verify and compare the ending balances of the accounts
Why is account reconciliation so important? This crucial accounting procedure helps to:
Find differences between the entity's accounting and bank statements
Appropriately book the changes to the accounting records
Control, compare and confirm incoming transfers and expenses in the entity's accounting with the bank statement
Explain differences
Adjust the balance on the bank statements to business records
Bank account reconciliation is an important part of the month closing and provides consistency, transparency and accuracy of the company’s accounting. Accounts payable outsourcing helps to keep everything in order. Using our services, you will prevent balance sheet errors, avoid fraud and miscalculations.
If you want to get to know us better, please contact us!
You can also read the following case studies about companies that resorted to this part of our offer to help their needs within purchase-to-pay outsourcing:
Is the number of your suppliers and payments constantly increasing? Are you looking for specialists in manual payments? Would you like to outsource payments and not worry about the security of your financial transactions? You came to the right place, because we offer AP outsourcing as a support of accountants with key competences and experience in this area. We prepare manual payments based on individually created creditor accounts in our system and manually enter data for transfers using appropriate forms in the bank. Manual payments are different from payment files, they are made separately for individual invoices or payment orders and require manual data entry and manual verification.
The process of making manual payments consists of:
checking the correctness of the issued invoice (tax rate, amount, currency, etc.)
supplier verification (VAT number) – using a special internal verification procedure
bank details verification - confirmation by an authorized employee
payment terms control
manually entering all payment details via a given bank or software
internal authorization flow
We can create manual payments in different areas like payments to suppliers or customers, salaries, bonuses, taxes etc. We are characterized by high flexibility and the ability to work on many different systems and software types. We will adjust our offer to your needs.
Why are we the best choice? Our accountants take care of the smallest details prioritizing the security of transactions. All details of preparing manual payments are always properly verified and double checked. We put emphasis on accurate and timely payments and using discounts to your full advantage. Finally, remaining in good relations with our trading partners is of highest importance to us.
If you want to get to know us better, please contact us!
You can also read the following case studies about companies that resorted to this part of our offer to help their needs within purchase-to-pay outsourcing:
Are you struggling with preparing large numbers of tax payments? Do you spend hours doublechecking if your tax office’s bank account was correctly applied? Do you find remembering about tax payment deadlines tiresome? Are you looking for account payable outsourcing that will manage it all for you?
We are a group of highly experienced and qualified accountants who can help you deal with all your tax liabilities. With the highest accuracy and reliability, we ensure that your tax payments are transferred to the correct accounts and processed on time.
The typical process of preparing tax payments has six basic steps, which are needed to avoid unnecessary troubles with a tax office:
Checking the accuracy of the tax declaration (identification number, period, calculated amount, tax form, etc.)
Tax office verification – location, tax account – confirmed by an authorized, responsible person
Checking tax payment deadline in accordance with current legal status
Making sure that the payment will be processed before the bank cut-off time and checking if there is enough money available
Manually entering all payment details into a bank
Checking if each tax payment was authorized by at least two responsible people in a predetermined flow
The biggest advantages of having EFF on your side are:
Assurance that all your company tax payments will be paid on time
No longer struggling with checking if entered bank details are correct
Saving money by not having to pay penalties and interest.
If you want to get to know us better, please contact us!
You can also read the following case studies about companies that resorted to this part of our offer to help their needs within purchase-to-pay outsourcing:
EFF is a modern company which focuses on automated accounting systems and batch bank payments. If the number of your transactions is constantly increasing, we can meet your expectations and use payment files instead of manual payments. Preparing payment files is a process in which multiple payments to different receivers are transferred automatically using one bank file. In practice it means that several invoices are transferred to the bank in one transaction.
Do you wonder how we process bulk payments?
every creditor has their own account with properly verified bank details
during the creation of payment files in our accounting software package, we enter appropriate parameters that allow you to consider the creditor’s booked items in accordance with due date
the file must have a special format
with one click a collective payment is automatically uploaded to the bank
the payment file is transmitted to authorised persons for approval
the transfer is processed to the creditor’s account
Of course, this is quite a simplification, so if it seems too complicated, allow us to take care of it for you as a purchase-to-pay outsourcing! Our specialists will prepare all payments with due diligence, as well as adjust the offer to your needs or propose their own, tested solutions (aiding in the choice of the bank or accounting software, etc.).
The biggest advantages of the solution we use are:
the highest level of transaction security
the risk of errors is practically eliminated
guarantee of speed and timeliness of financial transactions
If you want to get to know us better, please contact us!
You can also read the following case studies about companies that resorted to this part of our offer to help their needs within purchase-to-pay outsourcing:
Does processing your invoices take too long and you receive a lot of reminders?
Do you want to make your AP/P2P process more efficient? Does it generate you more costs than you anticipated? Are looking into outsourcing it?
Łukasz Gauza
Service Manager,
Accounts Payable