The Bookkeepers' Podcast - Episode 172
How to manage the accounts payable function for your clients
In this episode of The Bookkeepers' Podcast, Zoe Whitman and Jo Wood spoke to Glen Foster of Libeo about the most effective way to manage your clients' accounts payable processes.
Owners of the smallest businesses are often quite happy making a handful of payments per month, but as businesses grow and evolve, many business owners are quite overwhelmed with paperwork. Of course, that's where a great bookkeeper can come in and take control of the full process, giving the business owner back their time and giving them peace of mind that everything is in hand.
And there are additional benefits for the business owner. They may be able to optimise cash flow more effectively with a bookkeeper managing the timing of payment runs, a bookkeeper may also be able to manage the full payment process. Having access to clients' bank accounts however is not the right solution for some business owners - or bookkeepers.
On this episode of The Bookkeepers Podcast we enjoyed speaking to Glen Foster about how the accounts payable function can be run in the best way, and how tools like Libeo can help bookkeepers manage payments for their clients.
We think you'll find this episode interesting if you're thinking about how best to help your clients with this service. We covered:
The challenges for small businesses when it comes to payments
the challenges for bookkeepers with the traditional methods of offering accounts payable services
The value of accounts payable services and charging for the service
How Libeo works
1:04 What is Libeo
1:51 The challenges for business owners when it comes to payments
6:38 What should bookkeepers consider for an accounts payable process
9:11 How regularly to speak to your clients about accounts payment
12:36 The value of the accounts payable function
16:08 How to price accounts payable
19:27 The challenge with access to bank accounts
20:38 How checking and validating invoices helps avoid invoice fraud
21:42 How Libeo works
About our guests
Find out more about Libeo at Libeo.io
Join The 6 Figure Bookkeepers' Club on Facebook at 6figurebookkeeper.club
Find out more about The 6 Figure Bookkeeper at 6figurebookkeeper.com/links
Watch the full podcast episode on YouTube or listen wherever you get your podcasts.