At LTCPro, we understand that efficient Accounts Payable (AP) management is vital for the financial health of long-term care facilities, including Skilled Nursing Facilities (SNFs) and Assisted Living Facilities (ALFs). Our comprehensive Accounts Payable Services are designed to streamline the payment process, enhance vendor relationships, and ensure compliance with financial regulations, allowing your facility to focus on delivering quality care to residents.

Effective accounts payable management is crucial in the long-term care sector, where timely payments to vendors and suppliers are essential for maintaining operations and ensuring the availability of necessary resources. By partnering with LTCPro, your facility can improve cash flow management, reduce administrative burdens, and enhance overall operational efficiency.

Accounts Payable Services for Skilled Nursing and Assisted Living Facilities:

LTCPro offers a full suite of accounts payable services tailored specifically for long-term care facilities. Our services include:

• Invoice Processing: We manage the entire invoice processing workflow, from receipt to approval and payment. This includes verifying invoice accuracy, matching invoices with purchase orders, and ensuring timely processing to avoid late fees.
• Vendor Check Processing: Our team handles the preparation and issuance of vendor checks, ensuring that all payments are made accurately and on time. This process includes maintaining records of all transactions for transparency and accountability.
• Checks Voiding: In cases where checks need to be voided due to errors or changes in payment, we efficiently manage the voiding process and ensure that all records are updated accordingly.
• Cash Disbursements: We oversee cash disbursements to vendors, ensuring that funds are allocated appropriately and that all payments are documented for financial reporting.
• Generating 1099 Forms: LTCPro prepares and issues 1099 forms for vendors as required by IRS regulations, ensuring compliance and accurate reporting of payments made throughout the year.
• Daily CCL Reports: We generate daily CCL reports to track and manage financial transactions, ensuring compliance with state regulations and facilitating effective financial oversight.
• Maintaining Vendor Master: Our team maintains an up-to-date vendor master file, ensuring that all vendor information is accurate and accessible. This includes tracking vendor performance and managing relationships to optimize service delivery.
• Month-End Closing: We conduct month-end closing activities to ensure that all accounts payable transactions are accurately recorded and reconciled. This process is essential for maintaining accurate financial statements and supporting effective decision-making.

Benefits of Partnering with LTCPro for Accounts Payable Services:

When you choose LTCPro for your Accounts Payable needs, you gain a dedicated partner focused on enhancing your facility's financial management. The benefits include:

• Improved Cash Flow Management: Our efficient processing of invoices and payments helps ensure that your facility maintains a healthy cash flow, allowing for timely procurement of necessary resources.
• Enhanced Vendor Relationships: By ensuring timely payments, we help foster positive relationships with vendors, which can lead to better service and pricing.
• Reduced Administrative Burden: Outsourcing accounts payable services allows your staff to focus on resident care and other essential tasks, improving overall productivity.
• Increased Compliance: Our expertise in financial regulations ensures that your facility remains compliant with all relevant laws, reducing the risk of penalties and audits.

Accounts Payable Reports and Analytics:

To support effective decision-making and financial management, LTCPro generates a variety of essential Accounts Payable reports, including:

• Vendor Activity Report: Detailed records of transactions with each vendor, including payments made and outstanding balances.
• Check Register: A comprehensive log of all checks issued, providing transparency and accountability in financial transactions.
• Invoice Aging Report: Analysis of outstanding invoices, helping identify overdue payments and manage cash flow effectively.
• Check Details Report: Detailed information on each check issued, including amounts, dates, and vendor information.
• Month-End and Year-End Report: Comprehensive reports summarizing accounts payable activities for month-end and year-end financial reporting.

At LTCPro, we are committed to providing exceptional Accounts Payable Services tailored for long-term care facilities. Our comprehensive approach, expert team, and dedication to excellence make us the ideal partner for your Accounts Payable needs.

Contact us today to learn more about how LTCPro can help optimize your accounts payable processes and support your mission of delivering quality care to your residents!