- Account Payable Processing :
The core process of handling supplier invoices - from receipt, verification, coding, approval, and ultimately preparing payments. - Invoice Management :
Tracking all stages of invoice processing. This includes organizing invoices, matching them with purchase orders and receipts (2-way or 3-way matching), and routing them efficiently for approval. - Vendor Management :
Maintaining updated vendor information (contact details, payment terms, banking information) and managing vendor relationships. This helps avoid payment delays and keeps communication channels open. - Payment Processing :
Executing payments according to approved invoices and due dates. This can include check disbursement, electronic funds transfer (EFT), or other payment methods. - Expense Tracking :
Monitoring and categorizing business expenses, often beyond just invoices, to have a full picture of your organization's spending - Financial Reporting :
Generating reports that provide insights into payables, cash flow, and financial health. This data is vital for budgeting and decision-making. - Supplier Reconciliation :
Verifying your records against supplier statements to identify discrepancies, resolve disputes, and ensure accurate payments. - Document Management :
Secure storage and organization of invoices, purchase orders, payment records, and other AP-related documents. Often involves digitization for easy access and compliance. - Purchase Order Management :
Creating and tracking purchase orders (POs) to ensure authorized spending and accurate matching against invoices. - Compliance Monitoring :
Staying up-to-date with tax regulations, accounting standards, and industry-specific compliance requirements that may affect AP processes.
