Accounts payable is the process a company uses to manage the money it owes to suppliers for received goods or services.
Accounts payable (AP) is the process a company uses to manage the money it owes to suppliers for goods or services it has received. It includes receiving and verifying invoices, approving payments, and ensuring bills are paid on time. Proper accounts payable management helps a business maintain good supplier relationships, control cash flow, avoid late fees, and keep accurate financial records.
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