Accounts payable is the money owed by a company to its suppliers shown as a liability on the company's balance sheet. It is distinct from a company's other liabilities such as bank loans and bonds. Accounts payable are typically managed by a company's accounting department.
The accounts payable department is responsible for ensuring that all invoices are paid in a timely manner. This includes verifying that the invoices are correct, coding them to the proper account, and entering them into the accounting system. Once the invoices are entered, the accounts payable department will issue payments.
There are several methods that a company can use to pay its invoices. The most common is to simply mail a check to the supplier. Some companies make payments electronically, using a system such as ACH. Others may use a credit card to pay their invoices.
The accounts payable department is also responsible for managing any disputes with suppliers. If a supplier believes that they have not been paid correctly, they may contact the accounts payable department to resolve the issue.
The accounts payable department plays a vital role in a company's financial operations. By ensuring that invoices
We offer a full range of AP services, including -
Processing & Matching Invoices with
Purchase Orders
Checking Debit Notes
Scrutiny AR reports
Verifying Tax relating data
