Set of all the questions and their resolutions on accounts payable and AP automation.
What is Accounts Payable?
Accounts payable (AP) is an accounting term that represents the amount a company owes to its creditors and suppliers. It is recorded on the balance sheet or through software under current liabilities. In contrast, an increase or decrease in total AP from the period prior will appear on the cash flow statement.
What is Accounts Payable Automation (AP Automation)?
Accounts Payable Automation refers to the advanced technology that is used for streamlining and automating accounts payable processes. AP automation software removes manual tasks, provides better visibility, and also assists with critical financial data. This is a method of minimizing human intervention and eliminating error-prone tasks.
What is Invoice Processing?
Invoice processing is a business function that involves managing all incoming invoices from receipt to payment. This is mainly carried by the accounts payable department within a company. It refers to handling supplier invoice from receipt to payment. This is performed with software and is referred to as automated invoice processing.