Accounts Payable (AP) is the process of issuing payments to vendors for goods and services provided. It is one of the most important elements of a successful business, as it is necessary to ensure that outstanding bills are paid on time. The process includes several steps, starting with receiving invoices from vendors and ensuring they are accurately recorded in the company accounts payable ledger. Next, these must be approved by someone in a position of authority, such as an accounting manager or CFO. Then, payments can be authorized in accordance with the business’ cash flow and bill payment policies. Lastly, documents related to the transaction should be filed away securely in order to keep records of payments and prevent disputes down the line.