AP (Accounts Payable)

AP, or Accounts Payable, is a business term referring to a company’s obligations to pay its bills and invoices. It typically involves the purchase of goods and services from suppliers, and may include automation processes such as Electronic Data Interchange (EDI) for streamlined payment processing. AP also involves approval procedures to ensure compliance with corporate policies, and can involve cross-departmental collaboration to ensure efficient use of resources and accurate payment tracking.