Ap Invoice Processing Definition
Accounts payable invoice processing is the process of recording and managing invoices from suppliers. The aim is to ensure that all invoices are correctly recorded and paid in a timely manner.
Accounts payable teams typically have to deal with a high volume of invoices, which can make the process time-consuming and error-prone. Automation can help to speed up the process and reduce the chances of mistakes being made.
When an invoice arrives, it will need to be checked for accuracy and completeness. Once it has been approved, it will be entered into the accounts payable system. The payment terms will then be calculated, and the invoice will be scheduled for payment.
The Accounts Payable team will need to keep track of payments, so that they can chase up any late payments and resolve any queries. They will also need to produce reports on a regular basis, so that senior managers can see how the department is performing.
