Paperless Accounts Payable Process Definition
Accounts payable (AP) is the process of a company paying money that it owes to suppliers and other creditors. The AP process typically involves the following steps:
1. The company receives an invoice from a supplier.
2. The AP department enters the invoice into the accounting system.
3. The AP department checks that the invoice is accurate and approves it for payment.
4. The AP department schedules the payment of the invoice.
5. The AP department pays the supplier by issuing a check or making an electronic payment.
6. The company records the payment in its accounting records.
The main benefit of moving to a paperless AP process is that it can save the company time and money. A paperless process can be achieved through the use of invoicing and payment automation software, which can help to streamline the entire AP workflow.
