Accounts Payable System Definition
An accounts payable system is a software application used by businesses to manage invoices and payments. The system is responsible for tracking all vendor invoices, issuing payments, and maintaining records of payments. The system typically includes a vendor database, invoice database, and payment database.
The accounts payable system is a critical part of a business’s financial management. The system ensures that all invoices are paid in a timely manner and that records of payments are accurately maintained. The system can also help businesses manage cash flow by providing information on when payments are due.
