accounts payable systems Definition
An accounts payable system is a software application used by businesses to manage and pay invoices from vendors. The system typically includes features for creating and approving invoices, tracking payments, and managing vendor relationships.
Accounts payable systems can automate many of the manual tasks associated with paying invoices, such as data entry, approvals, and payment processing. This can help improve efficiency and accuracy while reducing the risk of errors and late payments. In addition, using an accounts payable system can help businesses manage their relationships with vendors by providing visibility into payment history and balances.
