Payable Management is the practice of managing an organization’s accounts payable process. It is the process of issuing payments to vendors and suppliers for goods and services received. It involves managing the accounts payable staff, monitoring and reviewing invoices for accuracy, and reconciling payments to ensure accuracy and timely payment. The accounts payable process can become complex as the organization grows. Therefore, proper payable management must be in place to ensure that the process runs smoothly.
Payable Management involves making sure that all invoices and payments are properly recorded, tracked and reconciled. It also involves ensuring prompt payments are made to vendors and suppliers in order to maintain good relationships and business practices. Proper payable management also helps to reduce the risk of fraud and other financial losses. It also helps to ensure that all payments are in line with the organization’s financial goals and objectives.
In order to be successful