The Purchasing and Payables Process is a system that allows businesses to acquire goods and services from vendors for the best possible cost. It involves identifying potential vendors, obtaining quotes, negotiating contracts, placing orders, receiving goods, verifying invoices, and ultimately paying suppliers. This process is designed to ensure that organizations get the highest value from their purchases and that payments are made in a timely fashion. By streamlining purchasing processes and keeping track of payment histories, businesses are able to strengthen their relationships with vendors and increase their overall profitability.