Accounts payable describes the bills that a business has to pay. Everything bar payroll falls under this category, making it a critical aspect of your business. As a new business, you may have to purchase items such as staff uniforms, office supplies, or cleaning services for your premises.
Technology is a major driving force that is shaping how the world does business. This push for technological innovation is impacting the landscape of multiple industries, including finance. The digitisation of companies is becoming a standard practice for brands looking to succeed in an increasingly digital world.
For any business that regularly receives and pays invoices, the Accounts Payable department is an indispensable component of its transaction cycle. A well-optimised AP department will ensure a business pays its invoices as soon as possible after receiving them and confirming that they are genuine and accurate.