Basic understanding of Accounts Payable/Procure to pay Department In an Organization to the commerce and Finance students

 Hello friends,

Accounts Payable department in an organization is very important part in finance.Accounts payable is the amount due by an organization to its vendor's for products and/or services on credit. Accounts Payable is classified as liability account in the Balance sheet.

Effective Accounts payable helps in optiomize working capital, sustain cash saving initiative and enable long term supplier's relationship management can help maximize profits and reputation of the organization.

 Accounts Payable process refers to various sub process ( Documents Management, Vendor Management, Invoices processing/Verification of payment runs, Helpdesk) Metrix, Controls, Tools etc.

Further priocess in Accounts Payable department referes to understanding on Common Minimum Practice (CMP Controls) for different sub process , benchmarking for accounts payable and more insights on tools and technology.