What is Accounts Payables?

Accounts Payable (AP) is the department or function within a business that is responsible for paying the company's bills. It's also a crucial accounting function that ensures a company pays its suppliers and vendors in a timely and accurate manner. AP processes typically involve receiving invoices, verifying their accuracy, obtaining necessary approvals, and scheduling and making payments. Efficient AP management is important for maintaining good relationships with suppliers, managing cash flow, and preventing late payment penalties.