What is Accounts Payables (AP)?

Accounts Payable (AP) refers to the department or function within a business that is responsible for paying the company's bills and invoices. It involves processing invoices received from suppliers, matching them with purchase orders and receiving reports, verifying the accuracy of the invoice, and scheduling and making payments to vendors. AP automation software helps streamline these processes by automating tasks like invoice capture, data extraction, routing, approval workflows, and payment processing, improving efficiency and reducing errors.