EXL Service Senior Accounts Payable Executive Interview Questions, Process, and Tips

P2P process stands for Procure-to-Pay process, which involves the steps from requisitioning goods/services to making payment.

• P2P process starts with creating a purchase requisition for goods/services needed by a department.

• The next step is to obtain approval for the requisition from the appropriate authority.

• Once approved, a purchase order is created and sent to the vendor.

• Goods/services are received and the invoice is...read more

AP process refers to the procedures and systems used by a company to manage and pay its invoices and bills.

• Involves receiving invoices from vendors

• Verifying the accuracy of the invoices

• Obtaining approval for payment

• Processing payments to vendors

• Reconciling accounts payable to ensure accuracy

• Maintaining records of all transactions

P2P cycle refers to the Procure-to-Pay cycle, which is the process of obtaining goods or services from a supplier to making payment for them.

• P2P cycle starts with the procurement of goods or services

• It involves receiving and approving invoices from suppliers

• Payment is made to the supplier for the goods or services received

• The cycle ends with reconciliation of payments and supplier accounts

There are three main types of purchase orders: Standard PO, Blanket PO, and Contract PO.

• Standard PO: Used for one-time purchases of goods or services.

• Blanket PO: Used for recurring purchases from a single supplier over a period of time.

• Contract PO: Used for long-term agreements with suppliers for specific goods or services.

• Each type of PO serves a different purpose and has its own set of requirements and processes.