Why accounts payable is needed What are there roles and responsibilities

Question

Accepted Answer

Accounts payable is needed to manage and track company's expenses, ensure timely payments to vendors, and maintain accurate financial records.

Accounts payable is responsible for processing invoices from vendors and suppliers.
They verify the accuracy of invoices and ensure that the goods or services were received.
Accounts payable also ensures that payments are made on time to avoid late fees or penalties.
They maintain relationships with vendors and negotiate payment terms to optimize cash flow.
Accounts payable plays a crucial role in maintaining accurate financial records and providing insights into company's spending patterns.
For example, if a company receives an invoice for office supplies, the accounts payable team will verify the receipt of the supplies before processing the payment.

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