What is accounts payable What is p2p process How to manage vendors effectively

Question

Accepted Answer

Accounts payable is the amount a company owes to its suppliers for goods and services purchased on credit.

Accounts payable is a liability on the balance sheet representing the amount owed to suppliers.
The accounts payable process involves receiving invoices from vendors, verifying the accuracy of the invoices, and making payments.
P2P (Procure-to-Pay) process is the end-to-end process of purchasing goods and services, from requisition to payment.
Managing vendors effectively involves establishing good relationships, negotiating favorable terms, and monitoring performance.
Effective vendor management can lead to cost savings, improved quality, and better supply chain management.

Popular interview questions of Senior Associate 1