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Accountspayable (AP) refers to the series of steps that companies take to pay their bills. It requires the safe handling and recording of funds transferring from the company’s bank account to suppliers and vendors. The importance and evolution of accountspayable. Using AP automation software.
Are you relying on the current accountspayable (AP) workflow in QuickBooks Desktop or Online to manage your financial operations? The QuickBooks AP workflow includes tasks like invoice receipt, data entry, approval, and payment required to manage AP within the software. If so, you’re not alone.
This is why we’re seeing intake solution providers adding accountspayable automation to their offering. IDC recognizes the importance of this new approach: “Guided procurement applications provide an inviting approvalworkflow that is easily understood by all stakeholders in the approval chain.
They are commonly used within the finance department, including accountspayable , accounts receivable, and purchasing. They are especially critical for accounting teams; so much so that 89% of companies view them as a necessity for the department. Tarnished relationships can make a real impact on the bottom line.
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