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> account payable
account payable
Vendor Setup
Verify vendor information and documentation
Obtain W-9 form or equivalent tax documentation
Enter vendor details into the accounting system
Set up payment terms and conditions
Invoice Receipt
Receive invoices from vendors
Confirm invoice accuracy and completeness
Date stamp or log the invoice received
Route invoice for approval as per company policy
Invoice Approval
Review invoices for proper authorization
Cross-check invoice details with purchase orders and receipts
Resolve any discrepancies with the vendor or internal departments
Obtain necessary signatures or digital approvals
Payment Processing
Prepare payment batches based on due dates
Verify payment amounts and methods
Schedule payments in accounting software
Initiate payments via check, ACH, or other methods
Record Keeping
Maintain organized records of invoices and payments
Update accounting software with payment details
Archive copies of invoices and payment confirmations
Ensure compliance with legal and tax regulations
Reporting and Reconciliation
Generate accounts payable aging reports
Review outstanding liabilities regularly
Reconcile accounts payable with general ledger
Analyze payment trends and vendor performance
Continuous Improvement
Evaluate accounts payable processes for efficiency
Seek feedback from stakeholders involved in the process
Implement technology solutions where applicable
Train staff on updated procedures and best practices
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