Accounts payable is the current liability account in which a company records the amounts it owes to suppliers or vendors for goods or services that it received.
Accounts receivable and accounts payable are opposites. Accounts payable is the money a company owes its vendors, while accounts receivable is the money that is owed to the company, typically by customers.
The full cycle of the accounts payable process includes the following: approving invoices, matching invoices and vendor records, issuing payments to vendors or suppliers, and recording all payments.
The more invoices a company has to process and the more manual that process is, the higher the average is to process an invoice. Conversely, the more automated a company’s AP process is, the lower the cost is to process invoices.
Basware Accounts Payable Automation is the leading cloud solution that automates AP and captures 100% of your invoices. We help to capture 100% of your invoices. We help to connect and onboard 100% of your suppliers regardless of size or sophistication. We can help to ensure 100% user adoption for e-procurement solution. That, together with advanced analytics makes us the only provider that can truly deliver 100% visibility over spending
Say goodbye to paper invoices and manual processes with Basware Accounts Payable Automation, the only cloud solution that automates AP and captures 100% of your invoices.