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Fast and secure invoice processing for every organisation.
Fast and secure invoice processing for every organisation
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Accounts payable refers to the process of recording, verifying, and paying all incoming invoices from suppliers on time. It ensures your organisation always has visibility into outstanding payments and when they are due. This helps avoid fines, duplicate payments, and supports an efficient cash flow.
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An effective accounts payable process consists of a number of logical, repeatable steps. By structuring and automating these where possible, you can maintain control over your payments and avoid delays or errors.
Each invoice received via post, email or a digital platform must be recorded in your accounting system. It’s important to immediately log the correct supplier, cost centre and invoice date.
Before proceeding to payment, check that the invoice is accurate. Think of the agreed price, delivered goods or services, and the correct VAT details. This step helps you avoid mistakes or duplicate payments.
It is wise to record the agreed payment terms per supplier. This way, you know exactly when an invoice is due, helping you prevent late payments.
Once everything is verified and approved, execute the payment. While this can be done manually, it’s far more efficient to use an automated payment system linked to your accounting software for accounts payable.
After payment, the invoice is archived. In addition, track which invoices remain outstanding and when it’s necessary to send payment reminders or contact the supplier.
A mistake in your accounts payable process can lead to late payments, missed discounts, or strained supplier relationships. On the other hand, a well-organised system delivers several advantages:
So, what is the definition of accounts payable? It’s more than invoice processing – it’s about control, communication, and trust.
A healthy financial administration consists of two key elements: your accounts payable and your accounts receivables management. While accounts payable ensures suppliers are paid on time, receivables management ensures customers pay you on time.
For the latter, Payt offers the ideal solution. Our software helps you get paid 30–50% faster—without losing personal contact with your clients. With automated follow-up, direct communication, and real-time insight into outstanding invoices, you stay in control of your cash flow.
Curious about what Payt can do for your business? Download our brochure or schedule a live demo below.
Accounts payable manages incoming invoices from suppliers. Accounts receivable deals with outgoing invoices to clients.
Use fixed procedures, implement approvals, and automate where possible. Also, establish clear payment agreements with your suppliers.
Duplicate payments, forgotten invoices, payments made after the agreed deadline, and unclear communication are frequent pitfalls.
Choose accounting software for accounts payable that supports payment files, provides a clear overview of outstanding invoices, and allows you to manage supplier data efficiently. For companies seeking scale and efficiency, accounts payable outsourcing services can also be considered.
