What is Accounts Payable?
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 Payable vs. Accounts Receivable
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.
What is an Accounts Payable Process?
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.
How can AP Process be automated/improved?
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.
Read our fact sheet to learn:
1. How all your processes can be automated with Basware Accounts Payable Automation
2. The compliance benefits you’ll experience with the system
3. How Basware’s leading technology and advanced analytics create a competitive edge