Accounts Payable: A Day in the Life

A mythical look at a Day in the Life of Accounts Payable reveals just how many different areas in an organization interact with #accountspayable. Taking a look at Accounts Payable: A Day in the Life is eye-opening for many controllers, CFOs and other finance executives as they don’t realize just how many responsibilities are handled in accounts payable.

The numerous accounts payable duties and accounting duties are addressed in this broadcast as is the role of accounts payable in the accounting and finance chain. Typically, the accounts payable function is part of the #accounting group and reports to the #controller. Accounts payable is sometimes linked with procurement, especially in those companies that have a procure-to-pay department or function. In this case, procure-to-pay is sometimes referred to as P2P or purchase-to-pay.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses. This imaginary view of a Day in the Life of Accounts Payable the number of different groups in an company interrelate with accounts payable.

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Link to playlist from AP Appreciation Week (including Payment Innovation)
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Host: Mary Schaeffer (www.ap-now.com)