Payments 101: Electronic Payments
The Accounts Payable (AP) function is a basic, essential, and critical function: every business receives invoices, routes them for approval, and pays them upon approval. For some companies, the volume of invoices is small enough that it is a part-time function for a single person, whereas for others it is often a department staffed with several people. Regardless of size, the main objective of AP is to receive, process, and pay bills and invoices in a timely manner while using proper controls to prevent fraudulent and inappropriate payments.
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