Less commonly, the term is also applied to the position filled by an accounts payable clerk or accounts payable specialist responsible for performing those duties.
#Standard accounts payable process full
By understanding how it works and leveraging the right technology in conjunction with some basic best practices, you can transform your accounts payable function into a value-creation center for your business Full Cycle Accounts Payable DefinedĪlso known as the procure-to-pay process, the term “full cycle accounts payable” refers to the entire bookkeeping process of completing a purchase, from the purchase order process to the final receiving, confirming, and disbursing funds for an invoice.
Managing crucial business workflows such as full cycle accounts payable effectively is essential to protecting value creation and return on investment (ROI) while lowering overall costs and improving productivity.Ī core component of every purchase your company makes, full cycle accounts payable represents a significant opportunity to gain not just savings, but competitive advantage, improved supplier relationships, and greater productivity and efficiency. But some processes loom larger in the healthy operation and growth of a business than others. Effective business process management is important to every workflow big and small.
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