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2018 Payables – A Detailed Insider Report – Infographic

Last updated: 19 Nov, 2021 By | 6 Minutes Read

The accounts payable process is extremely important since it involves almost all of a business’s disbursements that are incomplete. The accounts payable process might be handled by an accounts payable department in a big corporation, in a medium-sized company by a small staff, or by a bookkeeper and in the small businesses may be by the owner of the company.

Irrespective of the company’s size, the main task of accounts payable is to pay only the firm’s bills and invoice that are valid and precise. So before a vendor’s invoice is entered into the accounting system and programmed for payment, the invoice must replicate:

  • What had the company ordered?
  • What the company has received?
  • The proper unit costs, totals, calculations, etc.

But with the emergence of new technology, automating invoice receipt to payment has become a new trend in every business sector. Undoubtedly, the fact behind automating invoice management- to sleek the process more efficiently and save valuable time for businesses.

Thus, here’s an infographic based on the survey held by PayStream among 400 back-office across several industries and market segments for highlighting the latest trends in payable management from invoice receipt to payment.

Accounts Payable Process

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