The accounts payable function facilitates the payments for goods provided and services rendered by vendors. Activities include setting up approved vendors, entering authorized/approved invoices, accruing when necessary, cutting checks to vendors, obtaining appropriate approvals and mailing checks. This process allows vendors to participate in and cooperate with joint quality, service and cost-control efforts. It also gives them an opportunity to become involved in helping the company achieve payables' strategic objectives.
This benchmarking tool focuses on key performance indicators (KPIs) for the accounts payable process.