What is the key function in Accounts payable?

The accounts payable function of accounting is an area that requires close monitoring and accurate record keeping, unless you ‘d like to pay for things you don’t receive. Everything that you purchase in the course of operating your business is termed an “account payable”.

• what the company had ordered
• what the company has received
• the proper unit costs, calculations, totals, terms, etc.

One of the most important lessons to be absorbed here, is not only the balancing and checking of the receiver and invoice, but the timely processing of the invoice to a payment.