Understanding The Accounts Payable Cycle: A Step-By-Step Guide

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Understanding The Accounts Payable Cycle A
Step-By-Step Guide
The accounting payable cycle refers to the
process by which businesses manage and pay their
outstanding bills to suppliers, vendors, or other
creditors. It's an essential part of a companys
cash flow management and involves several steps
that ensure timely payments, accurate
record-keeping, and good relationships with
suppliers. Below is a breakdown of the typical
accounts payable cycle-
Step 1 Receiving the Invoice
Step 2 Verifying the Invoice
Step 3 Approving the Invoice
Step 4 Recording the Invoice