In this episode Mary Schaeffer, AP Now founder and podcast host, answers the most frequently googled accounts payable question, What Is Accounts Payable. She breaks the answer down into two components, the accounting/financial definition and a discussion of the function within the corporate structure.

Schaeffer begins with a definition of the accounting term and then moves on to the function. She notes that the accounts payable function is all about paying an organization’s bills (invoices). Schaeffer says that while this may sound rather straightforward, it is anything but simple. She lists a few of the problems that commonly occur, noting there can be many more. She notes that accounts payable departments also handle many other tasks. She discusses nine of them including 1099s, fraud protection, and expense reimbursements.

The podcast closes with Schaeffer noting that recent events will mean a number of changed best practices and process improvement opportunities. She identifies three areas where she believes change is imminent. She mentions in closing that many of the new best practices are delineated in her new book, An Accounts Payable Back-to-Work Action Plan: Tactics Every Organization Should Use When Returning from the COVID-19 Crisis (Or Any Other Crisis).

Host: Mary Schaeffer (https://www.ap-now.com/)

Credit: Music: https://www.purple-planet.com