Process for Verifying and Processing Invoices in Accounts Payable

When it comes to verifying and processing invoices in accounts payable, our team follows a meticulous process to ensure accuracy and efficiency.

Steps:

1. Receipt of Invoices: Upon receiving invoices, we verify that they are legitimate and accurately reflect the products or services provided.
2. Matching Invoices to Purchase Orders: We cross-reference each invoice with the corresponding purchase order to validate the accuracy of the billing.
3. Verification of Terms and Payment Conditions: We review the payment terms, due dates, and any applicable discounts to ensure timely and correct processing.
4. Approval Process: Invoices are then forwarded to the relevant departments for approval and verification of the goods or services received.
5. Entry into Accounts Payable System: Once approved, the invoices are entered into our accounts payable system for payment processing.
6. Payment Processing: Finally, payments are made to vendors based on the established terms and conditions.

By following this comprehensive process, we maintain accurate financial records and ensure timely payments to our vendors, ultimately fostering strong supplier relationships.