Accounts Payable Hub

Delving into any new technology can be daunting, especially for a small business. When it comes to effective cloud spend management, there are a lot of advantages one can reap.

Full cycle accounts payable, as the name implies, is the complete cycle that an accounts payable department goes through to complete and archive a purchase. This journey includes:

Source to pay (S2P) is a business process that obtains services or raw materials from suppliers using strategic sourcing and concludes with the payment for those goods and services via the accounts payable office. Procure to pay (P2P) is a similar process that doesn’t use strategic sourcing.

Multilateral netting offers busy AP Offices more advantages than disadvantages.
With the many digital AP management tools available on the market today, busy offices shouldn’t have to pour through hundreds or even thousands of invoices every month. A netting system makes processing large volumes of intercompany payables faster and easier, thus resulting in more efficient
AP departments. 

Vendor management is the process of supporting and empowering vendors through establishing and nurturing long-term relationships with them. The method includes finding and choosing the right vendor for the company’s needs, controlling the costs and vendor risks, and paying for the services and goods consumed. The term ‘vendors’ also refers to suppliers or service providers.

Accounts payable are defined as what a business owes, including a business’s short-term debts to vendors, suppliers, and creditors for the goods and services the company has received and has yet to pay.