Accounts Payable SOP (Standard Operating Procedure)

This SOP is used for managing and processing amounts owed by the company to its vendors for goods or services.

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What does it solve?
Accounts Payable, Compliance, Financial Oversight

Example
Brightview Landscaping Services recently refined their financial management by implementing an Accounts Payable Standard Operating Procedure (SOP). This SOP ensures that all vendor invoices are processed in a timely and consistent manner. Upon receipt, invoices are immediately recorded in their accounting system and assigned a due date based on vendor terms. The accounts team conducts a bi-weekly review of all pending payments, verifying the accuracy and approval of each invoice before processing payment. This methodical approach not only ensures timely payments to maintain good vendor relationships but also helps Brightview Landscaping Services effectively manage cash flow and maintain accurate financial records.

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