What are the key accounts payable responsibilities and duties in accounting?

[Vivaan]

How do accounts payable responsibilities duties impact cash flow?
Why must accounts payable responsibilities and duties be handled carefully?

 

[MitchelThe]

Basically, AP is like your company’s personal wallet manager but with way more paperwork. Miss a payment? Vendors get cranky. Pay too early? You’re basically giving them free interest. Balance is key… and coffee. Lots of coffee.

 

[Leo]

Key accounts payable responsibilities include processing and verifying invoices, matching them with purchase orders, managing vendor payments, maintaining accurate financial records, reconciling statements, ensuring timely payments, handling tax compliance, and supporting audits while controlling cash flow.