Accounts Payable Best Practices Explained

Accounting is one of the crucial elements of any business. To turn any profit, you need to have a firm grasp on the way your money is circulating, keep track of your balance, debit, and credit. And the responsibilities don’t end here: without sharp accountants, you could risk tax-related legal issues and fraud as well.

Of course, accounting can look somewhat different in businesses of various complexity. However, in this beginner-friendly course for accounts payable best practices, I will introduce one of the elements of accounting that is as important to Apple, Inc. as it is to a student who does freelance in their spare time.

Understanding the accounts payable best practices

The accounts payable process is one thing all businesses have in common, regardless of their size and profitability. In their essence, accounts payable simply represent the bills to be paid in a short period of time.

Even though no payment has been sent, the sale itself is considered done, and the supplier of the goods is called a creditor. Utility bills, such as consumed electricity, can also be regarded as accounts payable. Think about it: you use the service first and pay the bill later. This means not only companies, but most individuals actually have personal accounts payable, too.

Every time you order or receive something without transferring money upfront, the bill you get is a part of accounts payable. It really is that simple – however, you still need to have the know-how to do it right. In this course, I will share the accounts payable best practices and explain how AP accounting works.

The tips you're about to hear are applicable in all kinds of business – no matter the specifics of your workplace, you will be able to put the newly gained knowledge on the accounts payable process to practice.

The best accounts payable tips – straight from a professional

The best teachers are the ones who have gone through every step themselves. Having over two decades of experience in the areas of finance and accounting, I am an expert in AP accounting, as well as managing accounting departments, preparing and presenting financial reports.

To me, accounts payable best practices are not merely theories learned from a textbook – instead, it’s real-life lessons I have learned again and again. Getting to know the best accounts payable tips before you dive into the world of AP accounting can be extremely valuable, as it prevents running into the most common mistakes a lot of beginners tend to experience due to their lack of experience.

As a business professional, I also know every minute counts – therefore, I have created my course to be as concise and informative as possible. In fourteen time-saving lectures, you will learn all about the accounts payable process, as well as how to work more efficiently, reduce errors, and prevent fraud. That’s right – you will get all the accounts payable best practices, as well as valuable tips in just under an hour!