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As the gatekeeper for outgoing cash flows, accounts payable teams are responsible for honoring a business’s financial commitments and paying bills on time. On the balance sheet, accounts payable is classified as a liability because it refers to the payments you owe but haven’t paid yet. Yet, the hidden “liability” may be the manual processes dragging down already stretched AP teams.
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As the gatekeeper for outgoing cash flows, accounts payable teams are responsible for honoring a business’s financial commitments and paying bills on time. On the balance sheet, accounts payable is classified as a liability because it refers to the payments you owe but haven’t paid yet. Yet, the hidden “liability” may be the manual processes dragging down already stretched AP teams.