Whether you’re a small business owner or a manager within an international enterprise, monitoring your spending and payments is an essential part of running a successful company. Keeping track of your finances may become complicated when working with multiple partners, businesses and suppliers. It’s also non-stop. As soon as one set of invoices has been dealt with, the next ones seem to pile up.

Being reliable in your business practices applies to your finances too, ensuring not only that your business stays in profit for the immediate future but also looking into the longer term with financial forecasting. Without some method in place, vendors and suppliers will receive late payments and become less willing to work with your business. An accounts payable process helps your finance teams to manage this and build a reputation for timely payments.