Accounts Payable: A Day in the Life [Hardest Accounting Job - Really]

A mythical look at a Day in the Life of Accounts Payable reveals just how many different areas in an organization interact with #accountspayable. Taking a look at Accounts Payable: A Day in the Life is eye-opening for many controllers, CFOs and other finance executives as they don’t realize just how many responsibilities are handled in accounts payable.
The numerous accounts payable duties and accounting duties are addressed in this broadcast as is the role of accounts payable in the accounting and finance chain. Typically, the accounts payable function is part of the #accounting group and reports to the #controller. Accounts payable is sometimes linked with procurement, especially in those companies that have a procure-to-pay department or function. In this case, procure-to-pay is sometimes referred to as P2P or purchase-to-pay.
Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses. This imaginary view of a Day in the Life of Accounts Payable the number of different groups in an company interrelate with accounts payable.
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Host: Mary Schaeffer (www.ap-now.com)

[@chickenplotpie]

This hits a little too close to home. I felt stressed out after watching. LOL!!!

[@APNow]

Oh you made me laugh ... thank you😃

[@SabrinaCarryon]

This resumes perfectly a day in my life. Welcome to my world! 😅

[@APNow]

Thanks for sharing that ... and giving me a good laugh!!!

[@AdelitaWilliam-dl7ci]

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

[@APNow]

that is very kind of you to say. Thank you.

[@danzupubgm345]

Hello please any excel sheets for date to date follow up ❤❤❤

[@lynnlarson1320]

I'm guessing she never finished the lunch that the colleague brought to her. In all seriousness, though, the day you described sounds pretty typical, which is unfortunate. A common theme is that everyone needs "just a few minutes" of AP's time and everyone thinks their issue justifies an immediate response.

[@APNow]

Exactly, Lynn - a few minutes can easily turn into half an hour - or more!!

[@naimaabdullahi7994]

I am starting AP specialist for EMEA. Can you please explain step step performing month-end process for AP. Thank you

[@APNow]

Every organization will have a different month end process depending on a variety of factors including what ERP they are using. See if you AP department has a policy and procedures manual. It would be in there

[@staciwalcott4616]

That seems to be my day all the time. Mary, are Bank Reconciliations and Financial Reports inclusive to AP?

[@APNow]

Sometimes - it depends on how large the AP staff is and how the accounting functions are organized.

[@staciwalcott4616]

I work for a private school and I'm the only AP person and report directly to the CFO. I'm doing full cycle AP and more it seems

[@APNow]

@@staciwalcott4616 Alas, you have a lot of company!!!

[@AccountsPayableNow]

what else could go wrong???

[@nicholyse]

Typical day 😭 ohhhh man I need some help over here

[@APNow]

Thanks for making me laugh