Accounts payable definition – who do you owe money to
Accounts payable refers to the bills you need to pay and is often referred to as payables or AP. If […]
Expense Management
Expenses are payments made by business owners, employees who have expense accounts and as part of the purchasing department daily procedures.
The Purchasing Department (Accounts Payable) role is orderly and organised because they go through the process of creating purchase orders and then keeping track of services provided, inventory received etc but keeping track of adhoc expenses by employees or trades people when they go about their daily activities can be much more tricky.
One of the best ways to manage Expense tracking is to use receipt capture/scanning software that scans and stores the original source document. Some receipt scanning software goes one step better and extracts the relevant data using OCR. Even better than that is when they extract the data and create the expense transaction (using the correct expense code) into your accounting software.
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