A
Accounts Payable
Accounts payable (AP) refers to any short-term financial obligations a buy-side firm has with vendors. The AP team is responsible for reviewing these obligations, validating invoices, and ensuring that all outstanding payments are processed accurately and on time.
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Approval Workflow
The internal process of securing approval from authorized stakeholders to verify the accuracy of invoices, payments, and other accounts payable (AP) documents.
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C
Contract Tracking/Management
The process of tracking and managing agreements (contracts) with vendors or suppliers, including contract terms, pricing agreements, invoice validation, and renewal timelines.
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D
Duplicate Payments
A type of accounts payable (AP) error that occurs when a vendor or service provider is paid more than once for the same invoice or obligation.
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E
Expense Allocation
Distributing shared business expenses across various departments, projects, or entities in order to ensures accurate financial reporting, cost tracking, and profitability analysis.
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Expense Allocation Policy
The rules and formulas used to calculate what percentage of a given shared business expense is allocated to a specific department, project, or entity.
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I
Invoice Processing
The end-to-end accounts payable (AP) workflow of receiving, validating, approving, and paying vendor invoices, along with recording the related transactions in the general ledger.
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R
Reimbursement
The repayment of employees for approved business expenses, such as travel and entertainment.
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T
Track Aging Invoices
The process of categorizing unpaid invoices by vendor and the length of time they have been outstanding, typically in 30-day increments, to help manage cash flow and payment priorities.
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V
Vendor Management
Sourcing, selecting, onboarding, and managing third-party suppliers, vendors, and service providers, including ensuring the services provided align with contractual obligations.
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Vendor Payments
Payments made to third-party suppliers, vendors, and service providers for services rendered, typically after an invoice has been submitted and approved by the accounts payable (AP) team.
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W
Wire Detail Verification
The process of verifying recipient bank information (account name, account number, routing/SWIFT) through a trusted, independent channel before initiating a transfer, in order to prevent fraud and errors.
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