ACCOUNTS PAYABLE POLICY

OVERVIEW

This Accounts Payable Policy outlines the set guidelines and procedures to ensure accurate and timely payments to vendor invoices. This policy establishes a comprehensive framework for the systematic and effective management of financial integrity and accounts payable processes at [INSERT THE NAME OF THE COMPANY].

1. PURPOSE
   1. The purpose of this policy is to provide clear and structured guidelines for the management of vendor invoices and payments at [COMPANY NAME].The Policy emphasizes accurate verification of invoices, prompt resolution of discrepancies, adherence to payment terms and recordkeeping. It also addresses fraud preventive measures and compliance with legal regulations. By prioritizing accuracy, efficiency and transparency, this policy aims to ensure the timely and secure handling of vendor invoices while promoting financial control and fraud prevention within the organization.
2. SCOPE
   1. This policy applies to employees or any individual related to the management of accounts departments payable at [INSERT THE NAME OF THE COMPANY].
3. ROLES AND RESPONSIBILITIES
   1. A designated team or Accounts Payable department will be responsible for managing vendor invoices for reviewing and approving invoices related to their respective areas.
   2. Only Authorized personnel are allowed to approve payments in a timely manner. Any discrepancies should be promptly addressed with the Vendor and resolved before processing the Payment.
   3. The Accounts department is responsible for maintaining accurate and organized records of all invoices and payments. Periodic reports on accounts payable status should be generated and reviewed accurately.
   4. The Accounts Payable Department shall maintain secure access to financial systems to prevent any unauthorized access.
4. CONFIDENTIALITY, INFORMATION SECURITY, PROPRIETARY INFORMATION AND INTELLECTUAL PROPERTY
   1. We are committed to business information confidentiality, integrity and accessibility, we implement proper technical security measures and it is our staff’s obligation to uphold this. Proprietary information includes all non-public information that might be harmful to the company or its customers, business partners if disclosed to unauthorized parties. All members must handle any such information as secret. It also covers that, no one is entitled to trade with securities while in possession of non-public information or deliver non-public information to others that could have an impact on the securities. Every rule ensuring information security must be followed all the time.
5. RELATIONSHIP MANAGEMENT
   1. Positive vendor relationships are essential; regular communication, issue resolution, and feedback mechanisms will be established.
   2. Open and transparent communication is encouraged to foster collaboration and mutual benefit.
6. COMPLIANCE
   1. Compliance with this policy and applicable laws should be regularly monitored and audited to identify and address any potential gaps or non-compliance.
   2. Any identified breaches or non-compliance should be promptly investigated and appropriate corrective actions should be taken.
7. CHANGES TO THE POLICY
   1. We reserve the right to update and make changes to this policy from time to time based on the working conditions of the Company. The Company on updating this policy will inform the members of the Company.
8. FURTHER INFORMATION
   1. For any queries or further Information regarding our Company or about this Policy, the concerned person can contact us through email[INSERT THE EMAIL ADDRESS OF THE COMPANY]
9. ACKNOWLEDGEMENT
   1. We expect all employees to adhere to this policy of the Company. The Company will apply this policy consistently and fairly to ensure a harmonious and productive workplace for all.
   2. By signing below, you acknowledge that you have carefully read and understood the terms and contents of this policy.
   3. You acknowledge that you will follow the set guidelines of this policy as well as of the Company and failure to do so, the Company can take Disciplinary action against such person.

COMPANY      

[INSERT THE NAME/DESIGNATION OF SIGNING AUTHORITY OF COMPANY]              

Authorized Signature