What is the primary function of "invoice processing"?

The primary function of invoice processing revolves around the steps necessary to approve, pay, and record received invoices. This process is crucial in maintaining accurate financial records and ensuring that all financial obligations are met in a timely manner.

Effective invoice processing involves several key activities. First, it includes the verification of invoices against purchase orders and receipt of goods or services to confirm accuracy before approval. Once approved, the payment is executed, which can involve various payment methods depending on the organization's procedures and the supplier's preferences. Finally, the recording of these transactions is essential for accounting purposes, facilitating tracking of expenses, cash flow management, and reporting.

The other options, while important aspects of business operations, do not directly pertain to invoice processing. Budget forecasting is primarily concerned with future financial planning, customer feedback analysis focuses on improving services or products, and managing supplier relationships deals with communication and engagement with suppliers rather than the specific administrative processes related to invoices.