Accounts Payable
Definition:
A company's outstanding debts, or liabilities, to vendors for purchases of goods and services made on credit
It’s important to track accounts payable in a timely manner toensure that you know how much you owe each supplier and whenpayment is due. Many a good supplier relationship has been damageddue to a sloppy accounts payable system. Also, if your suppliersoffer discounts for payment within 10 days of invoice, a goodautomated accounts payable system will alert you when to pay tomaximize the discounts earned.
