Accounts payable

Accounts payable refers to the amount of money a business owes to its creditors or suppliers for goods and services they have provided. It is a liability on the company’s balance sheet and represents short-term debts that need to be paid off within a specific time frame, often referred to as the payment terms. This typically involves invoices received from vendors, suppliers, and service providers. Businesses need to manage their accounts payable effectively to ensure timely payments and maintain good relationships with their suppliers.

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