noun a liability in the form of a written promise to pay a sum of money owed
In finance, accounts payable is an important component of working capital management and cash flow analysis.
In accounting, accounts payable refers to the money owed by a company to its suppliers or vendors for goods or services received on credit.
In business administration, accounts payable is a key part of managing a company's financial obligations and maintaining good vendor relationships.
In taxation, accounts payable affects the timing of deductions and can impact a company's tax liability.
In auditing, accounts payable is a focus area to ensure accuracy in financial reporting and compliance with regulations.
In supply chain management, accounts payable plays a role in ensuring timely payment to suppliers to maintain a smooth flow of goods and services.
In the context of a writer, accounts payable may refer to the money owed by the writer to vendors or suppliers for services or goods purchased for their writing projects.
For a psychologist, accounts payable could include expenses related to running a private practice such as rent, utilities, or office supplies that need to be paid to maintain the business.
An accountant may deal with accounts payable as part of their job responsibilities, ensuring that bills are paid on time and accurately recorded in the financial records of a business.
A business owner is responsible for managing accounts payable, which involves tracking and paying invoices from suppliers, vendors, and contractors to maintain good relationships and ensure the business operates smoothly.