noun a liability account in a general ledger representing the company's obligation to pay suppliers or vendors for goods or services purchased on credit
In finance, accounts payable is an important part of a company's working capital management, as it represents a liability that must be paid off in the near future.
In accounting, accounts payable refers to the money a company owes to its suppliers or vendors for goods or services received.
In business administration, accounts payable is often managed by the finance department to ensure timely payments and good relationships with suppliers.
In supply chain management, accounts payable plays a role in maintaining smooth transactions with suppliers and ensuring the availability of necessary goods and services.
In small business management, monitoring accounts payable is crucial for cash flow management and maintaining financial stability.
In the publishing industry, writers may have accounts payable for expenses related to research materials, travel, and other business-related costs.
Psychologists may have accounts payable for office rent, utilities, and other business expenses related to running a private practice.
Accountants often deal with accounts payable as part of their job responsibilities, managing the payment of invoices and tracking expenses for their clients.
Business owners are responsible for accounts payable, ensuring that vendors and suppliers are paid on time and managing cash flow effectively.
Procurement managers oversee accounts payable processes, managing vendor relationships and negotiating payment terms to optimize cash flow for the organization.