Accounts Payable refers to a general ledger account that combines the current financial obligations of the company - debts the business owes to its partners, suppliers, and creditors. Its purpose is to provide administrative and financial support to the organization - accountants are able to finalize payments and monitor expenses by processing and reconciling multiple invoices. Use Accounts Payable to manage payments of your business efficiently since this accounting instrument deals with all monetary operations of the entity outside of payroll.
You can download an Accounts Payable Template through the link below. To handle future payments your company will receive from its customers and partners, you can use an Accounts Receivable template - another useful accounting tool that allows you to keep track of the money you collect days or weeks after you provide goods and services.
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