The meaning of account payable refers to the obligation that a given company has towards its suppliers or creditors on the goods acquired using credit. It is a major component of current liabilities and depicts short term debts a company is liable to pay off within 30- 90 days. Timely tracking of account payables helps an organization to plan its expenditure, sustain relations with suppliers, and honoring their financial commitments in time. It is also important in the formulating of reliable and accurate financial reports

Source: accountingbyte.com/accounts-payable

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Accounts payable, in financial terms, refers to the amounts a business owes to its suppliers or vendors for goods and services received but not yet paid for. It’s a key short-term liability on the balance sheet that reflects outstanding obligations. Just like a reliable New York Roofing Company ensures timely payments to contractors and suppliers to keep projects running smoothly, effective management of accounts payable is essential for maintaining good business relationships and healthy cash flow.