Accounts and Notes Receivable is a fundamental financial concept used to manage and track a business’s debt. Essentially, it is the sum of money owed to a company that has not been paid. This includes customer invoices, short-term loans or any other type of debt owed to the company. To maintain financial health, businesses must have an efficient system in place to monitor and follow up on these accounts – hence the term ‘Accounts and Notes Receivable.’ Having control over who owes you money and when they are likely to pay is invaluable for a business’s long-term profitability and sustainability.