Accounts Payable Accounting is the process of tracking and reporting on payments due to vendors and suppliers for goods or services received. It involves recording invoices, reconciling accounts, issuing payments, and managing open account balances. By keeping accurate records of accounts payable, a business can not only manage its financial obligations more effectively, but also maintain good relationships with external stakeholders like vendors and suppliers. With Accounts Payable Accounting, businesses are able to better understand their financial position, enabling them to make more informed decisions about their future.