Accounts Payable and Accounts Receivable are the two sides of a business transaction. Accounts Payable is the amount owed to suppliers and others by a company for goods or services received. Accounts Receivable is the amount owed to the company by its customers for services rendered or goods sold. Both Accounts Payable and Accounts Receivable are important records for any business, as they track the flow of money in and out of the company. To keep a business running smoothly, it’s essential to stay on top of both these accounts, allowing you to make informed decisions about where to spend and where to save.