Balance Sheet Accounts Payable is an entry in your business’s books that reflects what your company owes to suppliers and other creditors for goods and services received but not yet paid for. In practice, Accounts Payable is a liability account, the opposite of an asset. Businesses track this information on their balance sheets, which provide an organized snapshot of a company’s financial situation at any given time. A strong understanding of your Accounts Payable can help you save money, monitor your payables cycles, manage your cash flow and more.