A/P Accounting Definition
A/P accounting is the process of recording and managing invoices and payments from suppliers. This can involve maintaining a system to track invoices and payments, issuing payments to suppliers, and reconciling accounts with supplier statements.
A/P accounting is a critical part of effective financial management for any business. It helps businesses keep track of money owed to suppliers, manage cash flow, and avoid late payment penalties. Maintaining accurate records can also help businesses negotiate better terms with suppliers.
