What is Accounts Payable?

First, let’s talk about the definition of Accounts Payable. Accounts payable are bills that are due to be paid by a certain time, usually within 30 to 60 days of the invoice date.

Accounts payable refers to all the amounts a business owes to its suppliers, who have extended credit to the company and now expect payment from it. The accounting department of a company is responsible for keeping track of accounts payable and reporting them on financial statements.