Accounts Payable Accounts are an essential part of any business’s financial system. They refer to the amounts owed by a company for goods and services received, but not paid for in full. This means that at any given time, these accounts can consist of short-term debt, accrued expenses, and liabilities. Simply put, Accounts Payable Accounts record any money that is owed and must be paid off in the future. An efficient Accounts Payable system is essential for any successful business, as it helps to manage cash flow and properly document payments.