Managing Accounts Payable and Receivable is the practice of tracking, organizing, and maintaining information on all business transactions that involve payments made to and by a company. This includes tracking invoices, bills, payment terms, interest terms, and payment histories. It also involves keeping accurate records of who owes what and when payments are due. By utilizing good organizational practices and effective financial management, companies can reduce their risk of falling behind on payments and ensure that their accounts remain in good standing.