Accounts Receivable and Accounts Payable: how to use in business growth ?

What is Accounts Payable?

Accounts Payable (A/P) are often roughly defined as a file or ledger account that records amounts owed to suppliers, contractors or individuals. An accounts payable clerk is liable for the weekly or monthly payment processing within a corporation. This included with such payments as; payroll, office supplies, merchandise and utilities.

The major portion of the work involves validating and processing invoices for payments, however; it does involve a couple of other processes.

Accounts Payable Services works closely with the shipping and buying departments so as to validate the supplier invoices to be paid. When a sale is formed by a corporation , a sale order is made with a singular identifier like a sale order (PO) number. This order records the date on which the initial order was made, expected arrival date of shipment, number of units purchased, cost per item and any shipping charges indicated by the supplier.This is a particularly useful tracking method for shipments coming into the corporate . If a shipment isn't received by the expected date, you'll be reminded to follow up with the supplier. Once the products have arrived, they typically accompany a packing slip or (bill of lading) attached to every box. This is what's employed by the shipper to verify what has actually been received.

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Infographic:Differences Between Accounts Receivable and Accounts Payable

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