Project Management

Small Business Accounting - Accounts Payable

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Executive Summary

When a small business owner purchases stock or services from a provider, it is standard practice that the supplier will give them credit. This will then produce part of the businesses Accounts Payable. That means you do not have to pay for your purchases or any services that you call for the length of the credit period that has been granted. Your creditor forwards you an invoice which you file until it's due for payment. Accounting for your creditors and paying your invoices on time are the duties of an Accounts Payable department. Your bookkeeper must deal with many essential activities to guarantee that your Accounts Payable is managed efficiently.

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