Accounts Payable (AP) and Accounts Receivable (AR) are essential components of financial operations that ensure smooth cash flow and fiscal accountability.
Accounts Payable involves managing outgoing payments—tracking vendor invoices, scheduling payments, and maintaining accurate records to avoid late fees and preserve vendor relationships.
Accounts Receivable, on the other hand, focuses on incoming funds—issuing invoices, monitoring customer payments, and following up on outstanding balances to maintain liquidity. Together, AP and AR provide a clear picture of an organization’s financial health, enabling better budgeting, forecasting, and strategic planning.
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