Question

Importance of accounts receivable and accounts payable

Answer 1

Answer:

Accounts payable refer to money that a company owes for good and services, while accounts receivable are the amounts a company can collect from consumers for goods and services. ... The main thing they do is track payments and send out invoices to ensure that they receive payment for the services they provide.

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Answer 2

Explanation:

To run your small business, you need money in the bank (cash flow) to pay your bills. Accounts Receivable is money your small business is waiting to receive from your customers. Accounts Payable is money to be paid by your company for products or services provided by a vendor.