Accounts Receivable and Accounts Payable are two important components of a business's accounting system.
Accounts Receivable: Accounts Receivable refers to the amount of money a business is owed by its customers for goods or services that have been sold but not yet paid for. This is a critical component of a business's cash flow, and is usually tracked using an accounts receivable ledger.
Accounts Payable: Accounts Payable refers to the amount of money a business owes to its suppliers for goods or services that have been purchased but not yet paid for. This is also an important component of a business's cash flow, and is usually tracked using an accounts payable ledger.
Bank reconciliation is the process of matching the cash balance in a business's internal accounting records with the corresponding balance recorded in its bank statement. The objective of bank reconciliation is to identify and correct any discrepancies between the two balances.
Accounts Receivable is typically managed by a designated team or individual within a company who is responsible for tracking payments, following up on overdue payments, and updating the accounts receivable records.
Accounts Payable is typically managed by a designated team or individual within a company who is responsible for processing payments, following up on overdue payments, and updating the accounts payable records.
Our expert team of professionals at SureTax Fincare will provide necessary assistance and guidance for managing Accounts Receivable and Accounts Payable.
