Accounts payable is a detailed list of a company's debt and liability owed from the purchase of services and goods. Receiving goods without payment and buying goods on credit are both recorded as accounts payable, too. Accounts payable is also known as trades payables. Basically, accounts payable is the liability to a creditor. Staff payroll and leases are not a part of accounts payable. Accounts payable is like having a credit balance to work with. When done right, accounts payable should reflect a credit balance that is equal to the outstanding vendor invoices.
Things can move quickly in the world of government contracting and having a strong accounting department to back you.
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Small businesses are required to set up DCAA-compliant accounting systems if they want to compete for government.
As a business expands, a competent CEO realizes that the previously reliable accounting system has become a burden..