Accounts Payables and Receivables
Accounts Payable and Receivable are the feet of your business.
A company’s accounts payable (AP) ledger lists its short-term liabilities a.k.a. current liabilities — obligations for items purchased from suppliers, for example credit cards. Any and all money owed to creditors, especially short term liabilites. Accounts receivable (AR) are funds the company expects to receive, including doubtful accounts. Clients/customers who do not pay are all accounts Receivable. Accounts Receivables is listed as a current a.k.a. short term assets on the balance sheet. Accounts payables is listed as a current liability on the balance sheet.
In this way Accounts Payables and Receivables are the key components in the proccess of running any business. Specifically the books and financial records. They make up the key components of both the balance sheet and the profit loss statement.
I strongly advice checking your finsncial statements and banking records monthly in order to stay up to date on your businesses finances.
Here at Shevas Bookkeeping and Legal Services, I can manage your accounts receivables. Should I be unable to collect I will be able proceed with your Small Claims Case. From there I can help you collect the funds on your judgement.
One company’s Accounts Payable is another company’s Receivables