Account Payable

Accounts payable objectives include making timely vendor payments, maintaining accurate data, nurturing positive relationships with suppliers, and researching ways to save money and improve the bottom line. All of these objectives help guide the overall accounts payable process.

What is the benefit of managing accounts payable?

Managing invoices promptly and accurately is key to maintaining good relationships with suppliers. A good accounts payable system also ensures you don't have liabilities on your books for too long, avoiding the risk to business confidence.

Employee Benefit Payables means gross Employee wages and salaries, incentive compensation, bonuses, commissions, workers' compensation, sick pay, dues, vacation, pension and retirement payments (including any matching, profit sharing or other employer contributions to any defined contribution pension plan, any minimum.

The purpose of the accounts payable ledger and its subsidiary accounts is to display a company's debt to each of its creditors, suppliers or vendors in a spreadsheet to more accurately track.