Payables & Receivables

When broken down, the complexities of a small business come down to accounts payable vs accounts receivable or money that customers owe you versus money that you owe suppliers. The term “accounts payable” refers to the credit your business owes to suppliers and vendors. These accounts can include various expenses, from travel costs to subscription fees and inventory payments. Paying these short-term obligations accurately and quickly is vital to maintaining healthy business credit scores and vendor relationships.

On the other hand, the term “accounts receivable” includes any monetary amount customers owe to your business. Many companies allow some percentage of sales to initiate on credit. Because these assets can convert to cash in the future, and because you have already provided your expert services, keeping accurate records and sending timely invoices is critical to receiving every penny you have earned from accounts receivable for small businesses.

At VFO, our team of expert small business accountants are on a mission to relieve the stress of tedious invoice processing, data management, purchase orders, payment collections, and reconciliation. We are passionate about optimizing our accounts payable and receivable solutions to ensure that your business flourishes by maintaining accurate financial records to promote healthy relationships with your suppliers and customers while securing your receivable cash flow. To learn more about how we can relieve the stress of AP and AR documentation from your small business with our accounts payable and receivable services, or to schedule a FREE 30-MINUTE CONSULTATION, get in touch at support@lme.qtb.mybluehost.me or schedule a meeting online.