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  What is Accounts Payable? Accounts payable appears on company’s balance sheet as a current liability and represents company’s current obligations to suppliers and service providers for good and services received by the business. It is a short-term debt which needs to be paid within a specific period of time. What is Accounts Payable Management ? Accounts payable management refers to the policies and procedures used by a company with respect to managing trade credit purchases. An organised accounts payable process ensures that all the invoices due are tracked and paid properly and there are no overdue charges or late fees to be paid for the dues. Accounts Payable Management Tips 1.  Standardise and simplify your accounts payable process a. I t is easy to simplify your accounts payable process by reducing your check runs and keeping all invoices ready before sending it for approval and signoff b.  Inform your accounts payable team of the cash disbursements limit (if any)...

How to manage Account Receivable effectively? Accounts Receivables  affects cash flow of any organization. Slow customers would require you to draw down your cash reserves to sustain ongoing business operations. Besides, as customer account balance get older, the probability of collecting those accounts diminishes. Here are some of the  best practices could improve the receivables process  and thus help improve cash flow, and maintain a healthy the bottom line: Raising Invoices from the System Now a days most of the financial system facilitates issuing invoicing directly from the system on meeting a pre-determined criterion i.e. on delivery of goods or end of the month, etc. This will ensure your customers receive your invoices on time without manual intervention.  In addition, generating invoices through the system reduces chances of errors in invoice preparation. Multiple Online Payment Options An increasing number of businesses are now receiving and paying using E...