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If you’re managing a business—and your books—you’ve probably had to learn what is accounts payable vs. accounts receivable. . Accounts payable and accounts receivable are two different sides of the same coin. What Is Accounts Payable? What Is Accounts Receivable?
What is accounts receivable (AR)? Account receivable vs account payable. Understanding the accounts receivable process. Why you need accounts receivable. Accounts receivable turnover ratio. Accounts receivable aging schedule. What to do to have fewer overdue payments. Contents: 1.
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What is accounting? Accounting for a small business usually means summarizing and analyzing financial transactions, producing accounting reports, and timely providing data for tax purposes and tax returns. It’s mostly based on accurately recording all the financial transactions in your books, hence bookkeeping.
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