It helps in undertaking the accountability regarding the payment of a firm’s all sort of bills to uphold the long term association with the vendors.
Roles of Payable accounting
The main responsibility of Payable accounting goes beyond the mere functions of paying inward bills and invoices. It treats as a serious and different entity in major companies; however, in small firms, both the receivable tasks and accounts payable exists in a combined form.
It is obvious that the size and turn-over decide the accounts payable; it possesses three main functions apart from paying bills.