Accounts Payable refers to the money a company owes to its suppliers or vendors for goods and services received but not yet paid for. This is a crucial part of a business's financial management, as it helps track outstanding bills and ensures that payments are made on time to maintain good relationships with suppliers. Managing Accounts Payable involves keeping accurate records of invoices and payment due dates. Companies often use accounting software to streamline this process, making it easier to monitor cash flow and avoid late fees. Proper management of Accounts Payable is essential for maintaining a healthy financial position.