Supplier Management

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August 31, 2024 5 min read Definitions

Trade Payables: An Essential Component of Business Finances

Finance Accounting Trade Payables Accounts Payable Current Liabilities Business Finance Supplier Management

Trade payables, also known as accounts payable or trade creditors, represent the amounts owed by a business to its suppliers for goods and services purchased on credit. They are classified as current liabilities on the balance sheet and play a crucial role in managing the liquidity and operational efficiency of a business.

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