A payable is an amount of money you owe to someone or an organisation. It usually is for a Bill, like an Electricity Bill, Phone Bill, maybe some Raw Materials for your clothing brand.
If you haven’t paid those bills yet, then you still the organisation/person that amount, which is called a Payable or AP.
It is very important to keep your payables under control, and to make sure that you know when to pay which person.
Accounting Softwares like HysabOne help you track who you owe money to. What is the total payable of your whole business? When did you last pay your Supplier?
To learn more about HysabOne, click here.
