Businesses make advance payments for a variety of different expenses. Any expense that is paid in advance of actually receiving the benefit of the payment is considered a prepaid expense for ...

Keeping accurate accounting records is an important part of running a successful small business. In addition to protecting your business in case of an audit, organized records help provide a picture ...

An expense account sounds simple enough, but it actually means two different things in business. First, it's the process that lets employees pay for work expenses and get reimbursed by their company.

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Accounts payable (AP) are often mistaken for a company's core operational expenses. However, they are presented on the company's balance sheet and the expenses that they represent are on the income ...