Virtual Business Management Vocabulary

Accounts Payable
Accounts payable is money owed by a business to its suppliers shown as a liability on a company’s balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents.
Accounts Receivable
Accounts receivable is a legally enforceable claim for payment held by a business against its customer/clients for goods supplied and/or services rendered in execution of the customer’s order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame.
AP Specialist
Accounts payable specialists are a type of accounting clerk who work for companies to make sure bills are paid.
AR Specialist
Employee
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Order Processor
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Profit
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Systems Administrator
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