This essay focuses on collection of any outstanding account. Depending on the terms for repayment, the amounts are typically due immediately or within a short period

collection of any outstanding account

receivable from the sale of the product.

Accounts payable is a current liability account that keeps track of money that you owe to any third party. The third parties can be banks, companies, or even someone who you borrowed money from. One common example of accounts payable are purchases makefor goods or services from other companies. Depending on the terms for repayment, the amounts are typically due immediately or within a short period of time.

What are Accounts Receivable?

Accounts receivable is a current asset account that keeps track of money that third parties owe to you. Again, these third parties can be banks, companies, or even people who borrow money from you. One common example is the amount owed to you for goods sold or services your company provides to generate revenue.

Current liabilities are a company’s obligations that require the use of current assets or the creation of other current liabilities to satisfy the obligations.
The nearness to cash of the current assets is indicated by their placement on the balance sheet. Current assets are listed on the balance sheet in descending order of their nearness to cash. Liquidity is, of course, a matter of degree, with cash being the most liquid of all assets. With few exceptions, such as prepaid insurance, most current assets are convertible into cash. However, accounts receivable is closer to being convert into cash than is inventory. An account receivable need only be collect to be convert to cash. An item of inventory must first be sell; then assuming that sales of inventory are on account, the account must be collect before cash is realize.

details;

Firstly, be sure

Secondly, integrity

Thirdly, be fast

Further, be creative

lastly, be sober

lastly, be fast