What is the importance of accounts payable and receivable in a medical office?Give the important aspects of accounts payable and receivable in the...

Accounting is vital to every business, regardless of its nature.  In fact, proper accounting and management are the heart and soul of a successful business!  Since each company is set up for the purpose of providing an income for its owner and employees, it stands to reason that it needs to have accurate records of the money coming in and going out. There needs to be complete records of the following:  What is being spent or earned?; Where is the money being spent or earned?; When is it being spent or earned?; Why is the money being spent or earned?; Is the company making a profit or a loss?  These and many more questions can be answered if the information has been kept judiciously through the means of Accounts Receivable, Accounts Payable, Payroll, Job Costing, Inventory, Balance Sheets, and Income Statements.

I majored in and received a degree in Business Management/Accounting in college, and I can truly testify that no other single department of a company is more important than its Accounting Department!