Accounts Payable (AP) is a fundamental aspect of financial management for businesses, representing the money a company owes to its suppliers or vendors for goods and services purchased on credit. Essentially, it's the opposite of accounts receivable, which is money owed to a company by its customers. Efficient management of accounts payable is crucial for maintaining good relationships with suppliers, managing cash flow effectively, and ensuring the company's financial health. It involves attention to detail, adherence to payment deadlines, and effective communication both internally and with external suppliers.