FreshBooks Software is a valuable tool that can help businesses efficiently manage their financial health. Liabilities are one of 3 accounting categories recorded on a balance sheet, along with assets and equity. AP typically carries the largest balances, as they encompass the day-to-day operations. AP can include services, raw materials, office supplies, or any other categories of products and services where no promissory note is issued. Both accounts payable and notes payable have a direct impact on your business’s…