Outstanding Expense

What is Outstanding Expense ?

Outstanding expenses refer to the expenses that a company has incurred but has not yet paid for. These expenses are typically recorded in the company's financial records as a liability, which means that the company owes money to its creditors or suppliers for goods or services that have already been received but not yet paid for.

Why is Outstanding Expense Important?

It is important for businesses to keep track of outstanding expenses, as they can impact the accuracy of financial statements and can have an effect on the business's cash flow. It is common practice for businesses to regularly review outstanding expenses and make sure that they are properly recorded and paid in a timely manner.

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