WHAT DO YOU MEAN BY DEBTORS & CREDITORS:
- One of the most common terms in accounting is Debtor. Debtors are individuals or entities that have debts to another party, such as companies or individuals. In most cases, they have to pay both the principal and interest on the debt.
- A Creditor(Supplier) is a type of organization or individual that provides goods or services to customers.
- Some of the services that a supplier provides include electricity, water, and telecommunications. Other services such as email, stationery, and transport are also supplied by suppliers.
- You might have sub-contractors providing other services if you are a trade business. These include manufacturers, producers, distributors, and engineering companies.
- A supplier provides transport, electricity, telephones, IT, stationery, and website hosting services.
- At TandA, we use SAGEONE. Our Financials software allows you to manage your business accounts easily. It is designed to provide you with a complete view of your transactions and can easily view or print Debtors’ & Creditors’ Accounts.
- We can help your company to reduce costs and improve the efficiency of your business.