- Prepaid expenses represent payments made in advance for future goods or services.
- They are classified as current assets because they will be used or consumed within one year.
- As time passes, prepaid expenses are gradually recognized as expenses on the income statement, reducing the asset’s value.
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Emagia is a leading provider of AI-powered Order-to-Cash (O2C) automation platform that modernizes finance operations for midsize to large global businesses. Many global businesses and shared service centers use Emagia’s Autonomous O2C to transform to digital world-class operations in credit, invoicing and payments, receivables, collections, deductions, cash application and cash forecasting. Emagia solutions improve their customers DSO, cash flow, credit risk, operational cost, compliance and profitability.