Posted on December 2, 2019
The total in Accounts Receivable on your balance sheet is a great number to have. It means you sold some widgets or services, and someone is going to pay you for them. It’s a clear look at your future. A nice amount of money is coming your way. That’s great! But wouldn’t it be even nicer to have that money in your bank account now instead of in your future? While you will probably get that money eventually, how can you shorten the time it takes? Like in all things, start with good Communication. Are your terms clearly stated on [...]
Posted on November 6, 2019
Research has shown that  62% of invoices take 60 days or more to be paid. Unless you’re up for having to deal with the long and expensive legal process of retrieving what you’re owed, it’s best to work with your clients beforehand to prevent late payments from occurring.  Though sometimes, despite your best efforts at communication and understanding, a customer just doesn’t pay you. You know what happens to you when you pay your credit card late: You get a late fee added to your balance. Can you do that to your customers? How can you charge the late payment [...]
Posted on November 5, 2019
If you have a business, you probably know you need to track your income and expenses. But what is the best way to do that? Many small businesses begin the easy way - spreadsheets. But if you’re busy, you will very quickly find that spreadsheets are a tedious way to record everything. Even if you’re an expert at building formulas and creating macros, you’re still doing a lot of manual work. Do you have time for that? No, you don’t. Can you afford to pay someone to do that? Maybe, but your money is better spent on Small Business Accounting [...]
Posted on October 7, 2019
“One man’s trash is another man’s treasure.” “One man’s ceiling is another man’s floor.” These popular sayings serve to explain that most of what we experience in life is subject to our perspective. The same can be true in accounting: “One man’s invoice is another man’s bill.” Quickbooks uses the terms invoice and bill for very distinctive reasons. Business owners may consider them to be the same thing, but the difference is all in your perspective. So, what’s the difference between a bill and an invoice? Invoice comes from the Sixteenth Century French word envoyer, which means to send. Well, [...]
Posted on October 7, 2019
Like any good business owner, you want the best processes with the most efficient results for the least expense. You need your systems to be easy, efficient and comprehensive. One place to start is with the automation of your Accounts Receivable workflow. Some simple steps can give you great results.   Here are three major benefits of A/R automation: It’s Automatic. As the term automation suggests, it’s something you set up and then let run by itself. With a great A/R automation system, you electronically send your invoice as soon as it’s created.   The “Pay Now” Link Remember receiving [...]