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 [...]
Posted on October 7, 2019
It’s so exciting! You make a sale and you have dollar signs in your eyes. But sometimes those dollars never actually make it to your bank account. You have Bad Debt, and that can be as ominous as it sounds. How do you deal with it?   Cash Basis vs. Accrual Basis The first step in writing off an invoice in Quickbooks is to consider your reporting method. Do you report your income on a Cash Basis or Accrual Basis? Let’s look at those differences first because you will treat the Bad Debt differently depending on your basis.     If [...]
Posted on November 15, 2017
What if there were an App that connects to QBO and facilitates better cash flow, lower DSO, create fewer Bad Debts and saves you a ton of time? Would you be excited and eager to learn about it? That App does exist; it’s InvoiceSherpa. The following video shows you how QBO and InvoiceSherpa work together to improve each other and accomplish those crucial cash flow objectives. In this video you will learn: How to create thank you letters and reminders for your customers How to automate recurring payments How to invoice customers for late fees based on rules you customize [...]
Posted on September 5, 2017
Cash Flow Why It’s Important and How to Control It
Problem – Poor cash flow can kill a business. Learn more about it and how to manage it, and you increase your chances of survival. Eighty per cent of all small businesses fail in the first year. Think about that statistic for a minute. If one hundred people start a small business on New Year’s Day, only twenty of them will be celebrating on the next New Year’s Eve. The other eighty will be trying to figure out what happened. There are numerous lists that catalogue reasons why new businesses fail – poor planning, lack of understanding of the industry, [...]