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Will You Add? - Accounts Payable Help - 10 Tips for New Businesses and Entrepreneurs
If you are an business owner or a sales manager who is responsible for the success of your sales team, you know that it is necessary to constantly evaluate the team's performance. Your ongoing business success is determined by continuous training so that the team has the best tools and strategies available. When you evaluate your team's statistics, it's also a good idea to apply this simple ten question test to measure whether your team is undertrained and perhaps requires a little extra help. Every day you do your best, but is it enough?1. Do members of your sales staff often lose more sales opportu
For Call Center managers, it is not a pipe dream to improve employee moral while increasing productivity. It may even come easy to some to find fresh, new ways to reduce performance problems. Sound like an advertisement for something unattainable? Perhaps try to engage, involve, and connect employees to their work by the power of ASK.Of course Call Center managers encounter unique problems and situations each day for which they are required and expected to resolve regardless of other demands. To find solutions, managers must analyze statistics, review current processes, and identify needs within the team. Howeve
Once a consistent procedure is developed, the accounts payable process can go smoothly. If you are in business by yourself and cannot afford to hire outside help, here are ten tips to help establish a consistent accounts payable process:
1. Purchase accounting software with an accounts payable module. In today’s business and computer world, some may wonder why this even needs to be a suggestion in a list such as this. Surprisingly, Internet research indicates that up to one-half of micro businesses (defined as under ten employees) do not use accounting software, instead using spreadsheets or even paper ledgers.
The advantages of using accounting software with an accounts payable module are tremendous and far outweigh the cost and learning curve. When used correctly and consistently, the software will serve several important functions: a reminder as to when bills are due; a generator of payments; and a recorder of payments into the checking register. The time savings alone over doing these functions manually warrant the purchase of accounting software.
2. Utilize the vendor’s auto-debit or auto-charge feature, if available. Utility companies, and other types of companies who have recurring payments, often offer auto-debit or auto-charge services. When used, the amount due is automatically deducted from the business checking account, or charged to the business credit card, on the date shown on the invoice. Often, the paper invoice is still mailed, but sometimes the vendor insists on emailing invoices when this service is activated. Either way, the invoice is available for viewing before the amount is deducted or charged. When used in conjunction with accounting software, the amount can be post-dated into the checking register or credit card register. If the company has a good and consistent cash flow, this procedure saves time an
Every printed piece that you receive in the mail, every magazine that you read and every business card that is handed to you is a custom piece. The printing process is loaded with variables that occur throughout the each step. You could spend thousands of dollars paying an Advertising Agency to create an award winning marketing piece only to have the job ruined due to a lack of communication between the estimator and the customer.This article is not here to completely take the side of the printing company. However, this article is provided to help educate and promote consistency throughout the industry. Let's look at
1. Purchase accounting software with an accounts payable module. In today’s business and computer world, some may wonder why this even needs to be a suggestion in a list such as this. Surprisingly, Internet research indicates that up to one-half of micro businesses (defined as under ten employees) do not use accounting software, instead using spreadsheets or even paper ledgers.
The advantages of using accounting software with an accounts payable module are tremendous and far outweigh the cost and learning curve. When used correctly and consistently, the software will serve several important functions: a reminder as to when bills are due; a generator of payments; and a recorder of payments into the checking register. The time savings alone over doing these functions manually warrant the purchase of accounting software.
2. Utilize the vendor’s auto-debit or auto-charge feature, if available. Utility companies, and other types of companies who have recurring payments, often offer auto-debit or auto-charge services. When used, the amount due is automatically deducted from the business checking account, or charged to the business credit card, on the date shown on the invoice. Often, the paper invoice is still mailed, but sometimes the vendor insists on emailing invoices when this service is activated. Either way, the invoice is available for viewing before the amount is deducted or charged. When used in conjunction with accounting software, the amount can be post-dated into the checking register or credit card register. If the company has a good and consistent cash flow, this procedure saves time a
As the adage goes: Prevention is better than cure. In medical practice, prevention of the disease before its onset is better than giving medication when it is already malignant or full-blown. Getting it right early is much better than subsequent expensive treatments. Furthermore, when you lose your health, the road to recovery gets longer and rougher. Prevention is the name of the game for individuals and companies.Just like people, most companies get into trouble simply through sheer neglect. Through the lack of monitoring, the accumulation of toxins or disease causing pathogens are allowed to perpetuate
The advantages of using accounting software with an accounts payable module are tremendous and far outweigh the cost and learning curve. When used correctly and consistently, the software will serve several important functions: a reminder as to when bills are due; a generator of payments; and a recorder of payments into the checking register. The time savings alone over doing these functions manually warrant the purchase of accounting software.
2. Utilize the vendor’s auto-debit or auto-charge feature, if available. Utility companies, and other types of companies who have recurring payments, often offer auto-debit or auto-charge services. When used, the amount due is automatically deducted from the business checking account, or charged to the business credit card, on the date shown on the invoice. Often, the paper invoice is still mailed, but sometimes the vendor insists on emailing invoices when this service is activated. Either way, the invoice is available for viewing before the amount is deducted or charged. When used in conjunction with accounting software, the amount can be post-dated into the checking register or credit card register. If the company has a good and consistent cash flow, this procedure saves time a
Franchisors of home based and mobile businesses need to carefully watch their franchisees who innately try to hunt in their fellow franchisees territories. The most important advice a franchisor should give the franchised outlets in this case is to work it out themselves. A simple policy is best for example here is a possible excerpt from a franchise manual which lays out some basic understandings:“The franchisees should be able to work out any problems you may have among yourselves. If you do have problems, here is the chain of command: Talk to neighboring franchisee; Put it in writing with the neighboring franchis
2. Utilize the vendor’s auto-debit or auto-charge feature, if available. Utility companies, and other types of companies who have recurring payments, often offer auto-debit or auto-charge services. When used, the amount due is automatically deducted from the business checking account, or charged to the business credit card, on the date shown on the invoice. Often, the paper invoice is still mailed, but sometimes the vendor insists on emailing invoices when this service is activated. Either way, the invoice is available for viewing before the amount is deducted or charged. When used in conjunction with accounting software, the amount can be post-dated into the checking register or credit card register. If the company has a good and consistent cash flow, this procedure saves time a
My mechanic has me trained. When I take my car in for an oil change, he places a sticker in the upper left hand corner of my windshield to remind me what date and mileage I should have my next maintenance completed. But every once in a while, he forgets to put the sticker on the window. Then I have to remember the date and mileage details.It's a good thing to train your customers and clients and it can help you pump up your bottom line. But if you choose that route, it's important to follow through.Because my mechanic occasionally forgets the oil change sticker, he shifts the burden of that "perk" to me. On to
3. Utilize the software’s internal “bill pay” feature, if available. QuickBooks, for example, offers a “Bill Pay” feature that is very inexpensive and easy to use. Once established, bills are paid electronically according to the software user’s authorization. The bill payment service takes the authorized amount from the designated bank account, then either issues a paper check to the vendor, or electronically transfers the money to the vendor’s account. The low monthly fee is not much more than the cost of postage and paper check printing.
4. Enter unpaid bills in a timely manner. Do not delay entering unpaid bills into the accounting software. Waiting too long to enter them can result in late payments, finance charges, and possible damage to the business credit score.
5. Enter unpaid bills correctly. It is very important to examine the bill and enter the correct vendor name, bill due date, and invoice number. Entering an incorrect due date will result in a payment occurring sooner or later than necessary. After entering them, stamp them as “Entered” or “Posted” using a rubber stamp with red ink. Be sure to write on the bill the date they were entered.
6. Organize unpaid bills. If there are many bills, organize them in an alphabetical file system to make them easy to locate. However, a small amount of bills may be placed in a single file.
7. If cash is tight, determine your cash flow before paying bills. Simple cash flow reports are easy to generate in Excel. Start with the actual amount of cash available to pay bills. Include a
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