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Accounts Payable & Receivable

Growth, Ideas, Solutions

Neglecting vendor payments can result in financial loss while managing a small business with multiple responsibilities.


Similarly, poor management of accounts receivable can lead to cash flow problems and hinder the growth of the business. It is crucial to keep track of both accounts payable and accounts receivable ensure the financial stability of the business.

 It is crucial to keep track of both accounts payable and accounts receivable ensure the financial stability of the business.

Accounts Payable 

Accounts Payable 

Growth, Ideas, Solutions

Through the utilization of cloud-based software such as Sage Online and other accounting integrations, in conjunction with our streamlined systems and processes, you can rest assured that all payments will be executed in a timely and accurate manner, with no instances of missed or duplicated payments

 

The implementation of cloud-based software offers many benefits, including:

  • Automated process for the timely submission of invoices and necessary adjustments​

  • Automated payments made by electronic transfers and notifications sent to vendors

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  • Invoices and receipts are accurately inputted, relieving the pressure of filing and retrieving the original paper documents

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  • Easy invoice approval process, with documents submitted automatically to the proper signing authorities for approval

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  • Payments made when due, taking advantage of early payment discounts when available, and avoiding constant reminders from vendors and subsequent late fees

Example List of Accounts Payable:

  • Purchase of company assets

  • Supplier invoices

  • Legal fee

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  • Contractor payments

  • Raw materials

  • License fees

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  • Transportation and logistics

  • Assembling and subcontracting works

  • Traveling expenses

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  • Equipment purchases

  • Leasing costs

  • Licensing fees

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Bank Reconciliations

A bank reconciliation involves comparing your accounting information with the data on your bank to ensure the accuracy of your books

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The main purpose of a bank reconciliation statement (BRS) is to help companies identify errors that can affect their tax and financial reporting

Bank reconciliations are vital in detecting costly errors in

financial accounts, with most being unintentional

Fraud is possible, but most mistakes are accidental

You can also benefit from the following advantages:

  • Identifying inefficiencies in business operations​

  • Avoiding misplacement of your statements and payments

  • Ensuring the safety and security of your finances

  • Developing effective processes to prevent common mistakes

  • Establishing the accuracy of your tax reporting, essential for maintaining financial stability and                   complying with regulations

Other Advantages of Reconciling Bank Accounts

Our profit and loss account analysis tool is designed to help you identify any errors or deviations in your financial statements

 

By detecting and correcting these issues, you can ensure your company continues to grow and thrive

 

Let us you keep your finances on track and achieve your business goals

By automatically recording transactions and detecting errors, cloud accounting simplifies bank reconciliation

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Accurate financial data helps businesses make informed decisions

Cloud accounting software automates updates and backups, saving time and reducing errors, while desktop-based software requires manual updates and backups, which are time-consuming and prone to errors

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Accounts Receivable  

Growth, Ideas, Solutions

Accounts Receivable Services

Running a small business includes many tasks, but forgetting to pay vendors can cause financial loss
 

Late, partial, or missing payments can result in late fees, interest charges, and damaged relationships with suppliers. Inaccuracies can harm vendor relationships and credit rating

Slow client payments can negatively affect cash flow

Cloud-based software streamlines payment process, eliminates paper documents, automates invoice submission and approval, ensures timely payments, and sends electronic notifications to vendors

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