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Casual Articles - Accounts Payable Help - 10 Tips for New Businesses and Entrepreneurs
If you do not plan your business strategy in the greatest possible detail you are needlessly handicapping yourself. Plans made in the initial stages of business, whether it be start up, development or expansion will throw up some possible problems and situations that can be resolved before they arise. The great thing about plans is they are not cast in concrete and can be amended or revised when the need arises.There are many kinds of plans to be made in business, all of them equally important which need careful consideration and practical assessment, but most of all they must be realistic.The main plan to b
Are you creating a positive, professional impression when you email your co-workers and customers? Or, is Miss Manners shrieking in horror every time you hit the send button? Are you being efficient and effective when you send messages, or are you wasting time? To find out, take this fun quiz.1. The tone of a professional email message should be:a. Conversational. b. Formal. c. Casual – like the tone you use with friends. d. “Yo, dude! Whassup?”Answer: A. You may be as casual as you like with friends, breaking all the grammar and punctuation rules you want. But, that isn’t true
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 pr
Different Types of Station ContactReaching radio hosts (for the purpose of trying to get booked for an interview) can take on various forms, depending on the type of station the show is done at. What's best? All of them at the same time, of course. But since that's cost prohibitive for almost any guest, you have to pinpoint what will do an acceptable job for an acceptable price.Personal contact with prospective hosts is always the best, done by either by the guest or the booking person. These personal visits are usually only possible in the hometown of the guest or booking person, since radio PR ca
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 p
Right now there are probably millions of people around the world trying to make a living online; their numbers are increasing by the day, and with good reason. When you consider all its advantages there's no doubt that selling online is just about the perfect start-up business opportunity. You can get going with little or no start-up capital and if you specialise in electronically delivered information products you need not tie up any money in physical stocks of product. Remember too, that e-mail and website marketing is practically free when compared with traditional print and broadcast media. Most importantly of all, perh
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 p
One of the best ways to find excellent money-making prospects these days is to look on the internet. There are countless opportunities offering you the chance to make money easily without investing very much.More and more people are now choosing to work online from the comfort of their own homes rather than face the traffic, the office politics, the escalating cost of gasoline and countless other annoyances associated with the rat race that seems to define modern life. What about if, instead of all this, you could conduct your business at the touch of a button, communicate with others using your home computer and mak
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 p
The job of convincing your existing customers to spend higher and more often can be an extremely tough task. There are many ways of achieving customer loyalty. It can be far more profitable to market existing and new products to an established customer base, than to try and attract new buyers. Offering incentives such as: loyalty discounts, increased order discounts, attractive credit terms, bonuses and dedicated account managers are just a few tried and tested methods for maintaining and increasing customer loyalty.Never forget that it costs your business far more to attract new customers, than it does to market
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
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