Receivables and Payables Management

Invoicing your customers and paying your vendors are both time consuming and essential to running a business.  Both functions can be completed within your accounting software, but there are also several invoicing and bill pay systems that will provide efficiency and cost savings.  However, it is critical that the information related to invoicing and bill payments are properly matched in your accounting software (especially if you are using an outside system).  When invoices and vendor bills are not properly matched to deposits and payments, your Profit and Loss statement will be incorrect and the accounts receivable and accounts payable aging reports will be meaningless.  Any inaccurate information provided to your tax preparer could result in overpayment or underpayment of income tax.  It is essential you have a bookkeeper who is willing to dig in and review each transaction to ensure your books are clean and tax return ready.  Luckily, clean up projects are my favorite.  And when your books are clean and tax return ready, I will work hard to make sure they stay that way.

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