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Tracking What you Owe – Accounts Payable

Tracking What you Owe - Accounts Payable Whenever I meet with a potential client for the first time, I always start off by asking two simple questions: “What are some pain points in your business?” and “What do you want from your accounting system?” Accounts Payable When I asked these questions in my most recent meeting, the client answered by saying he has no idea how much he owes his vendors, or when those payments were due. Currently, they just record a check, posting it directly to the expense or liability account. This reminded me that not all business owners and bookkeepers understand the many benefits of entering bills as accounts payable. Even if your reporting method is cash basis, you can still use accounts payable as a way to track what is owed and when it’s due. Benefits of [...]

By Judie|Categories: Bill.com, Business Planning, Grow your Practice, Uncategorized|Tags: account reconciliation, accounting, accounting system, accounts payable, AP, bill.com, bookkeeping, budget, business, business forecasting, cash, cash flow, cashflow, chrome, cloud accounting, critical information, customers, financial records, internet explorer, journal entries, journal entry, keep track, paying bills, payroll, profit and loss report, saas, small business, small business owner, what you owe|
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Basic Financials 101 – Critical Information for a Small Business Owner

Basic Financials 101 - Critical Information for Small Business Owners I remember a few years back, meeting with a new client who insisted he didn’t need me to provide him monthly financial reports, saying “If I’m making money on every job, and there’s cash in the bank, then I must be profitable!” ... Dude. This attitude is one reason that more than 50% of new small businesses are hard pressed to make it past their first couple of years. Even after managing the accounting for SMB’s for nearly 20 years, I am still  amazed at how many don’t clearly understand the importance of basic financial reports. After running into this problem enough times to want to scream from the rooftops, I took some time to reflect on why this might be the case. As it turns out, the most common [...]

By Judie|Categories: Business Planning, Grow your Practice|Tags: account reconciliation, basic financials, bookkeeping, business, cash flow, comminucations, critical information, financial records, financial statements, financials, general ledger accounts, journal entry, profit, profit and loss report, small business, small business owner|
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