Account Payable and Account Receivable Management is a must for every business. It is so because it helps you know how much you need to pay off and how much you should receive.
As a business owner, you must be able to track what your customers owe and what you owe your suppliers. This goes a long way in managing the company’s cash flow. It is important to differentiate between account payable and account receivable because mixing them up can affect your financial statements.
Account Payable and Account Receivable accounts are responsible for managing the cash flow of a company. Proper Management of these accounts ensure smooth running for the organization.
Pro-Tip: You can attach discounts to accounts payable/receivable to give an incentive for the borrower to pay back the amount at an earlier time. The discounts benefit both parties because the borrower receives a discount while the company receives cash repayment sooner to keep company operations running smoothly.
As a professional accounting firm with many years of experience, we help with your account payable and account receivable management:
- Updating and maintaining records of sales and expenditures
- Resolving discrepancies in records of accounts receivable/payable
- Training your staff in handling both accounts properly
Dacliche Concept helps in ensuring that there is Proper tracking and Managing of AP & AR to ensure overall performance. This will help you make smarter business decisions. And our services are very professionally executed and very affordable. Contact us today to schedule an appointment.