Take full advantage of our wealth of services by understanding what we offer. Don’t limit your business to simple addition, subtraction, percentages and ROI. Those are basic bookkeeping services. We learn how to do complex computations in the first week of training. Elevate your business with comprehensive accounts payable services. As a small business, we understand what it’s like to work after normal operating hours, rummaging through file folders and emails trying to figure out who to pay and who has already been paid. Accounts payable is stressful for most when you don’t have the right team on your side. Allow Kelowna Bookkeeping to help with proven tricks to save money.
Don’t Delay Payments
Managing your business payments is very similar to paying your household bills. When you’re late paying your utility and credit card bills, a late fee is charged. A recent study found that 1 in 10 businesses paid their invoices late. Late penalties cost small and mid size businesses $3 trillion annually. Imagine what it’s costing your business month after month. When you trust Kelowna Bookkeeping with your accounts payable invoices, we will make sure that they are paid on time, thereby assisting you in minimizing your expenses. Our company utilizes QuickBooks to alert us when accounts are due.
Why Pay Early?
Before we came on board, some of our clients thought it behooved them to pay invoices early. They held the attitude that it was better to pay invoices as soon as they arrived. This helped them to devote the mental energy to more pressing issues. While this may be true, it also negatively effected their cash flow. It doesn’t benefit companies to pay invoices prior to the due date. When an emergency arises, you may not have enough resources in the coffers to cover the expenses. This puts your business and accounts at risk. You miss out on lucrative opportunities when you don’t have liquid assets.
Pay it Forward – Once
It’s very easy to pay a vendor twice. The invoice comes in the box, it’s emailed to you and it comes by snail mail. You receive the purchase order at the showroom or from the tradeshow. It’s entered into your system under a completely different number and when it’s time to pay it, the same invoice populates at least twice. It takes months for accounts receivable departments to catch these errors. If they do, they have no legal obligation to inform you or your error. The vendor may be so disorganized that they never detect it. We ensure that your invoices are codified consistently so that you only pay an invoice one time. This allows you to manage your cash flow with ease.
Once we receive an invoice, it is scanned into our system and uploaded to your file in the cloud. The date of receipt and due date is recorded. Your personal accounts payable specialist will be alerted daily when invoices become due. The specialist will keep track of paid invoices in an organized fashion. Our methodology is easy for laypersons to understand. You don’t have to possess a degree in business to comprehend our organization strategy. Our clients consistently remark how we explain complex ideas in a simplified form. We believe in the KISS approach. Usually the most complex problems can be remedied by a simple solution.