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5 Tips for Entrepreneurs Guide payables and debt law

October 28, 2010  by: willylive  Points: 12   Category: Others  Earning $0.35   Views: 1092

While this may seem like a pretty typical when the great words, as assets and liabilities in the merged business, but these two conditions are like two sides of one coin. Both terms have their own character and how important changes in the timing method.


When obligations due respect to the money a company has a supplier of products or services the company has already received. On the other hand, accounts receivable is the act, which explains the relatively charging a customer who owes money to the company of good and services to the client.

Statement by a simple definition of accounts receivable and accounts payable but it is very easy, but actually managing the accounting data very closely. An important part of processing enterprises to manage information and your agreement with the accounting data and thus enhance economic growth and business development.

5 tips important for managing accounts payable services:

Entrepreneurs in most cases, that the accounts payable reconciliation service can ruin a business if not properly managed. If it failed to function effectively, will lead to the accumulation of unpaid bills and suppliers will get angry and will eventually destroy the goodwill of the business. Well, here are five key management solutions for accounts in an effective way to:

Make use of Auto-debit or debit Features:

Companies who have regular payments in most cases, offer automatic debit or automatic debit service organizations. The amount that an organization must pay to get removed automatically from the checking account business in accordance with date specified on the invoice. Before the deduction of the provider-mail, and sometimes e-mail accounts of the organization.

Office of the unpaid bills right:

Unpaid bills must be placed in series, otherwise it will delay the payment process. Keeping accounts in proper order can help in a simple settlement of accounts with suppliers.

Communicate with suppliers for late payments:

If for any reason you are unable to pay the amount to the supplier, and then communicate with your suppliers openly. Recommend to the date by which you could make the payment. However, sellers do not like to receive your payments late, but it is transparent. Another good option is to hire some expert accounting services.

Maintain compliance with payment date:

It is good practice to keep a united and common date for the payment process. This will help you remember the date of payment, which will help you avoid late payments, and suppliers will be happy.

After payment, the records are as follows:

Always keep control number, date paid and the amount paid for the bill. This will help you maintain a written document that will help you revise as necessary.

5 tips important for managing accounts receivable services:

This is important to collect payments from customers for goods and services, which the company provided to customers. If payment of fees does not appear in time, will be a great loss to the organization. Five different players to help manage the reconciliation of claims can be made as follows:

Maintaining Customer Details:

Make sure that your client to complete client information form details. It is important to include all information as a physical address, phone number, fax number, etc. It should include a reference to credit information, so check your references.

Explain the terms and conditions:

Issue a formal notice to customers regarding the payment process. How will they get their bills, and when they make payments, and an explanation for their payment?

Procedure file:

Maintaining a reasonable record of your customer information and billing. Write each of the financial transactions and regularly updated to reflect appropriate financial records.

The draft law for the time:

This is important if you want customers to pay on time, then bill them for a year so they can make the payment. Bills must be sent in time to receive payment on time.

Manage your time effectively:

Maintaining an updated schedule for invoicing and reminder. Create a task list, so everything can be done in time. Always be active and professional when dealing with financial transactions.

If all these measures in place to actively manage the assets and liabilities, the transaction of business management is simple and easy. And the fact is, easy management leads to better improvement in the organization.

Author: RACHIT SHAH        
Posted Date: 11/11/2010    Points:1    

I did enjoy reading this Business tips. And you know I would recommend your article from my group.
Author: SHAIKH AMIN        
Posted Date: 12/17/2010    Points:1    

Your articles are interesting. Please write more like this. All things are nice.

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