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Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business. Here are some questions and answers to help business owners understand the ins and outs of good recordkeeping.
Why should business owners keep records?
Good records will help them:
Monitor the progress of their business
Prepare financial statements
Identify income sources
Keep track of expenses
Prepare tax returns and support items reported on tax returns
What kinds of records should owners keep?
Small business owners may choose any recordkeeping system that fits their business. They should choose one that clearly...more
4 Benefits of Managing Business Financials on Mobile
In this high-tech, post-cash age, making payments on a mobile device is the new normal. But people aren’t just using their phones and tablets to purchase products or pay personal bills. They’re also using mobile devices to manage bills for their businesses.
The popularity of mobile payments makes sense—they offer more flexibility, speed, and security than credit cards and paper checks. Plus, they’re easier. Particularly when it comes to managing your company’s finances, mobile options offer smart, simple solutions to complicated AP tasks.
Here are four key benefits of using mobile devices to handle your business payments.
1. Less anxiety, more control
A definite source of frustration in standard AP processes is the actual paper trail. Sifting through piles of documents to find an invoice or voiding and reissuing paper checks is not just time-consuming, it can be downright frustrating.
The simplicity and control of...more
When it comes to managing bill pay for your business, learning to mitigate fraud is crucial. Improving risk management, however, can be a tricky task. That’s because companies don’t benefit from the same legislative protections consumers do regarding fraud. Businesses are held financially liable for successful fraud attempts against them, which means they have to be stringent about their account security.
To protect themselves, most businesses are forced to pay for business banking services like Positive Pay, ACH filters, and daily account reconciliation. Positive Pay is a service that cross-references remitted checks to ensure no manipulation has occurred, while an ACH filter is an automated tool that screens incoming ACH transactions for signs of fraudulent activity. Daily account reconciliation services keep your transactions updated so that you can check them in real time.
Even with these services, though, fraud continues to occur at alarming rates.
According to the...more
Managing your company’s bill payments is no easy feat. The sheer number of invoices to sort through
on a regular basis can be overwhelming enough, but using a traditional paper-based billing model
presents particular logistical challenges. Think: risk-prone double entry, confusing approval chains, time
spent voiding and reissuing checks, and massive piles of paper to organize and store.
Luckily, there’s a better solution to this accounting issue. Save time and get better control over your
cash flow by outsourcing your bill payments to us.
We use Bill.com to streamline accounts payable and accounts receivable management, so you can focus
on running your business instead of keeping up with administrative tasks.
Ready to save time, money, and sanity? Here are just four benefits you’ll receive when you hand your
accounting to us.
1.Stay in control with an automated process
Say farewell to labor-intensive steps in your business payments process. You don’t need to sort through
piles of paper or enter data line by...more
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