Ryan Lazanis, CPA’s Post

Make sure you get paid! We talked about ending 2023 with all your accounts receivable closed. Now that it's a new year, it's a great time to put some procedures in place so you don't have to hunt down your hard-earned money. Here is a great article I found with tips to ensure you get paid on time. No more hassling and nagging your clients. What do you do to make sure your invoices are paid on time?

Lost in your start-up's Accounts Receivable turnover? It's an important metric to measure the efficiency of collecting payments. Let's improve yours. Engage with us on our website today! 💡 #CashFlowMastery 👉🏻jgbaaccountants.co.uk

"Effective Accounts Receivable Management: The Key to Timely Payments To maintain a healthy cash flow, it's crucial to have a streamlined process for managing your invoices. When it's time for customers to pay, you need to be prepared to receive payment promptly. This involves sending invoices in a timely manner, offering convenient payment options, and following up on past-due invoices to ensure timely remittance. By implementing a efficient accounts receivable system, you can reduce payment delays, minimize bad debt, and improve your overall financial stability. Don't let slow payments hold your business back - put a robust accounts receivable process in place today! Comment below or message me to learn more about how All Pro Bookkeeping, Inc. can help you streamline your accounts receivable process and improve your business's financial health! #AccountsReceivable #CashFlowManagement #InvoiceManagement #PaymentSolutions #FinancialStability #BusinessEfficiency #BookkeepingTips #SmallBusinessAccounting #FinancialManagement"

Journal Entries and Postings Payment of Accounts Payable Here is the double entry for the payment of accounts payable: Debit: Accounts Payable Credit: Cash or Bank When you pay off an accounts payable, you decrease the liability (Accounts Payable) with a debit and decrease the asset (Cash or Bank) with a credit, reflecting the outflow of cash to settle the payable. This entry ensures that both sides of the accounting equation remain balanced. Let's show a simple worked example... Let's say your company, ABC Corporation, owes $1,000 to Supplier XYZ for goods purchased on credit. When you make the payment to Supplier XYZ, the double entry would be as follows: Debit: Accounts Payable $1,000 Credit: Cash or Bank $1,000 This entry records the decrease in the liability (Accounts Payable) by $1,000 and the decrease in the asset (Cash or Bank) by $1,000, reflecting the payment made to settle the accounts payable. Remember that any taxes have already been accounted for when the invoice was journalled, so the only entries need are to bank and accounts payable.

Track your accounts receivable like a pro and improve your cash flow. Here are a few simple tips: 1. Enter invoices promptly and update your system regularly. 2. Reconcile your accounts with your bank statements to ensure that your records are accurate. 3. Review your accounts receivable reports regularly to identify any clients who are behind on their payments. By following these tips, you can keep track of your outstanding invoices and account balances, and make sure that you're getting paid on time. Need help tracking your accounts receivable? Book a Digital Coffee with Enae today to learn more about our services. https://lnkd.in/gsbZcSFF #LegalAccounting #LawFirm #CashFlowManagement

💡 **Debits and Credits: The Heartbeat of Accounting** 💡 Debits increase assets and expenses, while credits increase liabilities and equity. It's a balancing act! 🧩 **Practice:** Getting the hang of debits and credits is crucial for accurate bookkeeping. For instance, recording a sale will debit accounts receivable and credit sales revenue. 🔍 **Detail:** This foundational knowledge ensures precise financial reporting. Every transaction affects at least two accounts, which is why understanding this is critical. 📘 **Examples:** When a company receives a payment from a customer, it debits cash and credits accounts receivable, showing both the increase in cash and the reduction in money owed by customers. #DebitsAndCredits #BookkeepingBasics #FinancialReporting #RemoteWork #CanadaJobs #RemoteAccounting #WorkFromHome

Is it the END of the world if you miss reconciling your accounts for a month? NOPE! 🚫 I'll let you in on a little secret - I've gotten more than a month behind on my own bookkeeping before. BUT, I always make sure to get caught up as quickly as I can when I realize I haven't reconciled my accounts. Here's why: The longer you go without reconciling your accounts, the harder it gets to fix errors that would've been caught when your accounts were reconciled... For example, you typically only have 60 days to dispute a fraudulent credit card charge. 📆 Having up-to-date data to run your business starts with great bookkeeping! PS: It’s almost the end of the month, make sure to reconcile your accounts. #bookkeepingtreats #virtualbookkeeper #bookkeeperforsmallbusiness #servicebasedbusiness #sme #onlinebookkeeper #smallbusinessowner #bookkeepingforsmallbusiness #smeservice #reconcileaccounts #bankreconciliation #monthend

When you send an invoice, you should set 'payment terms' for your customers on the invoice. These are the number of days you will allow them to pay your invoices. You may decide you want to be paid as soon as you issue your invoices, or otherwise that you're happy to give your customers some time to pay, such as 7 days, 14 days, 30 days or even 60 days. Plan your cashflow carefully and make sure that you will have enough cash to pay your bills if you give your customers longer to pay. If your customers take longer than your payment terms stipulate to pay your invoices, you will need to chase them up for payment, for example by phoning them to remind them about the invoice, or by sending them an email reminder. This is called credit control. If you're concerned that credit control might damage your relationship with your customers, contact Argus today. #accounting #accountancy #forecasting #business #businessman #businesswoman #businessowner #selfemployed #selfemployment #budgets #VAT #cashflow #taxreturns #creditcontrol #bookkeeping #cloudaccounting #digitalaccountancy #Xerohero #businesssupport

Whether you're a seasoned professional or just starting, understanding the 3 golden rules of accounting is essential for maintaining accurate financial records and making informed business decisions. 1. Debit the receiver and credit the giver 2. Debit what comes in and credit what goes out 3. Debit expenses and losses, credit income and gains Debit and credit entries are the foundational components of bookkeeping. Debit goes on the left side of the accounts and credit is listed on the right side of the accounts. Following the 3 rules set forth, professionals can keep their books up-to-date and accurate. #nuagedigital #3goldenrulesofaccounting #accountingrules #debit #credit #bookkeeping #accounting