So, AP kicking your tail? Hard to keep up with the bills, the due dates, the changes in pricing?
Here are my favorite accounts payable tips to make this part of your business easier:
Most vendors offer an option to email your invoices – so take them up on it. It’s a faster and easier way to keep track of your vendor invoices.
Many vendors – especially for recurring charges – will automatically bill you every month. And even if they don’t offer that service, you can still easily set up recurring payments in your bank’s bill pay feature.
️ AUTOMATE INVOICE ENTRY
And, if you’re ready for an automation upgrade (and time saver), invest in something like “Bill.com”. It’ll automatically scan your invoice and fill in everything you need, from the due date of the invoice to the date of payment.
And I promise you – even though these are simple solutions, they have big benefits!
On-time payments lead to happier vendors (and more flexibility when you need an extension, or to renegotiate)
Save time – How much time do you spend finding bills? Keying in the data? Licking the stamped envelope with the check? Stop licking envelopes and get back to work
You can budget more strategically – if there’s a time that you can’t pay all of your invoices in a specific week, you can easily check on an A/P report to see what invoices are due first and focus first on those.
What about you? What’s your system for tracking and making payments to your vendors?
Again, this stuff isn’t hard – but for 40% of business owners, this is the LAST kind of work they want to do.
So if you’re in that 40% – just reach out and let us know. We help handle this stuff all the time for our clients (so they don’t have to mess with it). And we’d love to help you, too!
#abacus #growth #bookeeping #AP
Kerry Postel – Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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