There is comfort in knowing that all your sales are recorded, customers are being invoiced and outstanding payments are collected. When busy cultivating your business and attending to your clients’ needs – many entrepreneurs fail to invoice their clients in a timely manner – causing unnecessary delay in collecting much needed cash to maintain operations. Accelerating your cash flow allows you to make better informed and timely decisions around your business finances.
With my assistance you can be sure your customers will be invoiced and payments applied. Regular review of your AR aging reports can help with following up with customers for payments and highlight potential problem areas. I can also assist with the implementation of additional payment methods such as credit cards & electronic transfers.
Keeping track of unpaid bills to vendors or suppliers and ensuring they are paid in accordance with their terms is crucial to ensuring your supply lines are not interrupted when you least expect it, while cash is retained as long as possible. Expense administration is usually included with accounts payable and includes the review and processing of employee expense reports for travel, meals, telephone, and other expenses.
Your bills and credit card charges will be entered in the accounting system ensuring proper sales tax calculations are made to maximize your HST input tax credits, cheques for your signature are prepared based on due dates, vendor queries are answered and supplier statements reconciled. A proper accounting software, such as QuickBooks can also safeguard against duplicated invoices and ensure you pay only those amounts rightfully due.
You benefit knowing you are not being double charged by suppliers, you have better cash management and a record of all expenses to help with budgeting, cost control and income tax preparation. I can also implement electronic payment systems to reduce stationary and handling costs associated with cheque preparation.
It has been identified that HST, payroll taxes, and income taxes are among the most burdensome activities of running a small business. Taking care of government remittances can be complicated, frustrating, and worrisome. Additionally, if you import goods you are subject to duties and tariffs with involved paperwork and if you re-export those items you can reclaim paid duties.
You can rest easy knowing that your HST calculations, remittances, payroll source deductions, WSIB, and Income Tax installments are all being taken care of without penalty.