Streamlining Accounts Payable Santa Rosa... I can almost hear you say: Yes, just show or tell me how!
In order to maintain a balanced ledger, businesses need to maintain accurate records of their accounts payable. Unfortunately, in my experience, many Santa Rosa businesses struggle to retain accurate records of all their accounts payable transactions.
The accounts payable process can be especially arduous and costly for large franchises, as Bill Goldenburg of HLC Franchises has pointed out. Goldenburg chose to hire a bookkeeping agency to streamline the process for him. Hiring a company to handle your bookkeeping can save a considerable amount of time. However, business owners should still understand the steps involved to reduce the time involved while collaborating with their bookkeeper.
Santa Rosa businesses face a number of pressing challenges every day. They need to pursue innovative solutions to operate their businesses more efficiently and address their priorities. Recording transactions and streamlining accounts payable Santa Rosa transactions can be arduous and time-consuming, so smart business owners must look for new ways to streamline the process. Here are some tips every business in Sonoma County should consider.
Businesses have used hard copy ledgers to record accounts payable and other financial transactions for centuries. However, modern technology has rendered paper records obsolete. There are a number of exceptional bookkeeping applications on the market, which have various features allowing you to streamline your accounts payable processes. Here are some accounting software features when streamlining Accounts Payable Santa Rosa business owners should familiarize themselves with.
The newest version of QuickBooks provides an accounts payable register that allows you to enter data much more quickly. You may want to consider upgrading to QuickBooks Pro 2014 if you need to document a number of accounts payable entries. Intuit provides the following guide on using the accounts payable register feature.
The Peachtree accounting program also provides features to manage accounts payable more efficiently. You can organize transactions by vendor, which is a very helpful feature if you have multiple bills from a vendor.
You can record accounts payable entries much more quickly by documenting details from all vendors at a time, especially if the transaction information for each entry is similar. You can generally copy-and-paste redundant information pertaining to similar transactions, which can reduce time spent entering your A/P entries considerably.
MYOB Plus has some great features for multiple departments to manage their accounts payable in a centralized location. The premium version comes allows companies to store their data in the cloud, so multiple administrators and department managers can enter and edit data.
Many Santa Rosa businesses are expanding their operations and hiring additional managers. Some business owners have offices in Windsor, Petaluma and other locations throughout the county. They may want to look into the cloud based solutions MYOB provides.
Utilizing the latest accounting software isn’t enough to streamline your accounts payable process. You also need to keep track of your bills to ensure they are properly recorded before being able to enter the data in your ledger or accounting software. Here are some tips to organize invoice from vendors:
· Keep separate folders for all customers. Sort your bills chronologically so you can sort through them more quickly.
· Always include the order number of your bills to avoid entering data more than once.
· Request electronic bills whenever possible. Storing your bills electronically allows you to search your hard drive for any accounts payable transactions that may have been missed. They should all be stored in a large master folder with subfolders for individual vendors.
· Make sure contact information for each vendor is listed on every bill. You may need to occasionally call the vendor over discrepancies, which will need to be updated in your A/P entries.
Organizing your bills is a very important and often overlooked part of the accounts payable process.
There are a number of ways for streamlining accounts payable Santa Rosa businesses should take into consideration. You will want to develop a system to implement your accounts payable process more quickly. Running a business in Santa Rosa is a lot of work, so don’t waste time on mundane tasks such as recording accounts payable data.