Unpaid bills are like hungry beetles loafing in a vegetable garden. They are unavoidable, generally not pretty to look at, and can ruin a perfectly good afternoon by jumping at your face. As a gardener, one must not let the bug population rise too high or they will eat bushels of perfectly good crops. As a business owner, you can’t let bills remain unpaid for too long or, like the hungry beetles, they will eat away at your funds until you are left with scraps.
Here are a few recommendations to keep your bills paid and your vendors happy:
- Purchasing Quickbooks, or other accounting software with an accounts payable module, to help businesses organize their bills. These programs include:
- Reminding you when bill payments are due
- Generating electronic payments to your vendors
- Recording paid bills into a checking register
- Record unpaid bills quickly, correctly, and in an organized fashion.
- If you are low on cash, make a complete plan, or ‘cash projection’, on where your money needs to go.
- Communicate with vendors if your funds are tight, especially with those who must be paid late.
- Pay bills on a consistent timetable.
- Mark paid bills with the date and check number and file them.
We hope you find these tips helpful. If you need a little help, Stapley Accounting, your QuickBooks professionals, is only a phone call away for any of your QuickBooks or payroll needs. Good luck with your business and personal goals!