How to effectively grow your small firm into a medium business
Making the move from a small firm to a medium business can be tricky, so read this for advice on growth strategies and employing the right people.
Work with suppliers or contractors? Accounts payable software can help you to track who you need to pay and when.
Regardless of what business you run, it’s almost certain you work with suppliers, contractors, or employees who need to be paid.
You don’t want to waste time struggling to use an unintuitive solution and then get phone calls from your suppliers or employees to say they’ve been paid the incorrect amount, or not at all. Instead, you must know who needs to be paid and when, and then have confidence in your accounting software.
Remember paying suppliers on time will strengthen your relationship with them, and help you renegotiate how often you pay down the road.
Automating accounts payable will help you improve the accuracy of financial information, save time on business processes and free up team members to work on other activities.
Taking this step is also useful if you want to avoid defaulting on suppliers.
The best way to find and calculate accounts payable is to keep accurate financial records and track what you owe to suppliers.
If you’re using Sage Business Cloud Accounting:
Modern accounting software is ideal for finding and calculating short-term debt.
For example, the Aged Debtors report inside of Sage Business Cloud Accounting reveals what you owe to suppliers at any point in time.
Making the move from a small firm to a medium business can be tricky, so read this for advice on growth strategies and employing the right people.
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