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Understanding Payment Terms

If there is a period of time between when your customers receive your goods or services and when they pay for them, then several things are true: There is a balance in Accounts Receivable on your balance sheet that represents how much customers owe you You have an invoice process that you follow Customers have been granted credit cards You may have some that don’t pay as quickly as you’d like them to Each invoice you send should have payment terms listed.  A payment term is Read more [...]
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Positive Pay and how it can Protect You from Fraud

Positive Pay is a service offered by banks that is designed to reduce fraudulent check-cashing against your account.  If you are writing checks on your bank account, then the positive pay service may be beneficial to your business.  How Positive Pay Works When you activate positive pay, you must send a file of checks that you have written to the bank.  Those checks will not be cashed against your account unless they match by check number, dollar amount, and account number.  Your file may Read more [...]
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Tax Time, Ready or Not

It’s always a huge relief to many people who get their taxes done early.  That gray cloud of stress that nags at you to get it over with can be gone in a matter of weeks instead of months.  April is right around the corner, and here are a few tips to cross that task off your to-do list way before spring. Catch Up on Your Books If your books are behind, the first step is to get everything recorded so that your tax return will be accurate.  With automated bank feeds and data entry automation, Read more [...]
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The New I-9 Form and What it Entails

The I-9 form is used for employment eligibility when hiring new employees.  It is one of many forms that need to be completed when you onboard a new employee. The New I-9 Form Effective Tuesday, January 17, 2017, the new I-9 form, which is dated 11/14/2016, must be used.  Here is a summary of the changes. Section 1 asks for “other last names used” rather than “other names used,” and streamlines certification for certain foreign nationals. The addition of prompts to ensure Read more [...]
Patricia Anderson No Comments

Beyond Saving Trees: New Trends in Receipt Management

Accounting automation has come a long way in the last few years, and the process of handling invoices and receipts is included in those changes. As a result of automated accounting, no longer is there a mountain of paperwork to deal with. In this article, we’ll explain some of the changes in this area. Vendor Invoices Most invoices are now sent electronically, often through email or from accounting system to accounting system. In addition, some accounting systems allow the invoice document, usually Read more [...]