Accounts Payable Challenges and Solutions
Accounts payable is one of the most problematic liabilities on any balance sheet. It refers to short-term debts owed by the business to suppliers and vendors. This debt typically has a specified time limit and must be paid to avoid default. Keeping this column of the balance sheet under control is crucial for managing your […]
How to Measure Accounts Payable Performance: Top AP KPIs
If you cannot measure something, then you cannot judge how well you are meeting your goals. When evaluating your accounts payable metrics, refer to the business goals to determine your progress toward achieving them. This mindset can be applied to accounts payable KPI performances because the process consists of multiple moving steps and just as […]
What is AP Automation? Should You Automate Accounts Payable?
For any business to succeed, having an efficient and accurate accounting system is very important. Those that have good accounting functions in place will consistently know their current cash flow position, stay current with vendors, and have an easier time remaining profitable during challenging times. To help your business stay organized, consider automating accounts payable […]
The Pros and Cons of Accounts Payable Outsourcing
Depending on what you’re trying to achieve, you’ll either want to get an accounts payable audit directly from a company or via their software. Obviously, there are advantages to auditing and outsourcing, but also a couple of downsides. To choose the one you need, you’ll need to familiarize yourself with the pros and cons of […]
What is Accounts Payable? A Guide for Businesses
Accounts payable are defined as a liability to a creditor. It can be carried on an open account, which is typically used for the purchase of goods and services. When a company opts to buy goods and services on credit, it is called an account. You might know it by the name of credit. Whoever […]
How to Conduct an Accounts Payable Department Interview
It doesn’t matter what type of business you run; paying bills is almost certain to be a core component of what you do. You have to keep the business running, and that almost certainly means paying out 3rd parties, vendors, and clients. People don’t work for free. That’s why accounts payable is so incredibly important […]
How to Hire Like a Boss: Part 1
The hiring process is one of a small business’s most stressful and most important aspects. If you want to grow your business, you will need to hire people to develop websites, bill clients via accounts payable, and hopefully, run your Human Resources department. But hiring is a tough business. Mess it up and you risk […]
Small Business Lessons I’ve Learned Over The Years
Running a small business is not child’s play. It’s tough to manage all the facets of a growing small business. But it can also be one of the most rewarding career decisions ever to be a small business owner. Being your boss rules. Making your decisions is very fulfilling. But it isn’t without hurdles, clearly, or […]
Managing Your Accounts Payable Turnover Ratio
You want your company’s overall profile to look good for any potential suitors. And by “suitors,” I mean creditors and those who would potentially loan your company cash. There are a lot of good reasons to make sure you are always top of the list for any loan potentials. If you want to build out […]
Determine Your Business Value: To Sell or Get a Loan
You want to determine business value because your company is worth something (or it should be) and not just to you. Wondering what is the value of my business? Maybe you want to determine business value just to stroke your own ego. Or maybe you are looking to get some venture capitalist funding. Maybe you […]