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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 usually has a time limit and must be paid to avoid defaulting. Keeping this column of the balance sheet under control is essential to managing your business […]
Getting your payroll out on time and correctly each month takes an investment of time and resources. Below are some common payroll problems that you could face in this area. You should anticipate these problems and have processes in place to deal with them. Incorrect Withholding for Taxes and Other Deductions Can Cause Payroll Problems […]
Many businesses frequently order supplies from merchants and other third-party vendors. Typically, a business representative will need to fill out a purchase order to receive items and goods from the specified vendor. There is often a great deal of confusion related to how a purchase order works, what it is, and how to fill it […]
There are several reasons why a company’s accounts payable department has checks and balances. One of the most important ones is to avoid mistakes. Another reason is to avoid sending out a double payment or having lost checks. This department has one main responsibility. It has to ensure that the correct payments are being sent […]
If you cannot measure something, then you cannot judge how well you are meeting your goals. When evaluating your accounts payable metrics, you need to refer to the business goals to determine where you stand on your quest to accomplish them. This mindset can be applied to accounts payable KPI performances because the process consists […]
Have you received a notice via email or postcard letting you know you’re part of a class action lawsuit? This type of notification is sent to several people, which may number in the thousands, who have been adversely affected by an organization or a person. Rather than filing individual cases, a person or group uses […]
At your company, there are several tasks that must be accomplished like clockwork. Payroll is one of them. Your employees trust you. Their assumption is that they are going to receive payment for their services on time, every time. While this can seem overwhelming, keep in mind that any department in your company can be […]
Periodically, you may receive a postcard in the mail that tells you that you are eligible for money in a lawsuit. You may throw it out, thinking that it is too good to be true. However, this isn’t always the best thing to do. The postcard is really telling you that you can join a […]
Whether you have a business or have your own personal checking account, there may be a time when you need a check. Enterprising companies are usually well-stocked because they have a large accounts payable department, but even they can run out of checks. There might be special situations when you need a different type of […]
You may have heard of MICR in reference to checks. However, you might still be wondering, what does MICR mean? The Magnetic Ink Character Recognition line, commonly referred to as the MICR line, is a piece of ink-based technology used to prevent check fraud. It is used in a variety of ways but ultimately is […]
