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Tips on how to manage your accounts payable by bookkeepers for small businesses in Sydney

No matter how big or small your business is paying bills will always be part of it. It can either be the occasional order to pay or a fully staffed accounts payable department managing thousands of people, but if you don’t implement the correct methods or strategies to mange your accounts payable it will be a mess regardless. So we have some easy tips for you by our bookkeepers for small businesses in Sydney.

First and foremost you’ll need to make sure that you try to simplify your accounts payable process by: 

  • Reducing the amount of check runs per month to two, as it is more than enough
  • Making sure that your accountant has your invoices backed-up and ready for signatures, which can be difficult to stay on top of and you can always come to Bean Keepers Australia for our small business bookkeeping services in Sydney to keep your accounts in order
  • Implementing newer technology into your business that helps analyse and reduce errors such as paying incorrect amounts, incorrectly entering check numbers used to pay vendors and paying too early or too late.
  • Reducing your accounts payable fraud is critical to avoid complications by ensuring that you minimise the use of cash and cheque handling for the business, as it can be a high-risk area for company fraud.
  • Reducing your CFO’s impact to verifications and signature, by doing this you should assemble all invoices and cheques and verify them before taking them to the CFO for their signature.

Running your accounts payable on your own is a tedious task and time consuming, as is it very easy to make an error and cause distress throughout the business’s accounts. For some expert advice on how to run your accounts payable you can contact Bean Keepers Australia for the best small businesses bookkeepers.