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Tips for managing your account payable process, by small business accountants Melbourne

No matter what size your business is, paying bills will always be apart of the process and having some tips on how you can manage your accounts payable process never hurt anyone. So here are a few tips from our small business accountants in Melbourne.

1. Simplify your accounts payable process:
– Reduce the number of check runs to at least twice a month
– When preparing check runs, ensure all the needed documentation and forms are ready
– Empower your staff with decision that will make your life easier, for example: the decision to make partial payments on larger balances
2. Use Technology:
– Will analyse and reduce and clerical errors that would have been made by hand – Once your accounts are set up, ensure that transactions flow properly on their own – Run aging reports so that you have constant knowledge of what is in your account
3. Reduce the impact of the supervisor or CFO:
– Typically the owner of a business for small business will sign over checks
– Reducing their impact on checks will save everyone time and efforts if the invoices are approved and correct prior to them being taken to the CFO

Accounts payable aren’t so complicated or difficult to handle once you’ve started to simplify the process and our accountants for small business in Melbourne are experts are handling your accounts.

Contact our small business accountants Melbourne for all your accounting needs!

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