Accounts Receivables Headache? Consider An Atlanta Bookkeeping Service

When you run a small business, every aspect of accounting can be a headache, but one in particular can have you scratching your head – accounts receivables. A customer may remit payment and fail to include an invoice or other identifying number – or, they may pay an amount other than the amount invoiced, and you have a tough time determining why there was a deduction made. Essentially, accounts receivable is a process in which sales are made on credit. You sell a product or service to a client, but you don’t receive payment until a later date. At Sound Business Services, we are an Atlanta bookkeeping service who realizes that while it may all sound simple, nothing is ever as simple as it seems.

If you intend to handle your own accounts receivable, you will need to be aware of the procedures involved so that you don’t inadvertently overlook invoices that have not been paid. After all, customer payments are what keep you in business, and ensure your company stays “in the black.”

Some of the procedures involved in accounts receivable include:

  • Knowing what steps are involved in extending customers credit
  • Having a system in place to maintain the status of invoices until payment is received
  • Issuing month-end statements to credit customers
  • Extending credit to new customers, a process involving account application forms
  • Supplying new applicants with a copy of your terms and conditions which clearly state payment terms, interest rates that apply on late payments, and details such as any collection fees that will be the responsibility of the customer if you have to take action to collect a debt

Some companies that are smaller still today choose to use a manual receivables system, while others are more comfortable with a computerized bookkeeping system which includes a software with an accounts receivables option. Either way, it’s important that there is a system in place to easily keep track of which invoices have been paid, which haven’t, and which have been partially paid.

Equally as important is the proper application of payments, so that you don’t show an open invoice when it has in fact been paid. You don’t want to call or send out a reminder notice to a client who has already paid! This would be not only embarrassing, but could make clients question your competency.

Depending on the size of your company, accounts receivables can be relatively easy to manage, or can cause you undue stress and more work than you bargained for.

As reliable Atlanta bookkeeping services, Sound Business Services, Inc. understands the importance of having a foolproof system in place when it comes to accounts receivables. Outsourcing even a portion of your accounting processes can relieve the stress, and allow you to focus on other important areas of your business. Give us a call today!

Should You Hire An Atlanta Bookkeeping Service, Or Do It Yourself?

Whether you are on a new course in your life and about to embark on your own business, or have already opened a small business and are trying to “handle it all” on your own, you’ve probably asked yourself whether you should hire an Atlanta bookkeeping service or do it yourself more times than one. The fact is, there is no definite answer to this question, because it depends on the circumstances of your particular situation. As reputable Atlanta accountants, we want to help you determine if you really need to outsource any of your accounting procedures, or if you can handle it efficiently yourself.

Here are a few questions to ask yourself:

How much skill do I have in accounts payable/receiving, payroll, budgeting, etc.? If you have substantial knowledge and skill in these areas and your company is small, you may want to handle these aspects of your business on your own, at least for a while. However, as your company grows and you add more employees/products/services, it will become more complicated and time consuming.

How much time do I have to concentrate on the accounting aspects of my business? Even if you have the knowledge and skill, it may be more productive and cost-effective for you to let a trusted Atlanta bookkeeping company take care of certain areas of your business for you. You don’t have to outsource all of the accounting work; maybe you want someone to take care of payroll, or handle budgets and reporting. When nearly all of your time is consumed taking care of accounting, it can be detrimental to your business if you don’t have the time to focus on other areas important to your success such as promotion, client relationships, communication, etc.

If I decide to hire a bookkeeper for my Atlanta business, should I wait until it begins to grow? If you’re adept at handling it yourself, it may be fine to take care of accounting yourself those first few months – but you should make sure you have a handle on it when your business does take off, so that you don’t lose control. Many small companies also see the benefits of hiring a bookkeeper early on, so that they can learn more about the financial aspects themselves if they aren’t so familiar with payroll, accounts receivable, tax filings and deadlines, budgets, and so on.

The fact is, only you can decide whether it is to your advantage to hire an Atlanta bookkeeping service depending on factors such as your knowledge, time restraints, size of your business, number of employees, etc. Most companies do find that once they do outsource some or all of the work, they weren’t as efficient as they thought they were, or weren’t doing things correctly.

At Sound Business Services, Inc. we provide companies of all sizes with affordable, reliable bookkeeping and peace of mind. Feel free to contact us with any questions you may have!

Atlanta Bookkeepers Offer Quick Overview Of QuickBooks Accountant 2013

Intuit announced QuickBooks Accountant 2013 in the fall of last year; this is the most powerful version of the software to date, equipped with the features we have all come to rely on plus many upgrades and new features. If you aren’t currently using QuickBooks in your business, we highly recommend it as this software increases the efficiency of your business, and helps streamline the workflow. As a trusted Atlanta bookkeeping company with lots of experience using this software, we’re happy to set it up for you and help you learn the ropes!

If you already use QuickBooks for your accounting needs, you will no doubt be pleased with this newest version. Some of the newest features include:

Send journal entry – now you have the option of choosing a file sharing method that’s most convenient for you and the client. Three simple steps let you get it done quickly, no new tools for you or your client to learn.

Batch enter transactions – This feature makes it simple to enter a batch of transactions through a power data entry screen; more than 1,000 transactions can be pasted from Excel and saved simultaneously. A customizable data entry grid also makes it easy to enter transactions after the fact.

Improved design – Larger fonts, an updated look and toolbar designed to let those with wider monitors display more information on-screen are other features that make for easier readability.

Some of the tools you will find help make you more flexible include Fixed Asset Manager, Multi-Instance QuickBooks, Client Data Review, QuickBooks Statement Writer, and File Manager 2013.

With QuickBooks Accountant 2013, you can set up new clients quickly, locate and fix client errors in a snap, and much more. Essentially, efficiency in your small business will be increased, saving you and your staff a substantial amount of time.

Whether you have never used this amazing accounting software before, want to upgrade, or simply need help setting up your accounting system, count on the Atlanta bookkeeping professionals at Sound Business Services, Inc. We make easy work of your work!