angela smith

angela smith

1634113161

10 Strategies for a Better Accounts Payable Process

When it comes to your accounts payable process, are you confident that you’re doing everything correctly? Do you have any specific strategies or tips that have worked well for you in the past? If so, we’d love to hear about them! We’ve collected 10 strategies from several of our contributors below, so take a look and see if anything will help you with your own process. You can also view their full interviews here or follow their respective blogs by clicking their names below.

1) Automate the process

It may seem obvious, but automating your accounts payable process is one of the best things you can do to increase efficiency. Automation allows you to track outstanding balances, schedule payment reminders for your suppliers, and create payment batches that can be sent electronically. Many companies also use automation software to send an automatic letter once payment has been made, thanking their suppliers for their business. This simple gesture can go a long way towards fostering positive relationships with your vendors!

2) Establish an accounts payable policy

Establishing accounts payable policy will help ensure that your business doesn’t fall behind on its payments. It can also help you avoid non-payment issues with vendors and speed up payment transactions. Keep in mind that one size does not fit all; it may take some trial and error to find out what system works best for your business.

3) Take advantage of automation tools

Automation tools like free e-mail reminders can help ensure that you don’t forget to follow up on invoices. And, of course, if your clients are using an automated billing service like Invoicera, then all you have to do is wait until that money hits your bank account. No more late payments! (That is, unless it’s your own business’s invoice you forgot to pay!)

4) Add consistency through policies and procedures

If you’re looking to add consistency and professionalism to your financial processes, think about creating policies or procedures. Policies detail what you should do—for example, maintaining proper documentation on expenses—while procedures describe how you should do it. In both cases, each step of an action is spelled out so there are no surprises down the road. In addition to improving operational effectiveness and efficiency, they help eliminate confusion over who’s responsible for certain tasks—like handling vendor invoices—and establish accountability across multiple departments.

5) Implement necessary checks and balances

There are many ways to improve your accounts payable process, but it’s critical that you understand all of your options before attempting to implement them. These 10 strategies, gathered from CFOs at companies of various sizes, can help you ensure more effective checks and balances in your accounts payable process.

6) Focus more on customers than vendors

All to often, businesses focus more on getting paid by their vendors than taking care of their customers. Keep that in mind when reviewing your accounts payable process; look at what you’re doing for your suppliers compared to what you’re doing for your customers. Are you making it as easy as possible for them to do business with you? Are they inconvenienced or incentivized to pay promptly? Make sure that any notes or invoices issued are as non-burdensome as possible for your customer, and work with them to set up payment terms whenever possible.

7) Reducing costs through efficient management

If you have to request a credit memo—meaning that you overpaid someone—you’re going to have to wait. And as we all know, time is money. On top of that, every day you wait for your money, you rack up more interest on those outstanding invoices. If your accounts payable process is inefficient, it’s costing your business more than just those unpaid invoices; it’s damaging your business bottom line and affecting cash flow and working capital.

8) Streamline the process by staying flexible

Now that you’ve got some tips, it’s time to implement them. One of the easiest ways to streamline your accounts payable process is by remaining flexible with vendors. Many of them will work with you on their payment terms—so if you get stuck paying on credit (which may affect your liquidity), try talking to your vendor about making arrangements for payments.

9) Embrace technology to improve efficiency

Technology can significantly streamline many aspects of accounts payable. For example, an ERP system might come with built-in credit management tools that enable you to quickly see which suppliers have given you open invoices and which ones have issued credit memos. Some companies even automatically use these credit memos when creating purchase orders, thereby streamlining your invoice-to-order process.

10) Get help when you need it!

For smaller companies, it can be tempting to handle all of your accounts payable in-house. But if you’re not careful, you could easily get buried in paperwork. If your company takes on more vendors than you can reasonably keep track of, consider getting help with your accounts payable process.

CONCLUSION

The accounting world is complex, which is why some companies turn to consultants to help them set up an effective accounts payable process. But even if you don’t have professional help on your side, there are strategies you can use to create a smooth accounts payable process that streamlines your company’s purchasing needs. Here are 10 strategies that you can use right away.

SOURCE: The Difference Between Accounts Payable and Notes Payable

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Buddha Community

Adele Hansley

Adele Hansley

1621840404

The Importance of Cost Accounting In Finance

Cost Accounting is the reporting and analysis of an employer’s cost shape. Cost accounting is a technique of assigning costs to objects that normally include an employer’s merchandise, services, and every other sport that contain the business enterprise.

Accounting Assignment Sample is significant for understanding the way of writing an accounting assignment. Accounting is useful because it can identify the spendings of an organization in form of cash, how a lot it earns, and wherein cash is being misplaced. Cost accounting targets to file, analyze, and cause the development of internal cost controls and performance. In short, cost accounting is a device of operational analysis for control.

The Purposes of Cost Accounting - Explained by Online Experts

Regularly, the only and most important objective of cost accounting is to decide selling charges. Cost accounting is likewise used to assist with cost controls. Corporations need to spend less on their inputs and rate extra for their outputs. Cost accounting can be used to identify inefficiencies and practice the essential improvements to manage charges. These controls can consist of budgetary controls, standard costing, and inventory control.

Cost accounting can assist with inner costs which include transfer costs for companies that switch items and services among divisions and subsidiaries. Cost accounting can contribute to the education of the specified monetary statements, a place in any other case reserved for financial accounting. The costs and information advanced and studied through cost accounting are probably to make it easier to acquire records for financial accounting functions. For instance, raw fabric costs and inventory costs are shared between each accounting technique.

Entrepreneurs and business managers depend upon actionable facts than making allocation choices. Cost accounting depends on decision making because it can be tailor-made to the precise wishes of each separate company. That is distinctive from financial accounting, in which GAAP and worldwide financial reporting requirements (IFRS) alter technique and presentation.

**Importance of Cost Accounting **

• Employees: considered one of the most important uses of cost accounting is that it enables us to calculate efficiency. This may assist the company to provide you with an incentive scheme for employees who show efficiency, and as a consequence, they’ll be provided accordingly. It’s also an incentive for employees with decrease efficiency to do better.

• Government: Costing allows the authorities whilst assessing for earnings tax or any other such authorities’ liabilities. It also helps to set enterprise standards and enables cost solving, tariff plans, cost manipulation, and so on.

• Clients: the primary objectives of costing are cost control and improvement in performance. Each of those is very useful to the employer. And ultimately this advantage passes directly to the customers of the goods or offerings.

This is a wide concept that needs expert guidance for students who are looking for an Accounting Assignment Solution. Accounting assignment help experts can help such students for the completion of their work on time.

#accounting assignment sample #accounting assignment solution #accounting assignment help #accounting assignment help experts #accounting assignment help in australia #assignment help in australia

Harry Patel

Harry Patel

1614145832

A Complete Process to Create an App in 2021

It’s 2021, everything is getting replaced by a technologically emerged ecosystem, and mobile apps are one of the best examples to convey this message.

Though bypassing times, the development structure of mobile app has also been changed, but if you still follow the same process to create a mobile app for your business, then you are losing a ton of opportunities by not giving top-notch mobile experience to your users, which your competitors are doing.

You are about to lose potential existing customers you have, so what’s the ideal solution to build a successful mobile app in 2021?

This article will discuss how to build a mobile app in 2021 to help out many small businesses, startups & entrepreneurs by simplifying the mobile app development process for their business.

The first thing is to EVALUATE your mobile app IDEA means how your mobile app will change your target audience’s life and why your mobile app only can be the solution to their problem.

Now you have proposed a solution to a specific audience group, now start to think about the mobile app functionalities, the features would be in it, and simple to understand user interface with impressive UI designs.

From designing to development, everything is covered at this point; now, focus on a prelaunch marketing plan to create hype for your mobile app’s targeted audience, which will help you score initial downloads.

Boom, you are about to cross a particular download to generate a specific revenue through your mobile app.

#create an app in 2021 #process to create an app in 2021 #a complete process to create an app in 2021 #complete process to create an app in 2021 #process to create an app #complete process to create an app

Enos  Prosacco

Enos Prosacco

1598894346

Stolen Fortnite Accounts Earn Hackers Millions Per Year

More than 2 billion breached Fortnite accounts have gone up for sale in underground forums so far in 2020 alone.
“The market for stolen account sales is much larger than just the gaming industry…However, from our research, the black market for the buying and selling of stolen Fortnite accounts is among the most expansive, and also the most lucrative,” said researchers with Night Lion Security in a report last week.
The value of a hacked Fortnite account is centralized around a character’s in-game “skin” (essentially a digital costume), researchers said. Players of the game can purchase these in-game accessories using Fortnite’s currency, called V-Bucks. Some of the skins are rare and worth a lot of money; for instance, the “Recon Expert” skin is one of the most valuable, averaging roughly $2,500 per account.
These Fortnite accounts are initially hacked via simple brute force and password cracking: Username-and-password combinations can be extracted from data breaches of other companies, and checked against Fortnite accounts, as many people reuse passwords.

#hacks #web security #accounts for sale #breach #brute force #compromised account #fortnite #fortnite account #fortnite skin #gaming #hacker #marketplaces #skins #stolen accounts #underground forums

angela smith

angela smith

1634113161

10 Strategies for a Better Accounts Payable Process

When it comes to your accounts payable process, are you confident that you’re doing everything correctly? Do you have any specific strategies or tips that have worked well for you in the past? If so, we’d love to hear about them! We’ve collected 10 strategies from several of our contributors below, so take a look and see if anything will help you with your own process. You can also view their full interviews here or follow their respective blogs by clicking their names below.

1) Automate the process

It may seem obvious, but automating your accounts payable process is one of the best things you can do to increase efficiency. Automation allows you to track outstanding balances, schedule payment reminders for your suppliers, and create payment batches that can be sent electronically. Many companies also use automation software to send an automatic letter once payment has been made, thanking their suppliers for their business. This simple gesture can go a long way towards fostering positive relationships with your vendors!

2) Establish an accounts payable policy

Establishing accounts payable policy will help ensure that your business doesn’t fall behind on its payments. It can also help you avoid non-payment issues with vendors and speed up payment transactions. Keep in mind that one size does not fit all; it may take some trial and error to find out what system works best for your business.

3) Take advantage of automation tools

Automation tools like free e-mail reminders can help ensure that you don’t forget to follow up on invoices. And, of course, if your clients are using an automated billing service like Invoicera, then all you have to do is wait until that money hits your bank account. No more late payments! (That is, unless it’s your own business’s invoice you forgot to pay!)

4) Add consistency through policies and procedures

If you’re looking to add consistency and professionalism to your financial processes, think about creating policies or procedures. Policies detail what you should do—for example, maintaining proper documentation on expenses—while procedures describe how you should do it. In both cases, each step of an action is spelled out so there are no surprises down the road. In addition to improving operational effectiveness and efficiency, they help eliminate confusion over who’s responsible for certain tasks—like handling vendor invoices—and establish accountability across multiple departments.

5) Implement necessary checks and balances

There are many ways to improve your accounts payable process, but it’s critical that you understand all of your options before attempting to implement them. These 10 strategies, gathered from CFOs at companies of various sizes, can help you ensure more effective checks and balances in your accounts payable process.

6) Focus more on customers than vendors

All to often, businesses focus more on getting paid by their vendors than taking care of their customers. Keep that in mind when reviewing your accounts payable process; look at what you’re doing for your suppliers compared to what you’re doing for your customers. Are you making it as easy as possible for them to do business with you? Are they inconvenienced or incentivized to pay promptly? Make sure that any notes or invoices issued are as non-burdensome as possible for your customer, and work with them to set up payment terms whenever possible.

7) Reducing costs through efficient management

If you have to request a credit memo—meaning that you overpaid someone—you’re going to have to wait. And as we all know, time is money. On top of that, every day you wait for your money, you rack up more interest on those outstanding invoices. If your accounts payable process is inefficient, it’s costing your business more than just those unpaid invoices; it’s damaging your business bottom line and affecting cash flow and working capital.

8) Streamline the process by staying flexible

Now that you’ve got some tips, it’s time to implement them. One of the easiest ways to streamline your accounts payable process is by remaining flexible with vendors. Many of them will work with you on their payment terms—so if you get stuck paying on credit (which may affect your liquidity), try talking to your vendor about making arrangements for payments.

9) Embrace technology to improve efficiency

Technology can significantly streamline many aspects of accounts payable. For example, an ERP system might come with built-in credit management tools that enable you to quickly see which suppliers have given you open invoices and which ones have issued credit memos. Some companies even automatically use these credit memos when creating purchase orders, thereby streamlining your invoice-to-order process.

10) Get help when you need it!

For smaller companies, it can be tempting to handle all of your accounts payable in-house. But if you’re not careful, you could easily get buried in paperwork. If your company takes on more vendors than you can reasonably keep track of, consider getting help with your accounts payable process.

CONCLUSION

The accounting world is complex, which is why some companies turn to consultants to help them set up an effective accounts payable process. But even if you don’t have professional help on your side, there are strategies you can use to create a smooth accounts payable process that streamlines your company’s purchasing needs. Here are 10 strategies that you can use right away.

SOURCE: The Difference Between Accounts Payable and Notes Payable

 iOS App Dev

iOS App Dev

1622608260

Making Sense of Unbounded Data & Real-Time Processing Systems

Unbounded data refers to continuous, never-ending data streams with no beginning or end. They are made available over time. Anyone who wishes to act upon them can do without downloading them first.

As Martin Kleppmann stated in his famous book, unbounded data will never “complete” in any meaningful way.

“In reality, a lot of data is unbounded because it arrives gradually over time: your users produced data yesterday and today, and they will continue to produce more data tomorrow. Unless you go out of business, this process never ends, and so the dataset is never “complete” in any meaningful way.”

— Martin Kleppmann, Designing Data-Intensive Applications

Processing unbounded data requires an entirely different approach than its counterpart, batch processing. This article summarises the value of unbounded data and how you can build systems to harness the power of real-time data.

#stream-processing #software-architecture #event-driven-architecture #data-processing #data-analysis #big-data-processing #real-time-processing #data-storage