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Common Accounts Payable Issues and How to Solve Them

Accounts Payable (AP) is the amount of money which a firm is supposed to give a person or a company that provides them with goods or services. Therefore, it is quite significant to manage these accounts smoothly and efficiently, which can be provided by Accounts Payable Outsourcing which is a service provided by Offshore Accounting and Taxation Service Providers. Accounts payable activities include vendor contract management, invoice entry and payments, issues statutory services and creditors reconciliation. The issues in payment account can cause a hefty amount of financial as well as reputation damage to a company. The following are the errors caused in payments account and the solutions to them: 1. Manual Data Entry Error A simple human error in data collection for accounts payable may cause losses and also spoil relations of the company with suppliers. Since the amount of error is 88% in the total manually handled accounts, it can be concluded that it can occur mor...
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Importance of Bookkeeping

Bookkeeping is coined by two words ‘Book’ and ‘Keeping’ where ‘Book’ means the set of financial transaction and ‘Keeping’ means preservation.  So bookkeeping means the process of maintaining financial transaction.  Sales, purchase, earnings and payments are all carefully documented so that all the inflow and outflow of money is accounted for. Hence it is an integral part of any companies accounting division. A business can flourish or diminish without proper bookkeeping Importance of maintaining a proper set of books The Financial health of the company  – Right bookkeeping helps you to track if the business is making a profit.  It also helps in better understanding of how much progress has the business done. Financial situation and performance of the business is accessible anytime. Better Cash Flow  – It is important for any business to track its spending, which is only possible with appropriate financial records. It is often noticed that a well kn...
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Hiring a Property Management Company

Owners with numerous properties and rental units are often stumped with the burden of managing incomes from them. It becomes a time-consuming and a daunting task to handle the various aspects of property management like handling rental incomes, owner’s funds and filing tax returns to name a few. Hiring a competent  Property Management Company  ensures an effective way to manage incomes from various let-outs, security deposits, reserve funds and even writing checks on owner’s behalf. Property managers exercise extensive skill and care into marketing rentals, retaining tenancy, maintenance and repairs thus saving your time and efforts! How an efficient Property Management Company handles your funds? An expert property management firm can become one of your greatest assets, if chosen wisely! So before you hire one, here are some features a management company should inherently possess to handle tenant and owner funds proficiently. 1. On-time Payment to Owners Proper...
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