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Business Prepaid Cards: Self Crediting With Prepaid Cards for BusinessThursday, March 4, 2010By using business pre paid cards, companies "self credit" with money they place on deposit. Doing so affords the ability to stay completely in control of corporate cards instead of being at the mercy of credit card issuers.
In uncertain times when business credit card limits are being lowered or accounts are being closed by credit card issuers, it is difficult to stay in control of the tools used to manage day to day operations. Sudden changes to credit card limits can bring business to a halt, especially for companies that are on the road or in the field. When the credit line is maxed out, all cards stop working. No one can buy fuel or check into a hotel - and the only way the credit card company will allow spending is if all or part of the bill is paid. Even through electronic means, that can take a few days. For businesses with high spending volumes this can mean multiple funding transfers in a month. The biggest issue is not knowing the limits have been changed due to decisions made without input from your business. Companies that begin using our business prepaid debit service quickly realize that they have a greater amount of control over their spending, what their limits are and effectively - greater control over their business. Because they interact with our system frequently, they are aware of cash position, what cardholders are spending and when to make transfers to add more funds to their program. We have heard from plenty of businesses that were in good standing, had strong business credit and were relying heavily on cards until their limits changed and people were stranded. Sign up for PEX Card and take control of your cards, your limits and your spending! Labels: Accounting, Business Process, PEX Experiences Posted by Toffer Grant
0 comments Prepaid Debit Cards: Keeping Employees AccountableTuesday, March 2, 2010How frustrating is it for you as a business owner, when despite the best intentions of your employees, you have tremendous trouble keeping them accountable for expenses when they are out of the office?
We have all seen way too many times when receipts are lost and the purchase was made with cash, rather than a credit card or debit card. It’s difficult to trust that the reimbursement requested was legitimate. If you fronted the employee with a cash advance, it’s even more concerning. Plus, the company has no record of the transaction, causing further accounting nightmares at tax time. Expense control can also be a problem when employees co-mingle their personal credit cards with business charges. Obtaining the paperwork from the employee in a format that is workable for them, the company, your bookkeeper and accountant is not so simple or efficient. We have heard all kinds of stories from our clients about how difficult it was to keep employees accountable for business expenses because they did not have an expense management solution that was convenient for all parties. They have told us that the PEX Card Service has improved their ability to control and manage employee expenses while eliminating their inefficient old reimbursement processes. The full set of benefits associated with providing their employees with a prepaid debit card, combined with PEX Card’s real-time monitoring, tracking and reporting capabilities has enabled them to not only save time and money but also has improved the satisfaction of the employees who have to deal with expense reimbursement. Listen to the testimonials from a sampling of our clients using our prepaid card service. Click here. Keep your employees accountable with a service you can count on. Labels: Accounting, expense management Posted by Toffer Grant
0 comments Prepaid Cards For Business: PO Number SystemThursday, February 11, 2010Our clients often describe the ways they integrate the PEX Card Service into the normal flow of day to day operations within their small businesses. One case in particular is quite interesting.
The Problem: How to manage, fulfill and organize multiple requests for funds on a daily basis so crews in the field can buy the supplies they need for their various jobs and then manage billing accordingly so clients are charged properly and profitability per job can be measured? The Solution: Combine using the PEX Card prepaid debit card service with internal process around request and fulfillment management so that the right information is captured and the process is efficient. How: The business owner establishes daily budgets per card for everyday purchases such as fuel for work trucks. For supply purchases, crews pull the items they need at the supply store and estimate how much the transaction will cost. They call in the amount and an admin at the office logs into the PEX Card admin site to fund the card, while at the same time creating a PO number that is linked to the job. The number is noted on the sales slip which details the purchase. Crew members turn in the receipts and sales slips every couple of days so they can be matched up. The business uses the CSV report provided by PEX Card to track which items are submitted and which are pending. Once in place, a prepaid card for business like PEX Card can combine funds disbursement and supply purchase tracking in a way much more simple to manage. Labels: Accounting, Budgeting, Business Process, expense management Posted by Toffer Grant
0 comments Case Study: Submit Expenses to Get Prepaid Debit Cards ReloadedThursday, January 14, 2010Our clients often describe the ways they integrate PEX Card prepaid debit cards into the normal flow of operations traffic within their small businesses. One case in particular is quite interesting.
The Problem: How to manage budgeting and spending for employees stationed all over the country who need fuel, supplies and other ad hoc items? Credit cards are not a favorable option and there is no efficient method to get cash to people in a cost effective or timely manner - so it all needs to be managed centrally from the home office. The Solution: Combine using the PEX Card Service with internal process for requests and fulfillment management so that controls and communication are in place to meet the needs of employees and the company simultaneously. How: Employees are issued prepaid debit cards which are funded with an initial budget, predetermined based on estimates and job need. As employees spend they save their receipts and complete a form from time to time. Cards won't be reloaded until the report is submitted (electronically) with a scan of receipts. If the employee needs their budget allotment changed, the home office can review spending to determine how much their budget should be so the process runs efficiently. A system like this can combine funds disbursement, budgeting and accounting procedures in a way that keeps employees on the move while the home office can keep their books on schedule. Labels: Accounting, Budgeting, Business Process, Case Studies, Cash Flow, expense management Posted by Toffer Grant
0 comments Wait! What Credit Limit?!Tuesday, February 10, 2009Over the last several weeks we've been hearing more about abrupt changes to credit lines on business credit cards. Since last Fall, conversation in the press has circled around the effect the credit crunch is having on consumer credit card accounts relative to purchasing power and commercial loans but now it is affecting business credit card accounts too. Companies are finding it difficult to conduct normal daily spending activity and they are unpleasantly surprised when cards suddenly stop working mid-month without warning.
Companies in most industries are being hit hard by bank tightening. When credit limits are suddenly imposed or lowered without advanced notice, reaching newly imposed limits is problematic because all cards are blocked from further use until the bill is paid. This is disruptive especially for companies with employees that are in the field spending ad hoc for supplies, fuel and other business expenses. New credit limits reported are lower than what companies spend monthly irregardless of clean credit and payment history. If limits are lower than the amounts companies need to operate at a bare minimum, credit cards will quickly lose their value as an effective payment tool in business. The card industry has proven to us that card spending is more efficient, can minimize risks of managing cash and can streamline check or cash operations through simple distribution, especially compared with cash and checks. Companies are being forced to look for alternatives and they are finding the PEX Card Service. We designed the service to put businesses back in control of their cards. Using our administrative web site, corporate admins can view employee spending in aggregate, and can determine when, where and how employees use company cards. Each prepaid debit card has an adjustable balance for budgeting, individualized spending and funding rules for control, and reporting of up to the minute transactions for transparency and immediate cash position. Companies account for this as a cash account, appearing as an asset on the books, not as a liability. Funds in the account are prepaid, so credit limits are self managed. Funds can be transferred electronically to and from company checking accounts for maximum flexibility. As conditions force change in the way business is conducted, it is good having access to tools that fit the times. Even though credit might be tight, companies can still benefit from using cards to keep their books straight, keep employees on budget, lower bookkeeping costs and maximize any access early payment benefits vendors may offer for paying with plastic. Labels: Accounting, Budgeting, expense management, PEX Experiences, SMB Tips Posted by Toffer Grant
0 comments Entertainment Series: Driving salesFriday, January 9, 2009When trying to meet your budget, keeping your expenses in check is only half the battle. You also need to focus on driving sales. Whether tickets or t-shirts, how can you meet your goals and quotas?
The web is your most important tool to increase revenue. You need to determine your online strategy and tactics. Depending on the artist or event you may be able to incorporate something interactive like a blog, ezine, or fan group on your website. This type of social marketing can help draw people to your site, and increased traffic means more sales. On your site you should have various media offerings - mp3, video, or even CDs - available for purchase or sampling, as well as artist or event memorabilia. Equally important is to use the site to inform your visitors about upcoming dates and give them a clear path to purchase tickets. You can't drive sales if people can't find you, so make sure that you are managing your SEO (search engine optimization). Search engines can't find you if you don't tell them what to look for. Be sure to leverage your meta tags, titles, and headers. Not sure if your site stacks up and need some concrete suggestions? Try the free Website Grader from HubSpot: http://website.grader.com/. If you need one-on-one advice the folks at HubSpot can help you out, or you can Google 'SEO agencies' to find more options. For more online marketing ideas go to Content Marketing Today: http://contentmarketingtoday.com/ Labels: Accounting, Budgeting, Finance Tips Posted by PEX Card
2 comments Entertainment Series: Start with a budgetWednesday, January 7, 2009The most important part of making a job profitable is the budget. Without a budget, you won't have a benchmark to measure your progress.
Budgeting is pretty straight forward, but you need to think through every step of what needs to happen and how much it may cost or how much it may earn. Everything from trailers to catering to tolls and tips need to be considered. Of course, there will be some 'miscellaneous' expenses, but do your best to group as many foreseen expenses and revenue streams as possible. Once you've mapped out your budget categories you can start entering information into your template (QuickBooks and Excel are decent low cost options). Enter all the known expenses and revenues first. You'll probably be impressed by how much you already identified. Now, you'll need to estimate the rest. For line items like PAs or crew, you have a pretty good idea how many you'll need and how much you'll pay them. If you're going to be on the road and need estimate gas expenses, I suggest you use www.mapquest.com. They have a nifty feature that estimates fuel cost when you get directions. And, if you're really on a budget, there's an added feature that lets you avoid toll roads. There's a wealth of information on the internet that will help you estimate - use it, don't just guess. Also - when making your budget, be sure not to lowball. Sure you want the gig, but underestimating is not appreciated by any client - no matter what industry. I'm a big fan of the worst case scenario budget - all your expenses are high and revenue is low. If you can still make a profit if the worst happens, you're sure to do well. Here's a good article on tour budgeting - with an example. http://www.halgalper.com/BIZ_TALK/touroutingpg2.htm Labels: Accounting, Budgeting, Finance Tips Posted by PEX Card
0 comments Reminder - Bookkeeper Licenses Expire on December 31stWednesday, December 10, 2008If you are a Certified Public Bookkeeper (CPB) or have one working for you - here's a quick reminder that it is time to renew CPB licenses. According to the National Association of Certified Public Bookkeepers - all CPB licenses must be renewed by December 31st each year.
For license renewal common questions and answers, go to www.nacpb.org/licenserenewalquestions.cfm For additional questions, please email info@nacpb.org or call 1-866-444-9989 Labels: Accounting, Finance Tips Posted by PEX Card
0 comments Ask PEX Card: What should I look for in accounting software?Friday, December 5, 2008There are a number of options for accounting software. There are extensive accounting programs that cost thousands of dollars or smaller programs like QuickBooks that cost hundreds. There are even smaller software developers that come up with solutions to particular accounting issues and offer them as free shareware. All these options have pros and cons that are worth considering.
Generic accounting software may be cheaper, but industry specific software can be more useful. Here are some places to go to compare accounting software, both free and available for purchase, to find the best fit for your business’ needs: Free Options: http://www.freewarefiles.com/cat_8_78_Accounting.html By Industry: http://www.2020software.com/ Reviews: http://www.pcmag.com/category2/0,1738,4793,00.asp Labels: Accounting Posted by PEX Card
0 comments Ask PEX Card: How can I cut down on paperwork in the office?Tuesday, December 2, 2008Actually, I hear this question a lot. For both the environment and your sanity, streamlining the finance process to minimize paperwork is a must. And yet, there is a definite need for documentation and accountability. The balance can be achieved by careful consideration, adjustment, and evaluation.
First, look at what you can do online. Google docs is a program that lets you access shared excel files that multiple users can contribute to. Online forms are available, which can be filled out, emailed, and stored as a file. This is usually an easier, more convenient option and still allows for accountability. In addition, look into programs that will help make documentation easier. Anything that automates the process or lets you enter data and generate reports can mean fewer headaches and less paperwork. Using corporate cards to pay for expenses can mean all costs are listed in the card statement, which lets you see exactly where and how much is being spent. Whatever you can move onto the computer into an efficient system will cut down on both actual paper and paperwork. Labels: Accounting, Finance Tips, Travel Expenses Posted by PEX Card
0 comments Per Diem ConsiderationsMonday, November 24, 2008What do you need to know as you decide on a per diem rate for employees or negotiate a per diem rate with consultants and contractors? It can sometimes seem like a random number pulled from the air, but there a number of per diem rate considerations that you should be aware of.
Federal Rates As we’ve mentioned here before, the federal per diem rates can play a significant role at tax time. On the plus side, they provide valuable guidelines. That said, it may be easier to work with only one rate, or maybe you don’t feel the federal per diem is adequate. But beware - any amount above the federal standard rate is considered additional compensation, and with that comes all the tax implications of wages. Receipts No matter what you decide on per diems, make sure that the actual spending and recuperated funds are accounted for. This is for your own records as well as for the IRS. Without them your system will not be considered an accountable plan, and you and your employee may be getting a tax bill. Electronic Payments The big advantage of having a per diem rate instead of reimbursable expenses is that you pay a flat fee and don’t have to worry about all the incidentals. Take it a step further and manage your per diems electronically to improve allocation and recuperation documentation. Labels: Accounting, Expense Fraud, expense management, IRS, Per Diems, Travel Expenses Posted by PEX Card
0 comments 1099 Forms: What You Should KnowMonday, November 17, 2008Every contractor you pay more than $600 to over the course of the year requires a 1099 form, if that contractor is an individual person and not a corporation. 1099-misc forms are also needed for royalty payments of at least $10 and consumer goods sales of over $5,000 to any particular person, not business, for the intent of resale. So what are some top line things you should keep in mind about a 1099 form?
1099 forms are for contractors. While this status can be beneficial due to fewer company paid taxes, it should only be used when it truly applies to avoid IRS penalties (http://www.cfo.com/article.cfm/9140439?f=search). Create a company policy that will let your managers know just when to fill out a 1099 versus a W2. Here are some of the qualifications the IRS uses to determine worker status (http://www.topechelon.com/recruiters/contracting/definiti.htm). If you uncover a case of fraud in the company, file a 1099. Criminal proceedings may not get your money back, but letting the IRS know about your employee’s undocumented earnings can get you a tax write-off and potentially a finder’s fee (http://www.cfo.com/blogs/index.cfm/detail/4100859?f=search). Hiring a contractor and filing a 1099 is a great way to get temporary help without the hassle of hiring a permanent employee. It can also be a valuable way to fight back against company fraud. Just be sure the 1099 forms are carefully filed in order to keep your company in the IRS’s good graces. Labels: Accounting, Finance Tips, IRS Posted by PEX Card
0 comments Petty Cash Dos and Don’tsThursday, November 13, 2008During Senator Lieberman’s last election campaign (click here for the article), he went through a reported $380,000 in petty cash. There’s nothing petty about hundreds of thousands of dollars. Where did that money go? While a successful political campaign might be able to just write it off as “petty cash” and move on, no business can function like that. And one quick Google search on “petty cash procedures” shows that no one else does. Lots of time and effort has been spent working on regulating and documenting the money flowing into and out of the petty cash drawer.
Here are some dos and don’ts that can help guide your petty cash system and procedures: Do make sure that all employees have access to needed incidental funds. Some employees might be in the position to need more petty cash than others, but all employees should know how to access it and be able to take out funds if the need arises. Don’t put all the responsibility of petty cash on one person. The petty cash system does need a custodian and someone to ensure that everything is working as intended. However, each employee should feel responsible for their petty cash transactions. Encouraging shared responsibility will help foster responsible spending and thorough documentation. Do decide on a set amount of petty cash. You can re-assess if this was too much or not enough. If you don’t want to deal with how many bills or how much change you need, consider a prepaid card system with a set amount in a bank account. Don’t let petty cash be used for everything. This fund is really meant for small, immediate purchases. Set limits to what does and doesn’t fit under petty cash. With careful documentation, you should be able to check and see where the petty cash money is going and discourage larger purchases through the petty cash system. Petty cash doesn’t have to be an undocumented mess, nor does it have to be a complicated burden. It just needs to have a clear purpose and straightforward process. Labels: Accounting, Budgeting, Petty Cash, Travel Expenses Posted by PEX Card
0 comments Petty Cash and SecurityMonday, November 10, 2008Typical problems regarding petty cash usually involve accurate documentation and security. If the records are incomplete or inaccurate, or the box is not properly secure, the petty cash is compromised and cannot be accounted for. This is when petty cash fails. However, with some safeguards in place, these issues can be minimized.
Tips for Accurate Documentation:
Tips for Security:
Labels: Accounting, Finance Tips, Petty Cash Posted by PEX Card
0 comments Small Business Financing Tips: BookkeepingThursday, November 6, 2008Bookkeeping is one of those tasks where there’s always room to tweak the process to make it more efficient. Fortunately, the National Bookkeeping Association keeps up on all the latest innovative bookkeeping ideas so you don’t have to. The NBA has offered some valuable tips and advice in their newsletters this past summer. Here’s a rundown of their finer points of bookkeeping:
Bookkeeping Skills Evaluation http://www.nationalba.org/bookkeepertips.cfm?id=0808 This article spells out two ways to ensure that you hire qualified bookkeepers who can help the business run efficiently. One is to actively check references. Not all companies follow through and call references, yet this practice can offer valuable insight that may not be apparent in an interview. The second is to do pre-employment testing, ensuring that employees have the technical skills necessary for the job. Depreciating and Amortizing Assets http://www.nationalba.org/bookkeepertips.cfm?id=0807 When a purchase, such as equipment or insurance, lasts for a limited amount of time, it needs to be considered an asset and then written off during the specified period. For tangible assets this is depreciation and for intangible, it’s amortization. This piece does a great job explaining different methods of calculating and allocating these expenditures. Adjusting Asset Valuations http://www.nationalba.org/bookkeepertips.cfm?id=0806 For accounts receivable and inventory, sometimes you will not fully recover the value of an asset, meaning that you need to make a valuation adjustment in the books. This will take into consideration debts not being paid, inventory not selling, or other instances where you simply are not able to recoup expenses. This article explains what should be done from an accounting perspective in order to deal with these variables. Labels: Accounting, Finance Tips Posted by PEX Card
0 comments What to look for in a bank relationship part 2: Bank RelationshipsFriday, October 31, 2008How do you go about nurturing a relationship with your business’ bank? And how can this effort result in better service for your business? Surprisingly, a close relationship with the bank and bank representatives can lead to a surprising amount of savings, both through better loan rates and discounted services. There are a few key points in creating this rapport.
The Importance of Bank Relationships Bank consolidation is leading to bigger chains and fewer choices, meaning that creating a relationship with a bank and being a face rather than a number is becoming more and more important. Why? Loan rates can be negotiated and services like a line of credit and payroll deposits can be added for free or for a small fee. Bank managers have some leeway to offer deals when working with valuable customers and you can benefit from that practice. How to Foster a Good Relationship Your bank contact is a valuable business advisor. Offer business plans or other information that would help convey what your business is all about. Let him or her know about your plans for the business' future and ask about the financial aspects of getting there. And don’t forget to treat your banker as a valuable employee, taking time to learn more about him or her. A little effort can go a long way. Additional Resources: Buddy Up: How to Develop a Friendly Relationship with Your Bank - http://www.entrepreneur.com/money/moneymanagement/article22796.html What’s New in Bank Relationship Management? - http://www.afponline.org/pub/res/news/ns_20040715_masson.html The Importance of Building a Good Relationship with Your Bank - http://www.articlesbase.com/finance-articles/the-importance-of-building-a-good-business-relationship-with-your-bank-487499.html Labels: Accounting, Budgeting, Finance Tips Posted by PEX Card
0 comments Internal Audit PreparationThursday, October 23, 2008Internal audits are a key part of keeping a business healthy by managing risks and rewards. They involve analyzing business practices and offering solutions for smoother processes. While this can be a vital part of running a profitable business, it can also be a burden to prepare for internal auditors. What can the accounts payable (AP) team do to prepare?
First, get an idea of the desired outcome of the audit (i.e. better business practices, like an online travel service implementation, or shorter purchase to pay cycles). Determine what will be required from your AP or accounting department and how much time will be needed for audit preparation. Most audits take 8 to 12 weeks (http://en.wikipedia.org/wiki/Internal_audit). Once you have a general idea of the time frame and project, set out a plan to go through the following steps: Have all necessary documents on hand. If your company uses a Quality Management System (QMS), include information stored there as well. Not all audits are the same, so ask your auditor for guidance on which documents would be helpful. Also, having general records available and organized will help immensely. The more time you spend organizing the data beforehand, the less time you have to spend explaining and searching when the auditors arrive. Consider potential questions. Take a look at the cash flow process so that you can answer any relevant questions. Note anywhere you have performed a self analysis or evaluation. Much of this may be in the QMS. Once you review your own process steps and requirements, you will be better able to answer questions quickly and correctly. Finally, prepare to be unavailable for work during some of the auditing process, since time will need to be spent with the auditor. To minimize distractions, treat this time as though you were out of the office. This will make the audit process more efficient and will take less of your time than repeated interruptions. Labels: Accounting, Cash Flow, Finance Tips, IRS Posted by PEX Card
0 comments Our StoryWednesday, October 22, 2008The inspiration behind our company came from personal experience. At other jobs we saw spending control problems which included theft and misuse, inconvenient expense management processes and inefficient processes for managing checks and payments. This was very disruptive for our employers to deal with and the owners were uneasy about trusting employees. I saw an employee purchase a vacation for his mother, another buy personal clothing and yet another order furniture for their apartment. All on their company credit card. A friend recently told a story of an employee who wrote himself a check from the company's checkbook and cashed it! These stories are common among people who have worked in offices.
When doing our market research, we spoke with many business owners who said they don't issue cards to employees. Many believe that cards are convenient and would issue them to employees if there was a way to limit the risks. To solve this problem, we started PEX Card. Employees of customer companies can now carry a reloadable prepaid Visa® card with no spending ability until the employer funds the employee's card for authorized purchases. Every employee in our office has a card. Because the service segregates funds between our business account and cards, I know there won't be any surprises. When our marketing director needed to post a press release on the wires, I funded her card with $200; when we need office supplies, I load up our admin's card. It takes less than thirty seconds for me to login, add funds and log out. Because the service summarizes balances for me online at both the card and business level, if anything seems off, I can investigate immediately. My colleagues and I are prepaid card veterans. We took what we learned from our prepaid card experience, past work experiences and market research and created a product that delivers controlled card spending for SMBs. Toffer Grant, Founder Do you have similar experiences or thoughts about this? Share them by posting a comment! Labels: Accounting, Expense Fraud, Finance Tips, Petty Cash Posted by PEX Card
0 comments Petty Cash: Advantages, Disadvantages, and AlternativesMonday, October 13, 2008Petty cash funds have been around for a long time as a way to cut down on paperwork and make funds available. However, expenditures in the miscellaneous column make accounting a challenge. Is the petty cash box a help or a hindrance? And is there a better way to solve the small expenditure dilemma?
Petty Cash Advantages: Cuts down on paperwork Accessible to employees Understandable and familiar Disadvantages: Cuts down on accountability Subject to potential abuse Outdated and inefficient There are obviously good and bad aspects to the petty cash box. If there was a way to eliminate the disadvantages while keeping all the advantages, it would be an ideal way to deal with smaller business expenses. Fortunately, there is an alternative. Debit cards offer a more precise way of managing small expenses, because everything from lunch to a subway ride can be charged on a debit card. There is no need for cash to be lying around the office and there is an added level of accountability since there is exact information on who spent what and where. With a system like PEX Card, the finance team can see where company funds are going in real-time and allocate funds to employees as needed. Who needs a petty cash drawer when everyone takes VISA? Labels: Accounting, Petty Cash Posted by PEX Card
0 comments Entertainment AccountingMonday, September 29, 2008As you may have noticed, we've been covering show biz as of late on the PEX Card Corporate Finance blog. So if you are in the entertainment industry or work with people and businesses in the entertainment industry, these posts are for you. Even if you aren’t directly involved in entertainment, some of the advice and tips offered here may be applicable for your finance needs.
Today, we tackle entertainment accounting. As with many industries, entertainment has its own unique tax, law, and finance implications. Here are some things to keep in mind:
Technorati Profile Labels: Accounting Posted by PEX Card
0 comments New Ideas for Your AP DepartmentWednesday, August 27, 2008As fall approaches, employees come back from vacations and it’s the perfect time to re-evaluate finance procedures. You can have more efficient processes in place and have time to work out any bugs before the end of year close. Revitalize your AP department by trying some of these tips from Accounts Payable 360, a finance news and analysis site.
1. Set Up Regular Meetings Read through this article to find 101 ideas on improving your AP department. Some are small changes, while some are more significant. All of the tips can save you time and money. A good idea here is to set up regular finance team meetings to discuss any potential issues. It can also be the perfect place to discuss how to implement other ideas. 2. Get Feedback If you don’t know what the issues are, you can’t fix them. Ask vendors how it is to work with your AP department. If the vendor is unhappy, see where the process can be improved. If the vendor is happy, use the opportunity to ask for any preferred customer discounts. There are pointers in this article that can help you draw up an AP report card. 3. Reject Duplicate Invoices This article has a number of tips about handling invoices and is well worth a read. One take-away is that if you don’t have your system set up to reject duplicate invoice numbers, you should take the time to add that functionality now. Invoice numbers are unique and this is an easy way to cut down on potential confusion. Now you have the tools necessary to update and streamline your department. For more information, as well as a bit of fun, check out the AP IQ Quiz and test your knowledge of accounts payable facts and best practices. Leave a comment and let everyone know what new ideas you plan to implement. Labels: Accounting Posted by PEX Card
0 comments Petty CashMonday, August 11, 2008Cutting a check for $1 is a waste of company resources, which is why so many businesses use a petty cash drawer. For all those little but necessary expenses, this has been a fairly effective way of making cash available yet accounted for. And yet, the petty cash drawer can be an accountant’s nightmare. What do you attribute these miscellaneous expenses to in order to track and budget funds? What happens if the numbers don’t balance?
The current state of the petty cash drawer is inefficient and error-prone. Companies need to take the next step in petty cash, whether that means changing the system to be more reliable or getting rid of petty cash in favor a more useful solution. It’s all about finding what works best for your business and meets the needs of your employees in a convenient yet accountable way. Here are some articles that can give you ideas on how to make these ubiquitous drawers more efficient as well as alternatives to the petty cash status quo:
Labels: Accounting, Petty Cash Posted by PEX Card
0 comments Improving Accounting EfficiencyFriday, August 1, 2008The goal of improving accounting efficiency is to reduce time spent on operations without increasing errors. Are you doing things one specific way because that’s the way it’s always been done? Even if it isn’t broken, it may be time to fix, or adjust, your accounting practices.
Labels: Accounting Posted by PEX Card
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