It can’t be overstated how important accurate bookkeeping is to your accounts payable process. Tracking your liabilities is vital to ensuring that you can not only pay your debts but that you can pay them on time. Poor bookkeeping can cause you to fall behind payments or make incomplete payments, both of which can result in fines or, at the very least, hurt your reputation with vendors, lenders, or suppliers. J.R. Martin & Associates offers accounts payable support to small businesses in the Redding area. Our service can help you avoid some of the consequences resulting from a lackluster accounts payable process.
Managing your invoices is essential to keeping track of payments you need to make and what you owe. However, it can be quite a challenge to keep your paid and unpaid invoices organized and accessible. We use an invoice imaging and storing solution to create digital copies of your physical invoices along with any corresponding payment checks that are made.
Our process tracks your invoices, so you can also easily access supporting documentation that you can then reprint or email to vendors or suppliers. The use of our invoice imaging and storing solution will help eliminate the need for manual processing of paper-based invoices, reduce your physical storage needs, and improve accessibility, all of which will also help improve vendor relationships.
The payment approval and invoice approval process can be complicated. It involves:
Companies that use a manual, in-house process to perform this process risk many issues, including low spending transparency, lost invoices, duplicate payments, incorrectly filed invoices, and approval delays, all of which can significantly damage vendor or supplier relationships.
We can implement an online payment approval and invoice approval process that automates these steps, reducing or eliminating common risks. Our service benefits include improving spend visibility, improving accountability, reducing human error, avoiding potential fraud, providing faster and more accurate financial reporting, and avoiding late payment fees.
If you’re working with a 1099 contractor or vendor, then your payments to them are considered 1099 payments. When you make these payments, you do not withhold taxes, which means you must accurately report these payments to the government. The government can then identify how much income the vendor received and verify that they are paying the appropriate taxes. It is your responsibility to obtain the identifying information of your 1099 vendors and report any 1099 payments that you make. We can help ensure accurate 1099 reporting so that you don’t have to worry about any issues that could result in IRS fines.
We can help your business improve your vendor management process to reduce vendor-related risks, improve service deliverability, control costs, and obtain better value from your vendors. We can help make it easier and more efficient for your business to manage all vendor-related activities by implementing a centralized vendor data storage solution. Such a solution can improve contract management, nurture stronger relationships, and improve contract management. Our vendor management services can also help you avoid potential vendor compliance risks and improve visibility.
An efficient and accurate accounts payable process is crucial to your business, both in financial management and maintaining strong vendor and supplier relationships. Poor accounts payable management can result in a bad reputation. Why not allow us to provide you with professional accounts payable support. Our experience and expertise have benefited many small businesses throughout Northern California.