Managing accounts receivable may seem straightforward, but the reality is that it requires a close eye on it at all times.
As a business owner, you know that the finances of your organization are one of the keys to its ongoing success. Whether your company sells goods or provides services to customers, it’s likely that at least some of the payments will take some time to come through. If customers purchase items on credit, the funds may not clear for up to 90 days, requiring your company to float the money until it comes through and hits your bank account. Some businesses provide a grace period for payment, but what a customer owes still must be tracked. This concept is referred to as accounts payable, or any money that is owed to the business by its customers.
Managing accounts receivable may seem straightforward, but the reality is that it requires a close eye on it at all times. Every ledger entry must be accurate to avoid creating discrepancies across all aspects of your business finances. Accuracy in accounts receivable impacts liquidity, cash flow, and the overall financial health of your business. When potential investors or lenders look into the finances, they will likely assess this component, looking at how quickly customers are paying their debts. This speed reflects how quickly an organization can turn its assets into cash, as well as whether it can manage its financial obligations.
At TG Accounting PLLC, we can manage your accounts receivable. Our accountants are experienced in this aspect of financial management, ensuring accuracy and transparency at all times. We work with clients located in and around Sandpoint, Idaho, delivering personalized services that help businesses to thrive.
At TG Accounting PLLC, we offer accounts receivable services for clients in Sandpoint, Coeur d’Alene, Meridian, Nampa, and Boise, Idaho, as well as Cheyenne, Wyoming; Reno, Nevada; Sioux Falls, South Dakota; Billings, Montana; and Provo and Salt Lake City, Utah.