There are a handful of reasons why business owners using QuickBooks Online would need Accounts Payable Clean-Up work performed. Having an clean and accurate Accounts Payable Aging Report for your business is important and help you better manage your business expenses and cost of sales. Business owners need to know how much money they owe to their vendors at any given time and they need to accurately track their cost of goods sold. We understand that all businesses that manually enter bills and expenses will need A/P Clean-Up work at times and know the Top 3 Reasons why they do.
Reason # 1 – If You Have Vendor Bills Over 60 Days Aged
If you have outstanding vendor bills that are more than 60 days old, and they make-up more than 3% of your current AP balance, this service is recommended. Your accountant will will work with you to determine if the vendor bills are duplicates, or if they were incorrectly entered and/or not matched to transactions that came through your bank feeds. It is not uncommon for bills to get duplicated or for bill amounts to be transposed and miss-matched.
Reason # 2 – If You Have Data Entry or Payment Application Errors
If you have discovered data entry errors during your vendor billing process and found unapplied or missapplied vendor bill payments, this service is recommended. Your accountant will work with you to determine which vendor bills and bill payments need to be corrected or applied.
Reason # 3 – If You Have Vendors that are Also Customers
Some business owners have vendors that are also customers. It is not uncommon for your vendors to reduce the amount of money you owe to them by the amount of money they owe to you on their customer account. This is commonly referred to as contra-accounting. This is a complex accounting process that should be done by an experienced accountant. If you have an outstanding vendor balances that needs to be cleared by your outstanding customer balances, this service is recommended. Your accountant will work closely with you to reconcile your outstanding vendor and customer balances.
Your Personal Guide to Seamless Accounting: Advanced QuickBooks ProAdvisor at Your Service
Hey there! I’m Gina, and I’m the proud co-founder of Lend A Hand Accounting. Why did I start this? Well, I believe that everyone should have access to affordable, efficient, and flexible accounting and bookkeeping services. It’s all about making sure these essential services fit snugly into your budget without any fuss.
We’ve ditched the traditional hourly rate system and adopted a flat fee pricing. You might be wondering, “Why does this matter?” Well, this way, you know exactly what you’re paying for upfront and there are no unexpected surprises. You get to pick and choose the accounting services you need, like a customized menu. And the best part? You’re in complete control of when you start or stop using our services. We’re essentially just a call or a text away, no need for endless phone calls or draining trips to the accountant’s office.
I’m not just any accountant though. I’m an Advanced QuickBooks Online ProAdvisor. That means I’m equipped with advanced expertise and resources to help you leverage QuickBooks Online to its full potential. My goal is to make your accounting process smooth and efficient so you can focus on what you do best – running your business.
Ready to get started? Reach out to me directly at 360-637-4799. We can even kick things off immediately if you’re ready. Simply create a free account, and I can instantly take a look at your books and let you know where you stand.
At the end of the day, we’re here to serve you. We really appreciate the trust you place in us and we’re eager to meet all of your accounting and bookkeeping needs. Looking forward to being part of your team!
Take care,
Gina
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
