February 8, 2022Uncategorized
It’s an unfortunate fact that some customers are not trustworthy and even many honest customers don’t pay on time. Industry research indicates that more invoices are paid late than not. Implementing an effective credit policy that includes checking the credit report of new customers can help you avoid the customers who are most likely to …
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February 4, 2022Cash Flow , Late Payments
Everything that happens leading up to signing a new wholesale customer is the hard part. You need to create a product, then produce it at a price that stacks up. You then need to create a brand, get the name out there, visit customers, negotiate pricing, volumes and get them to say yes. As I …
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February 1, 2022Uncategorized
Mitigating risks also goes a long way toward ensuring losses are minimal and earnings are high. So, what can you do to reduce or eliminate the unique B2B supplier risks you face? 1. Determine Your B2B Supplier Criteria Take a look at your current sales and payment data. What would you like to change? Are …
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January 18, 2022Invoicing , Late Payments
Have you considered online invoicing for your business? Companies are using invoice software to create invoices and streamline their accounting processes to improve their productivity. Even if your business doesn’t yet have its own separate website for setting up payments, you can use software to submit online invoices. Is it worth trying? Consider the benefits …
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The financial health of a business is arguably the biggest determining factor for longevity. This is why accounting plays such a crucial business role. However, no matter how skilled the accountants you have onboard may be, the more manual processes involved in accounting, the higher the risks of human error. Accounting software greatly eliminates these …
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January 11, 2022Cash Flow , Late Payments
Some industries, such as retail and food service, operate primarily on a payment at the time of service basis. However, most business-to-business transactions are made on credit. This means goods or services are delivered before payment is received. Accounts receivable is how businesses track the money that is owed to them for goods or services …
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January 5, 2022Invoicing
Very few accountants will rank the account reconciliation process as one of their top favourite tasks to do. Throw in human error and the complexity of spreadsheets required to pull this off, and it becomes more and more frustrating. The good news is, it doesn’t have to be that way. Try these five methods for …
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December 5, 2021Invoicing , Late Payments
Getting paid for the work you do is usually a given, however, in the world of wholesale product supply, things work differently. Providing delayed payment terms means trying to get paid can be time-consuming, annoying and dangerous. Why dangerous? Because when buyers don’t pay, suppliers hound them. This is fair enough. However, when communication between …
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December 1, 2021Inventory
A product business’s largest investment is in its own stock. Holding inventory comes with risks. These risks can negatively affect your company’s operations, customer satisfaction, and eventually your bottom line. Business owners must invest time and energy wisely into reducing the risks associated with carrying inventory stock or they are destined to fail. 1: Inaccurate …
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