“I don't need receipts. I can use the bank statement.” How many of you have said that? I’m raising my hand because I once did. I specifically said that when I was working as an auditor for a CPA firm, where supporting documentation was, and is, a must. Many freelancers, entrepreneurs, and other small business owners have made the above statement. And that statement is not wrong. However, it can be improved upon. Your bank statement is fine. With receipts, however, the integrity of your financial data goes from “fine” to “WHOO HOO!!” because the receipts support the data within the bank statement. Let’s go into detail on why you should save your receipts: Track Deductions Receipts make it eas
The Mindful Blog
Unpaid invoices hurt the cash flow of your business. Rather than turn to the default solution of increasing sales, look into improving the way your business manages its accounts receivable. What is accounts receivable? Accounts receivable (A/R) is the amount your customers or clients owe for services provided or goods that your business sells. Your client or customer does not pay for the service or item right away, therefore accounts receivable is an “I Owe You”. Let’s look at some tips your business can follow to maximize its accounts receivable process. Invoice Timely Invoicing your customers timely can almost ensure that your business is paid timely. Furthermore, timely invoicing improves