Tuesday, August 28, 2012

How to Do Credit Control

Credit control gives the impression that it is a dark art surrounded in mystery. People think it's a hard task to undertake, they feel that the person on the other end of the telephone is going to be rude to them or they could ask questions that they simply don't have the answers to. However; the biggest fear appears to be the fact that; we can become very uncomfortable asking people for money. If a business has provided a product or service they are entitled to receive full recompense for that product or service.
Credit Control doesn't have to become an arduous endeavour, once you have momentum you will become an exceptional at credit control. Below are some suggestions on how to tackle credit control.
  1. Make sure you are clear of all distractions. This means that you are going to have to concentrate on one task at a time. That task has to be credit control.

  2. Have a copy of the document/invoice(s) in front of you for reference. You could have the invoice printed as a hard copy or you could view it as a document on the screen. Either way, you will need a copy.

  3. Ensure you are familiar with the lay of the invoice. You may be asked a number of questions that could range from the invoice number, the quantity of goods purchased, the unit price of the goods, total price of the goods. There could be other questions that can easily be answered with a copy of the invoice in front of you.

  4. In a calm manner, pick up the telephone and ask to speak to the accounts payable or ask to be put through to the person who deals with accounts queries (especially for a small business).

  5. Introduce your self and ask for the name of the person you are talking to. Explain in a friendly voice that you are calling on behalf of your employer (or yourself). You need to engage them in friendly conversation and explain that you are chasing payment for an outstanding invoice(s). There is no need to be aggressive or abrupt and will appreciate your calm approach. They may ask you a few questions about the invoice. Be helpful and reply to all the questions asked. The object of the call is to make sure they become receptive to your request of payment of your invoice.

  6. Ask when can you expect remit of the invoice. They may ask you to resend the invoice. If they do, send a copy via email and put a copy in the post. Then ask them again when can you expect to receive full payment of the invoice. Ascertain any problems with the invoice. What is preventing them paying the invoice as payment is overdue in accordance with your terms and conditions.

  7. They may inform you that the cheque needs to be signed by their manager or that the invoice still needs to be authorised, in these instances ask thel when can you expect this to happen.

  8. Thank them for their time.

  9. Write on the invoice, on your accounts package or on an excel spreadsheet the outcome of your conversation. Write clearly the date that they said you can expect payment. If you have sent a copy invoice, write the day you emailed the copy invoice and sent one in the post.

  10. Enter a note in your diary to make an additional call to the person to make sure they have received a copy of the invoice. If the payment was expected on a particular date, and has not been received, call again on that date. Tell the person that the payment has not been received and find out if there are any issues
There could be occasions when your client, simply isn't going to pay your invoice. On occasions like this, you are going to have to make the decision if you are going to embark on legal action. This could be via a solicitor or through small claims court. In some circumstances it may advantageous to write the debt off. The amount of the outstanding invoice may dictate the severity of your action.

Wednesday, August 15, 2012

Merits Of Using Bookkeeping And Accounting Services And Selection Tips

Companies that assist small businesses to update their books properly can be found on the internet. They offer cheap and reliable bookkeeping and accounting services. It is important to hire a company that will surpass your expectations and meet the needs of your business. Locating such a company does not have to be difficult anymore. The internet technology is here to save your time and money. Searching for the right accounting firm with popular search engines is absolutely free.
Therefore you have no excuse for not finding dependable bookkeeping and accounting services. Right now your small company requires aggressive marketing. If you are a great marketer, and a poor accountant, outsourcing is for you. Outsourcing accounting will save your money because your books will be updated by a professional who regularly provide error-free reports. So you will sleep easy knowing that you will never be in trouble with the IRS.
When working alone or with one clerk, you can easily miss the deadline for submitting your financial reports tn the authorities. In addition, handling excess work may stress you out and make you do the wrong thing or skip important data. Purchasing bookkeeping and accounting services will help you avoid making these expensive mistakes. You will encounter professional tax accountants who will put your books in order so as to submit them directly to the authorities at the end of the year.
Bookkeeping entries determine how your accounts will be tackled. So it is a good idea to find a company that offers bookkeeping and accounting services at the same time. This will give it an opportunity to become familiar with all areas of your accounting department. Because of this familiarity, this company will avoid entering mistakes on your accounting system. If the system needs to be adjusted, the company will propose the necessary changes to you.
After buying bookkeeping and accounting services, you will have time to take your business to the next level. You will no longer have to prepare monthly statements, enter invoices or reconcile bank accounts and petty cash. Time to hire and fire temporary accountants and bookkeepers should come to an end now because you know that outsourcing is the best solution. By outsourcing your books, you will avoid wasting time and money writing job descriptions and advertising vacancies.
What you need now to have access to bookkeeping and accounting services is a few minutes to browse the internet. Any reputable accounting firm located in the United States can certainly change the future of your small business and is accessible online. Still, you want to find a company that will give you affordable rates and excellent services. Since you will be dealing with large, established firms, you do not have to interview every accountant they have unless you want to. 
Their services are bought by thousands of customers every year.

Customers will seldom come back if they treated badly by a certain company. The fact that a company has many recurring customers should give you confidence to hire its bookkeeping and accounting services. You should trust any accounting agency that seems to have many happy customers. Furthermore, you should hire a company that can accommodate your needs when other businesses are rushing to do their accounts before the time for reporting tax arrives. Make sure that its workload will not be too big to accommodate yours.

Friday, August 3, 2012

Why Should One Take Up the Post of a Temporary Accountant?

I was looking at the different part time opportunities available for my friend who is located in a remote sea side town and has very good knowledge about business accounting and taxation procedures. His recent domestic commitments towards his aging parents have created high demands on his time and working modes.
There are many qualified professionals like Andrew Morrison, who do not want to tie themselves down with full time jobs due to diverse reasons. The part time jobs for the post of temporary accountants offered by firms' expert in handling tax and accounting services and agents offering temporary employment for various accounting positions are usually advertised on the internet and the classified columns of the newspapers.
The positions offered by companies looking towards hiring tax and accounting services or a temporary accountant prove to lucrative job opportunities as they are money spinning vehicles being utilized increasingly as a cost cutting process by businesses in contemporary times. The positions of temporary accountants are usually filled up during the seasons when the tax and accounting services are required for filing of returns, preparation of final accounts, handling large accounting transactions and increased workload. Some of the temporary posts are upgraded to a full time basis if the quality of the job provided is up to the expectations of the recruiters.
Many companies are looking towards outsourcing their key tax and accounting functions to professional third parties who have the requisite infrastructure and experience to handle multiple client jobs as per the requirement. These external agencies are on the lookout for temporary accountants willing to work for them on a part time basis by providing their expertise in tax and accounting services. It is a good idea to leave your resume with these firms along with employment agencies to avail job opportunities for a temporary accountant's post as and when the need arises.
The pros and cons of the job of a temporary accountant or joining the teams in firms providing tax and accounting services can be discussed as below:
1. The job of a temporary accountant is usually for a short duration of two months to six months on a contractual basis. The reason for the opening could be in relation to a project or for filling up the gap of the full time accountant who max be on leave. The short term association allows both parties to check out the comfort levels before upgrading to a full time post in the same department or Company.
2. It acts as a good source of income for the qualified but currently unemployed, who are looking for good job profiles.
3. The association with a reputed firm offering tax and accounting services or the job of a temporary accountant adds to the resume and helps in building professional contacts, network and references for the future.
4. It definitely provides flexibility in juggling the work-home responsibilities.
However, there are certain disadvantages for committing yourself to a part time job such as temporary accounting.
1. It may not complement the qualifications possessed by the individual and may not match with his exact requirements for a job.
2. The lack of job security and benefits that exist in the part time job.