Accounts Payable
Providing Bookkeeping to Ottawa and the Surrounding Area.
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Accounts Payable
While it’s important to keep a close eye on the money coming in, it’s just as important to stay on top of the money that’s going out. And just like how the accounts receivable tracks the money coming in, the accounts payable tracks the money going out.
The most fundamental idea for any business to do well is to keep accounts payable low and accounts receivables high, which translates to keeping the outgoings much lower than the income in layman’s terms.
Keeping track of the outgoings will also help ensure you and your company remain in good credit standing. Your accounting records could also play a role in the future when the time comes to look for financing. Both the accounts receivable and accounts payable are vital in helping you qualify for a loan.
If you constantly review your accounts payable, you’ll be able to get a clear pictures as to where your money is going, but it’s difficult to realize this during the day-to-day operations of your business because your focus is split between the many different areas of your company.
Work with Ottawa Bookkeeping so that you can maximize on all that our accountants can offer. We’ll help you keep track of your income and outgoings so that you understand where your money is coming from and where it’s going. We’ll also help you understand all the rules that the CRA has in place when it comes to business expenses and help you get all the tax credits that are available for your business. With our bookkeepers, you’ll always be on top of your game, complying with the tax laws while knowing exactly how well your business is doing.
