Account management begins with a well maintained accounting system. This gives users the ability to run reports that accurately reflect the accounts payable and receivable by the business.
What can you do with this information
- reconcile to supplier statements
- prioritise creditors
- create aba files to pay creditors
- collect amounts outstanding from debtors
- forecast cashflow
- reconcile cash at bank and loan accounts
Gone are the days of pulling out a calculator to add a pile of paper up to see if you have enough available funds to pay creditors, or looking through your bank statement to see if an invoice you issued 3 months ago has been paid.
Effective use of accounting software used by someone knowledgeable in using it, can streamline all these processes.