Keeping track of your accounts payable is important to prevent facing penalties for delinquent accounts ~ delinquency can also have an effect on your company’s credit rating. Invoices should be issued as soon as possible to keep the funds flowing into the business. Phoning to remind customers of overdue accounts is extremely important. Failing to keep track of accounts receivable will reduce company income. I am still surprised at the number of customer’s invoices that go unpaid due to the lack of attention or failing to contact a customer when a NSF cheque is returned.
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