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Accounts Payable

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Sept. 21, 2011

Ken Mason answered this question

What are the common payment methods for international trade?

Wire transfers are expensive, time-consuming and subject to the accuracy of the bank and payee data. When currency is converted, the banks also take an arbitrage gain even though they will tell you they don't.
EFT is a much more efficient option in terms of both ... more

Accounts Payable

Accounts Receivable

International Trade

May 25, 2011

Craig Brennan and 8 other people answered this question

How do you ensure customers pay on time?

There are two types of late paying customers:
1. Late payment is an infrequent error.
2. Late payment is a ongoing policy.
Number 1 you normally don't need to worry about too much, but as was mentioned with previous posters, you do need to communicate regularly with both. ... more

Accounts Payable

March 7, 2011

Wayne Spivak answered this question

Cash Flow Management: What types of standards should small businesses set for their clients?

In the ideal, all clients pay cash, and the company pays all vendors in extended terms (if terms are 30, pay 60-90 by agreement).
This of course is fantasy. Clients, depending on the business, industry and economic conditions pay all over the map.
I tell my clients ... more

Accounts Payable

Business Finance

Feb. 28, 2011

Rick Kadet and 3 other people answered this question

How do you determine the line of credit you should offer a customer?

Excellent discussion by two passionate credit managers.
I fall on the side of obtaining all the credit applications and credit information available depending on the size of the deal and the materiality of the potential loss to your company. For example if your annual sales ... more

Accounting Software

Accounts Payable

Jan. 5, 2011

Mariette Knoblauch and 6 other people answered this question

Accounts Payable Best Practices: What are your 3 tips for managing accounts payable?

- Have someone who is not a check preparer or signer approve all new vendors. Don't let the AP clerk just add whatever vendors they want. Have someone outside the process verify that any new vendors are legitimate (and not the clerk's boyfriend ;)
- Always ... more

General Management

Accounting Software

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