Accounts Payable and Accounts Receivable

photo of receipts from expenses, being entered by a bookkeeper for small business bookkeeping

We'll help maintain the financial health of your business.

Keeping your small business finances in check can be a lot like juggling. You’re continuously balancing between incoming and outgoing funds, and there’s always that one invoice or payment that threatens to throw the whole act off. It’s the kind of stress you could do without, right? That’s where ProFit Bookkeeping & Consulting steps in with our top-notch Accounts Payable and Accounts Receivable services.

Managing your business’s cash flow can sometimes feel like navigating through a maze. You have invoices to send, payments to track, supplier bills to pay, and customer debts to collect. Keeping track of all these moving parts can be overwhelming and distract you from what you do best: running your business. But that’s where we shine. Our team at ProFit Bookkeeping & Consulting is here to take that burden off your shoulders and help you maintain a healthy cash flow.

We'll chase the bills and get you paid

Our Accounts Payable services ensure that you never miss a payment or incur late fees. We keep track of all your supplier bills and make sure they’re paid on time. This means you can maintain good relationships with your suppliers and avoid any unnecessary costs or stress.

On the flip side, our Accounts Receivable services ensure that you get paid for the hard work you do. We manage your invoicing, follow up on unpaid bills, and help streamline your collection process. This not only improves your cash flow but also saves you time and energy that you can invest back into growing your business.

With ProFit Bookkeeping & Consulting managing your accounts payable and accounts receivable, you can focus on what matters most: your business. Let us handle the juggling act, so you can get back to steering your business towards success.

a photo of a young business professional, on a business call to discuss plans for her business growth, thanks to ProFit Bookkeeping for clarifying her financial situation

photo of a group of small business professionals discussing business ideas with a clear idea of their current cash flow thanks to their Edmonton bookkeeper

photo of a diverse group of business colleagues review financial statements and reports prepared by their Edmonton bookkeeper at ProFit Bookkeeping

photo of business consultants working to draft plans for business growth and new projects

photo of a small business consultant reviewing her organized books, thanks to ProFit Bookkeeping

photo of a group of business professionals in Edmonton, meeting to discuss financial reports

Frequently asked questions about Accounts Payable and Accounts Receivable

You've got questions about Accounts Payable and Accounts Receivable. We have answers.

What is the importance of Accounts Payable and Accounts Receivable in a small business?

Accounts Payable and Accounts Receivable are crucial for a small business as they manage the cash flow, ensuring that money is being received and paid out in a timely manner. They assist in maintaining healthy business relationships and improve financial management.

What role does a bookkeeper play in managing Accounts Payable and Receivable?

A bookkeeper is responsible for recording and managing all transactions related to Accounts Payable and Receivable. This involves collating and processing invoices, monitoring payment deadlines, and managing outstanding debts.

How does proper management of Accounts Payable impact a business's relationship with its suppliers?

Timely and accurate payment to suppliers, managed through Accounts Payable, promotes trust and good working relationships. It can also open opportunities for negotiation of better trade terms or discounts.

How can efficient handling of Accounts Receivable improve a business's cash flow?

Efficient management of Accounts Receivable ensures that customers pay their invoices promptly, thereby providing a steady flow of income into the business. This helps to maintain liquidity and facilitates smooth business operations.

What skills should a bookkeeper possess to effectively manage Accounts Payable and Receivable?

A bookkeeper should have strong numerical skills, attention to detail, knowledge of bookkeeping software, and understanding of the business’s financial processes. Good communication skills are also crucial to liaise with suppliers and customers about payments.

Can a bookkeeper help a small business in debt recovery in the Accounts Receivable process?

Yes, a bookkeeper can assist in debt recovery by sending reminders for payment, negotiating payment plans, and in some cases, initiating procedures for debt collection.

How can a bookkeeper help a small business in managing its cash flow through Accounts Payable and Receivable?

A bookkeeper ensures that all invoices, both payable and receivable, are tracked and processed on time. They can provide regular reports on cash flow status, highlighting any potential issues or opportunities for improvement.