It’s easy to assume that all payments are alike. After all, they’re all money flowing out of your accounts. But paying a handyman in cash to buy a new hinge and install it on a door of your rental property is not the same as buying an airline ticket for a business trip, paying your daughter’s tuition, or making an estimated tax payment to the IRS.
Maxwell Money’s professional bookkeeping service can make all those payments for you, accurately and on time. And even better, we can track them to reveal insights into your profitability and true costs, so that you can make the financial decisions that serve you best.
Standard accounts payable
As soon as you start bookkeeping, you set up an accounts payable process. If you’re doing it right, you have a workflow of the steps involved in making payments, and you follow it every time, to ensure everyone is paid in an accurate and timely way. But if you’re reading this, it’s probably because you’ve discovered that managing accounts payable isn’t easy. Perhaps your workflow is complex and takes too much of your time. Or perhaps it’s not completely consistent, which creates uncertainty when you’re looking back over your payments.
At Maxwell Money, we set up a transparent, auditable workflow for each client that we follow for every single payment. All you need to do is review and approve payments. Plus, we reach out to your vendors, inviting them to submit invoices and receive payments electronically for their convenience and more efficient payment tracking.
Expense reimbursement can be a huge challenge. There’s a lot of variability in the amounts to be reimbursed, how, to whom, and for what, which can cause substantial problems when reconciling the books. Maxwell Money bookkeeping professionals have seen it all and are not phased: we ensure that all reimbursement payments follow established policies and procedures. No matter how diverse your expenses, Maxwell Money pays everybody the right amounts at the right times and allocates those payments to the right categories for clear visibility into your finances.
In order to know what’s profitable, what’s not, and how much something is really costing you, you need to be able to correctly allocate costs to clients, jobs, or activities. Sometimes this is challenging, like when a cost applies to multiple items. And it’s always time-consuming for you to manage and track. As a professional bookkeeping service, we have the tools, processes, and dogged down-to-the-last-detail focus to correctly allocate all your costs and provide you accurate insights into your profitability.
A day’s delay in payment to a contractor who happens to be a friend of yours is not likely to cause any problems. But with some payments like those to the IRS you could incur substantial penalties if your payment is late or incorrect. At Maxwell Money, we take steps to prevent any issues or penalties. We prepare carefully for such payments, making sure well in advance of the due date that your payments are set up and will clear your account.
Relax. We’ve got your books.