This results in a couple of situations where either you forget to pay your supplier or you only pay them when they chase you. Often we see the situation where people have been paid more than once because there was no system in place and no creditors reconciliations being completed. This also makes it incredibly difficult to ever know where you stand financially and manage your cashflow.
Let us help you put the systems and processes in place to have a great relationship with those suppliers by paying them regularly and know your correct financial position by paying the correct amount. 3rd Arm Admin can either do this for you or help you put the systems in place by:
- Ensuring invoices are received and entered in a timely manner (we can also help you automate this by using software such as ReceiptBank)
- Monthly Creditor Reconciliations
- Providing Aged Payables Reports
- Setting up the payments ready for you to approve
- Helping to manage staff or your own expenses and set up the processes to do so