Payments & Payables Archives - Patriot Software Tue, 25 Jul 2023 20:06:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Payments & Payables Archives - Patriot Software 32 32 Paying Vendors 101: Everything You Need to Know to be a Pro https://www.patriotsoftware.com/blog/accounting/paying-vendors/ Thu, 08 Dec 2022 20:48:31 +0000 https://www.patriotsoftware.com/?p=60288 As a business owner, there’s a pretty good chance you’ll need to work with a vendor at some point. After all, you need supplies, services, and more to operate your business. Hiring a vendor is one thing, but do you know how to pay a vendor? Welcome to your paying vendors 101 guide. What is […]]]> What Are Liabilities? https://www.patriotsoftware.com/blog/accounting/what-are-liabilities/ Wed, 09 Nov 2022 14:27:00 +0000 https://pslohio.wpengine.com/uncategorized/what-are-liabilities/ As a small business owner, you might owe money to vendors, employees, and the government. You need to keep track of your business’s debts in your accounting books. When it comes to recording the money you owe, mark your debts as liabilities. What are liabilities? What are liabilities in accounting? In small business accounting, liabilities […]]]> How to Find Days Payable Outstanding https://www.patriotsoftware.com/blog/accounting/what-is-days-payable-outstanding-example/ Tue, 08 Nov 2022 14:39:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-days-payable-outstanding-example/ Do you know how long it takes you to pay your small business’s invoices? The number of days between receiving an invoice and sending a payment plays a big part in your company’s cash flow. You can track how long it takes you to pay bills by calculating the days payable outstanding. What is days […]]]> The Ins and Outs of Business Working Capital https://www.patriotsoftware.com/blog/accounting/what-is-working-capital/ Fri, 04 Nov 2022 18:09:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-working-capital/ Having many expenses is an inevitable part of owning a small business. But, you also need to be able to generate enough money to pay for those expenses. To determine whether you can pay off your short-term debt, you need to understand working capital. What is working capital? Working capital shows you what is left […]]]> Accounts Payable vs. Accounts Receivable https://www.patriotsoftware.com/blog/accounting/accounts-payable-vs-accounts-receivable/ Thu, 03 Nov 2022 20:17:00 +0000 https://pslohio.wpengine.com/uncategorized/accounts-payable-vs-accounts-receivable/ As a small business owner, setting up your accounting books and maintaining accurate records is essential.  To make that happen, you need to be familiar with accounts payable and accounts receivable. Both accounting entries are part of double-entry bookkeeping, but what is the difference between accounts payable vs. accounts receivable? What is the difference between […]]]> Accounts Payable Process Improvement: 9 Steps to Better Invoice Management https://www.patriotsoftware.com/blog/accounting/how-accounts-payable-process-improvement-efficient/ Thu, 03 Nov 2022 19:30:00 +0000 https://pslohio.wpengine.com/uncategorized/how-accounts-payable-process-improvement-efficient/ As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement. 9 steps to accounts payable […]]]> What Is Your Small Business Tax Liability? https://www.patriotsoftware.com/blog/accounting/tax-liability/ Fri, 28 Oct 2022 19:12:00 +0000 https://pslohio.wpengine.com/uncategorized/tax-liability/ Juggling different expenses comes with the job of being a small business owner. One cost you’re responsible for is your company’s taxes. There are several aspects of your business that the government enforces taxes on. To stay legally compliant, you must stay on top of your small business tax liability. What is tax liability? Tax […]]]> How Familiar Are You With the Different Types of Liabilities in Accounting? https://www.patriotsoftware.com/blog/accounting/types-of-liabilities-in-accounting/ Fri, 21 Oct 2022 16:50:53 +0000 https://pslohio.wpengine.com/uncategorized/types-of-liabilities-in-accounting/ As a business owner, incurring debts is inevitable. In fact, the average small business owner has $195,000 of debt. Chances are, you have some kind of debt at your business. And if you have debt, you have liabilities. Read on to learn all about the different types of liabilities in accounting. What are liabilities? Liabilities […]]]> Speed up Customer Payments With an Early Payment Discount https://www.patriotsoftware.com/blog/accounting/early-payment-discount/ Thu, 01 Sep 2022 13:24:00 +0000 https://pslohio.wpengine.com/uncategorized/early-payment-discount/ Ever feel like getting customers to pay is like pulling teeth? If you’re in business and invoice customers, the answer is likely a resounding yes. Many customers wait until the due date to pay (who hasn’t?). Other customers still don’t pay even after the deadline has passed. And if your business needs cash, you may […]]]> What Is Notes Payable, and How Do You Record Them in Your Books? https://www.patriotsoftware.com/blog/accounting/notes-payable/ Fri, 18 Mar 2022 12:57:26 +0000 https://www.patriotsoftware.com/?p=55919 At some point or another, you may turn to a lender to borrow funds and need to eventually repay them. And when that happens, notes payable come into play. Learn all about notes payable in accounting and recording notes payable in your business’s books. Notes payable definition What are notes payable, exactly? What type of […]]]>