Accounts payable and receivable should be part of financial planning. Discover the secret to better control the flow of your company.
Financial organization is necessary to maintain the health of the business. One of the tips is to manage accounts payable and receivable in a spreadsheet.
So, when we put the values of these accounts in the spreadsheet, we are making a forecast of what will still happen with the company’s earnings. Check it out below.
After all, what are accounts payable and receivable?
Before defining ways to better control the flow of accounts, it is important to define what accounts payable and receivable are. Accounts payable are the financial obligations assumed by the company, such as the payment of employees.
Accounts receivable are those with expected cash inflows, such as installment sales and investment interest.
Thus, having these accounts well defined, it is possible to see the health of the enterprise, that is, if the income will be sufficient to settle the commitments.
That is why it is important to have accounts payable and accounts receivable in an organized manner. With the use of a spreadsheet of accounts payable and receivable the financial organization is simplified, avoiding headaches or losses.
With that in mind, check out some tips on how to control the flow of accounts payable and accounts receivable from a company, that is, how to predict the future of your business’s financial resources.
How to better control your accounts payable and receivable flow?
To make a correct financial control it is best to invest in more effective tools. One of them and also well known by managers are Excel spreadsheets.
Thus, to control the flow of accounts in a company, it is recommended to use a spreadsheet of accounts payable or receivable with numbers that can be crossed and compared.
Using this solution the administration of your company can be done in a more agile and complete way. There are excel templates developed to optimize your financial management.
However, it takes a good deal of dedication to make sure everything runs smoothly. The first step in understanding how to work with accounts payable and receivable is to take control, recording everything your company will need to pay in the coming days and months.
One tip is to list all costs and expenses, including variables. This procedure prevents you from forgetting an account and being caught off guard. Include due dates to keep your organization paying.
Well, now that you have a broad and general view of everything you’ll need to pay and when to do it. Understand below what are the good practices in the control of accounts that will help the health of your business.
Essential practices in controlling accounts payable and receivable
Effective financial management is essential to a company’s success. Thinking about it, the control of accounts payable and receivable, besides being a benefit for your business, is a basic requirement to remain in the market.
Making the flow work is not always an easy task, but there are practices that can make this mission more dynamic. Check below some tips that we have prepared for you.
The first step in controlling finances well is to have an updated and detailed record of everything that enters and leaves the company’s income.
Whenever possible write down the company’s financial transactions, as well as the payments to be made.
In addition, make a control of the amounts that the company must receive in order to organize its budget and understand its cash flow.
In your accounts payable spreadsheet, keep the updated data of your creditors, in addition to the total amount to be paid, the amount and number of installments remaining, and the due dates.
In this way it is possible to control the cash flow in a balanced way by managing the money inflow and outflow. And, still, reduce the chances of default of the business.
Keep personal expenses separate
One of the biggest problems for small and medium-sized entrepreneurs is mixing business and personal bank accounts. It is important to say that this type of practice may compromise the financial life of the enterprise.
By interfering with the financial flow of your business, you end up masking what the company’s existing problems are. Therefore, the best way out is to keep personal and business financial lives completely separate.
These habits will make the control of accounts payable and receivable much easier and simpler. See below how to acquire Excel Spreadsheets to control the flow of Accounts Payable and Receivable.
Download Accounts Payable and Receivable Spreadsheets
Discover the Accounts Payable and Receivable spreadsheets from Adnia Solutions that were created with an intuitive design that promises a beautiful graphic display and functionality. In this way, it is possible to base your decision on solid and strong data and promote the necessary changes in your company.
The defining feature of our models is simplicity. At Adnia Solutions, we make sure you have the best insights with professional, easy-to-use Excel templates. Check out the Spreadsheets available at Adnia Solutions:
This Excel Dashboard template will help to properly organize the flow of accounts payable in one place. Check out this model and optimize your company’s processes
Choose this Excel Spreadsheet to monitor the progress of the account receivable monthly and consolidate all your receivable metrics in one place. Check out this solution.
This spreadsheet is aimed at controlling your accounts payable, ideal for maintaining a good relationship with suppliers. Simplify the process with this Excel accounts payable management model.
This Spreadsheet model is ideal for managers looking to run a thriving business. Organize all data just a click away.
With Adnia Solutions models, data management and financial planning for your company is simpler and more convenient. In addition, it is easy to see the results with the help of clear and intuitive custom graphics.
Check out some features of our Excel templates:
- Clearly displays results with clean graphics
- Professional spreadsheets with intuitive design
- Use of the main KPI’s for the success of your business
- Templates for all your business or personal needs
- Available translations (English, French or Portuguese).
In addition to these features, templates are a simple and professional solution for managing your business or personal demands. To make management even easier, the spreadsheets are ready for printing without the Adnia logo.
There are no monthly fees and the file is downloaded immediately after payment with any credit card or through PayPal. Count on our support to answer any questions about the products.
Get to know today the spreadsheets of Adnia Solutions, a company that is a reference in the creation of models, smart panels, innovative and incredibly easy to use based on Excel. Check out our premium Excel spreadsheets.