Your decision about choosing Great Plains software vs QuickBooks Online may change over time as your business requirements increase. Smaller companies with promising growth paths will likely outgrow QuickBooks Online and move up to an ERP system with more features, like Microsoft Dynamics GP.
Accounts Payable Hub
A supplier portal, also known as a vendor portal, is an integrated online platform shared by businesses and their vendors. The supplier portal is used for entering supplier information, submitting documents, displaying status, and communicating. With a supplier portal, document submission includes contracts, electronic purchase orders, vendor invoices for payment, and electronic W-9 tax forms.
Many types of EDI payment methods are available to businesses. If you are considering EDI for the first time or are expanding your existing EDI platform, there is at least one method to fit your budget, technology structure, and business transaction needs. Here are two of the top EDI payment methods and their descriptions.
Cash flow forecasting is a cash flow projection that includes beginning cash balance, cash inflows and cash outflows by type, and ending cash balance. A cash flow forecast shows if estimated future cash balances will be sufficient or if actions should be taken to add cash through optimal cash flow management or financing.
The full accounting cycle is a step process for recording transactions, preparing financial statements, and making closing entries for the monthly or annual accounting period. At year-end, closing entries include transferring net income or loss to the retained earnings account and resetting income and expense accounts to zero for the next accounting period.
Payment reconciliation may be a time-consuming process for accounting teams that slows down the monthly financial close. As businesses grow, the time required to reconcile payments and perform bookkeeping expands unless your business automates the payment reconciliation process with a real-time software solution.
Successful companies are always looking for ways to optimize internal processes, including accounts payable. No matter the size of your business, there will always be the need to pay bills.
Thus, it’s in your best interest to understand and update your accounts payable best practices on a regular basis. Here are a few tips and tricks to get you there:
EDMS (electronic document management system) is a software platform for centralized records management, electronic document sending, storage, versioning, and retrieval for businesses and organizations. EDMS is used internally as an electronic document repository. Finance uses EDMS for electronic document exchange between the company and its vendors and document storage.
Variable expense ratio — also called the variable cost ratio — is a means of understanding how variable costs impact a business’s net profits. The variable expense ratio expresses a company’s variable expenses as a percentage of its net sales. This is a useful metric that can help businesses in matters like pricing and production scheduling.