As a small business owner, you juggle every aspect of your business—marketing, business development, project fulfilment, client meetings, etc. Other priorities, such as paying your vendors on time, may fall through the cracks. Mismanagement of your accounts payable and accounts receivable can cost you money.
Missing payments, late payments, and partial payments can lead to late fees, interest charges, and poor or strained relationships that can even result in losing a supplier or vendor. Inaccuracies can create hardships for your company by affecting relationships with vendors and your company’s credit rating. On the receivables end, cash flow can be negatively impacted if you can’t collect from your clients in a timely manner.