Finance | Real Estate

CreditsIn Bangalore Based Company We Provide Financial Services, We Give You The Best Deal For Your Loans, Credit Cards & Insurance, We provide Instant Approvals Pre Approval On Personal Loans & Credit Cards. Earn up...

Gold has been a reliable investment instrument for years and continues to be the best credit option during unpredictable market situations. Moreover, during these difficult pandemic times where different financers are offering loans at higher...

Real estate is often referred to as the most secure investment option. In fact, real estate investments made with precise property evaluation can produce good returns. One of the reasons why many people make real...

For payments on the Internet, cards of international payment systems are most often used, directly or indirectly. So getting a plastic card is the first step to virtual shopping. Which card should you choose? Payment...

If you have plans to invest in a farmhouse and want to know how you can buy ideal farm house for sale, read on. First of all, decide the scale of investment that you want...

Various banks in India offer various sorts of credit cards, which can be arranged based on the advantages they offer. As per specialists, clients ought to choose credit cards exclusively subsequent to contrasting them and...

Hyderabad, the capital of southern state Telengana is dubbed as the IT capital of India. In recent years, Hyderabad has seen a large influx of IT professionals and Urban population. This, in turn, led to...

The Property managers should have the ability to communicate, organize the things rightly, negotiate, give the right customer service, and more in the line. These all qualities, which will make the manager perfect, and the...

Whether you are planning to invest in a property for earning profits or planning to find the best location for your residence, you need to be well-aware of the real estate trends. Everyone has different...

The expression "We Buy Houses" is broadly utilized throughout the nation. With the end goal of this article, I will discuss the signs that utilization this expression. I'm sure you have at one time saw...

It is an obvious fact that financial needs can vary for a human being depending upon the situations in life. At times, the savings made by a person might not be enough to meet a...

The responsibilities of the property owner are more in numbers; it can’t be limited. There will be plenty of things to take care of. But if you want the guide about the same, then this...

Two options are available to expatriates in UAE – either they can get low-interest personal loans which are the best way to manage urgent financial needs or they have to tackle higher interest rate loans....

A fixed deposit is the safest and most popular method adopted for long term investment. The most exciting and tempting aspect of savings through fixed deposit is that there are zero risks of losing money....

The LAP, or Loan Against Property, is one of the oldest and most secure types of loan available in the market. Lenders quickly provide loan against the property after security verification. This article will help...

For a business to function smoothly, it needs free working capital. Businesses often suffer due to the cash trapped among accounts receivable, accounts payable, and inventory. Accounts payable should not be neglected just because it is a back-office function. Streamlining accounts payable is a key strategy to maximize cash flow. Most of the business owners think that delaying payments will keep maximum cash flow but it will, in turn, affect the relationship with the vendor and result in delayed delivery of orders. This process will mess up the streamlining of the workflow. Contrarily, early payments to vendors bring benefits in the form of discounts.   Vendor relationships are critical for smooth accounts payable  The foremost step in any business transaction is to have a smooth relationship with the material suppliers or vendors. If you have a bad reputation with your suppliers in terms of delayed payments, rectify the situation as soon as possible. It is healthy for your business to establish a trusting relationship with your suppliers. Be open with your vendors about difficulties in paying if such an occasion arises and think of a common solution for the payment plan. Contact your supplier first about early deliveries or late payments without ignoring their calls. A good relationship with vendors will open up your business network and attract a lot of good deals. This can be achieved by organizing your vendor list. Simplify the accounts payable process by streamlining the invoices. With an increasing number of vendor accounts, the process of accounts payable gets complicated. It is hard to keep track of each vendor account or invoice and it will eventually result in missing a payment. Mismanaged accounts will lead to hardships down the road. It is better to keep a track of accounts and record them as soon as they come. Keep trackers and reminders for due bills to never miss a payment on time. Ditch the paper and go digital with your payments Accounts payable, when done with paper receipts, becomes a tiresome and time-consuming process. Paper storage leads to misplaced and lost invoices. It is the underlying cause for error-prone accounts payable and turns into a costly mistake. Make use of the latest digital technology for accounts payable to improve productivity. The invoices, purchase orders, and delivery receipts will never get lost with digital tracking and uploading. It saves a lot of time when it comes to finding invoices as digital invoices can be easily searched with date or vendor name. Digitization brings better invoice tracking and makes it easier to assess the accounts payable operations. Businesses get clarity and control over cash optimization and can develop better strategies to run a business successfully. It gives a clear view of which invoices are paid and which are due. It is also easy to add comments on the invoices to give feedback without forgetting. The best part of going paperless is enhanced the visibility of cash receipts for all purposes right from vendor information to tax purposes. It is easier to track and retrieve invoices on-demand with digital technology. Automation or standardization of accounts payable workflow Start by centralizing the vendor database from all departments if you are managing an organization. This process is good at eliminating redundancy and data entry errors. It will also cut down the processing time of orders and payments. Set up reminders to eliminate missing on payments and to have a clear idea of expenses. Centralizing the vendor database will make it easy for the respective authorities to approve the order and payment processes. Automation serves the business goals in a better way as purchase orders can be created easily from the pre-existing records. It makes the process of purchase much easy as it works on pre-approved purchases with a set budget, fixed time constraints for delivery, standard terms of negotiation on discounts and preferred vendors. The automation sends the purchase order or delivery order to specified authority without lengthy conversations. Automation also helps in simplifying the process of checking deliveries and bills. This streamlined process will enhance productivity and hasten invoice processing with minimal errors. Separate Vendor portals Setting up separate vendor portals will make it easy to track orders, deliveries, and payments without worrying about the need to speak to authorize and delivery representatives. It works well in organizations that spend days and weeks sorting out all the vendor requests and updates. Setting up vendor portal will simplify the process of invoice submissions and reduce the risks of payment delays. Vendor portals fall under automated workflow which will eliminate delays by tracking invoice status. Also, both the vendor and the business organization can provide notes regarding special requests or exemptions for a specified purchase order. The invoice submission and approval by respective authorities are done with greater accuracy. The time spent on tracking and generating invoices is drastically reduced with vendor portals. Since portals come with good encryption technology, the entire process is secure and safe for use. It reduces the costs related to manual effort and saves time. The future of accounts payable relies heavily on vendor portals for a streamlined workflow. This kind of automation is essential for the well-being of a successful business. Detect and eliminate accounts payable fraud The only route for money to leave the business is through an accounts payable transaction. Keeping a vigilant eye on accounts payable will help to detect and prevent frauds that are draining the cash flow in a business. Scan for the invoice odds like bills with the same invoice number and final payable amount. Accounts payable fraud should be detected in the early stages before it can cripple a business. Look for human involvement in the automated process to find red flags of fraud. Check for the dubious amount of unaccounted vendors without approval. Check for increased payments without any change in the quantity of purchase order. Invoices without specific details of the vendor can be fraudulent play. The above 5 ways when done properly with care and attention will help businesses of any size to prosper. Follow best practices with vendors and leverage technology to your advantage to facilitate accounts payable. Author’s Bio:  I’m currently working as a Charted Accountant with Payroll Outsourcing Company. I have a great passion for outsourced accounting services. In a previous couple of years, I have worked with big and small clients across numerous continents. I have a keen interest in outsourcing payroll processing, accounts payable outsourcing, BPO outsourcing, outsource finance, outsourcing bookkeeping, offshore Back office services, etc.

First things first! Recently, a resident of Thane, Maharashtra was duped of Rs.50,000 by mischief makers who recognized themselves as agents of banks. The victim had applied in the same bank for a credit card...

Of all financial markets, the Forex market is the largest and most liquid. Its unique features make it easy to participate in, with liquidity drought hardly ever being a concern. Every Forex trader, therefore, can...

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  Find a QuickBooks ProAdvisor expert. While accountants, clerks, counselors, advisors, the board organizations, and numerous others tout administrations to assist you with setting up and use QuickBooks all the more capable, they might not...

When you are trying to open an office for your business, the first thing comes to your mind is to rent a place. But have you thought about working from a virtual office in here?...

There is always some sort of financial crisis brewing and for that you cannot remain prepared all the time. In the event   of any monetary crisis, you tend to ask help from some of your...

Payday is an important day that is eagerly awaited by everyone. But sometimes it becomes exhausting to sort different financial needs in the mid of a month when you are left with insufficient finances. In...

PAN Card is one of the key documents that you can use as a proof of identity in India. You can also use the PAN Card as a major financial document that is needed in...

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The Indian credit market has been flourishing remarkably in the past few years, especially when it comes to short term unsecured credits like personal loans and credit cards. Both the sectors attained growth rates in...

What is RERA? RERA is the abbreviation for Real Estate Regulatory Act which was introduced with a perspective to establish regulatory authorities for registering the residential state projects. Furthermore, it is important for the builders,...