Running a small business is no easy feat. There always seems
to be so much to do and not nearly enough time in the day. As a result,
important things often fall through the cracks. For many small businesses, one
of those things that often “falls through the cracks” is receivables tracking.
An important part of good receivables tracking is always
remembering to mark a paid customer as ‘paid” right away. Many people put this
task off until later, planning on reconciling it later. “Later” doesn’t always come
soon enough, though, and at tax time, you could end up with a confusing
receivables report.
Not only is a poorly kept receivables report confusing, it
can also lead to higher taxes. Make an effort to stay on top of your
receivables. Give it your best shot, and if you still find that there’s not
enough time in the day, then it may be time to contact an accounting firm for professional assistance.
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