Accounts Payable - Accounts Receivable

There are many critical success factors for small and medium size businesses. Profitability is key, but many businesses fail even though they have a profitable product or service and customers who are willing to pay for those products or services.

One of the single greatest causes of business failure worldwide is poor management of cashflow. Knowing how much you owe to suppliers and when it must be paid (i.e. accounts payable), and how much your customers owe you and when you should expect payment (i.e. accounts receivable), is critical to getting a handle on the cashflow position of the business. It is only by correctly managing accounts payable and accounts receivable that you can make decisions on how to handle short-term requirements for working capital.

Accounts Payable software provides an automatic mechanism for managing supplier invoices and payments. The Accounts Payable functionality of Artemis Accounts lets you see at a glance how much you owe to suppliers, as of any date and regardless of the currency in which the supplier operates. With this accounts payable software, you can make payments to suppliers in any currency, or mix of currencies, as invoices become due for payment. The reporting functionality of the Purchases/Accounts Payable module allows you to calculate cash requirements and do an ageing analysis of your accounts payable. Through careful management of your accounts payable, you can avoid costly bank overdrafts and minimise short term loans.

The other side of the coin is Accounts Receivable. If you don't know exactly how much your customers owe you and when it is due for payment, you could be providing no-cost finance to your customers. Artemis Accounts helps you to manage your accounts receivable by providing aged debtor analyses and highlighting those customers who are exceeding their credit terms. The Customer Account Statement facility allow you to issue statements to all customers with outstanding balances on a monthly basis. With this accounts receivable software, the currency in which the invoices were issued doesn't matter. You can view accounts receivable in a choice of currencies and accept payment in any currency or a mix of different currencies. Using the accounts receivable functionality of Artemis Accounts, you can ensure that you are not borrowing to fund slow-paying customers.

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