Debt management accounting is an important part of a business responsible for managing, monitoring and resolving debts receivable from customers or payable to suppliers.
So for businesses with many suppliers, how will accountants manage payable debts to ensure that debts in the business only exist at the allowable level, avoiding outstanding debt situations that affect the business? affect the cash flow and financial development of the business? Follow Bizzi's article below!
1. Manage payables by books
Debt management by books is a common practice in many traditional businesses. With this method, the accountant will manually perform 100%. Businesses save on investment costs in storage systems and do not need to invest in modern technology equipment.
However, with this manual method, accountants will spend a lot of time checking books, checking suppliers, and recording data. At the same time, taking notes by hand increases the risk of errors and incorrect information. Storing in books is not scientific, there is a risk of data being torn or lost...
2. Manage payables using Excel spreadsheets and Google Sheets
The step forward in debt management for accountants is to use debt management software to manage debt payable to suppliers using excel spreadsheets or Google sheets.
In this way, when processing debts payable to suppliers, accountants use functions to calculate and display results quickly, saving calculation time as well as increasing the accuracy of results. Return results compared to hand calculation.
However, this method is still not the most optimal when calculating and storing on Excel files and Google sheets requires accurate input of functions as well as still takes time for accountants to check supplier information. Enter data into spreadsheet.
3. Use invoice management software to manage accounts payable to suppliers
Up to now, accountants have been in charge of receiving, processing and arranging invoices, carefully reviewing and accounting all types of expenses and receivables and payables. Currently, many units provide electronic invoice issuance services, leading to the situation where each partner sends electronic invoices in a different way. Or the payment to the supplier is due but the accountant is too busy to remind the deadline to pay the supplier promptly.
With the development of modern technology and the trend of digital transformation in the accounting industry, automating accounting operations has become a necessity for many businesses. Bizzi introduces invoice processing software that automates the accounting process using robots to help accountants Check, compare, and store input invoices simultaneously Accurate notification of outstanding debts for the supplier.
With Bizzi is a comprehensive, comprehensive invoice management and modern debt management software most, with just a few taps you can easy lookup, monitor and control debt per supplier invoice. Accountants only need to enter supplier and debt information, then select a supplier to be able to record debts automatically.
Based on the automation platform of Machine Learning applications, Bizzi helps businesses automatically receive and store electronic invoices with a streamlined invoice loading and management process. Accountants can extract data that matches the accounting software and system they are using for reconciliation. In parallel with Bizzi, software Automatic payment due reminder of the business to the supplier
Bizzi's automation solution for processing incoming invoices along with the ability to manage payables to suppliers according to invoices can help accountants save up to 80% time compared to manual processing.
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