Beacon Virtual Assistants, LLC

Think back to when you first started your business, what were your reasons for doing so? More often than not, when I ask other small business owners this question, I get one of three answers: to be able to spend more time with family, to make a difference in the lives of others and to make more money and have better control over my income. All of these reasons are very valid reasons……until they are not. I’ll get into more on that in a bit. This COVID-19 pandemic has taken a toll on all small business owners both in the financial aspect and the mental aspect. When I first started my business in 2009, I knew there would be tough times ahead of me. I was prepared for the long hours, sleepless nights and occasional discharge of an employee or two. I knew there would be trials and errors regarding what services to offer or the best procedure for those services. All of the research I conducted before turning on that virtual “open sign” for the first time had me ready for all of ...

A major part of any business’s  bookkeeping is monitoring cash flow in and out. Accounts payable refers to the money owed by the company to vendors, taxes, rent, loans, and monthly operational bills. Below are a few reasons why it is vital for companies to keep track of this area. Why Is Accounts Payable Important? Accounts payable refers to what your company owes, whether that is in regular bills, rent, or debtors. Along with accounts receivable, it makes up your business’s bookkeeping and accounting, which gives you an overall financial picture to track money flowing in and out. Overdue and unpaid bills can be detrimental to a company, especially a small business. When accounts payable is not monitored, your company can suffer a huge impact on its credit standing, and as time passes, you may not be able to run it efficiently because there is too much outstanding debt that has been left to grow. What Does Accounts Payable Management Entail? ...