Issuing refunds is a part of almost any kind of business whether you offer services or products.

Maybe someone overpaid an invoice, a customer didn’t like the product, or the service/product sold resulted in damage.

So, how do you go about issuing a refund and setting that up in your financial records?

Refund Best Practices:

One of the policies you should have for your business is a refund policy. Although you might be...

Owning a business means that you will have financial responsibilities.

So, it’s important to know these terms when handling your finances or when discussing your finances with your bookkeeper or accountant.

1. Accounts Receivable

When you perform a service or provide a product, the amount your customer owes you will be the account receivable. Although you are waiting for this amount to be paid, it will still be...

Have you been tracking your jobs?

Keeping all projects, clients, and purchases together when completing a job is extremely important for invoicing. It can be helpful in other areas as well such as:

• Job History: By continuously tracking your time, you are able to look back at similar jobs to give your clients better estimates on how long something will take.
• Tracking progress: All parties included (you, your clients,...

When assessing finance charges it’s best to review them monthly to keep up with everything owed.

Finance charges can include loan processing fees, interest charges, late fees, and other costs going beyond the amount borrowed/owed.

Luckily, there are ways to improve your cash flow and lessen the amount of finance charges you need to assess:

• Offer discounts when your Clients or Customer pay early
• Reduce the payment cyc...