Independent software

1. Checkbook 2 6 2 – Manage Personal Checking Accounts Receivable Turnover
2. Checkbook 2 6 2 – Manage Personal Checking Accounts Receivable Receivables
3. Checkbook 2 6 2 – Manage Personal Checking Accounts Receivable Spreadsheet

Checkbook Register Template is a ready-to-use template in Excel, Google Sheets, and OpenOffice Calc to track and reconcile your personal or business bank accounts. Furthermore, this template helps you keep an eagle’s eye on your bank financials and avoid unnecessary charges in the form of interest or penalties. Here are (3) Tips on How to manage your business Accounts Receivable and Accounts Payable: Tip (1): Manage your Aging Summary Accounts. An aging summary report should provide a list of unpaid customer invoices and unused credit memos by date ranges between 30 days to 90 days. Below a is good example of how your report should look like.

Invoicing should be a perfectly measurable task

Checkbook 2 6 2 – Manage Personal Checking Accounts Receivable Turnover

The accounts receivable management service offered by CTI Soluciones will help you benefit from expert, proactive and preventive actions to improve collection from your customers and prevent fraud and default.

At CTI we are aware that each business is unique. Therefore, our services have been conceived with flexibility at their core, so that they can completely adapt to the needs of your business. We can take on responsibility for the entire collection cycle, acting as an extension of the financial divisions of your business, or else as specific areas within them, integrating our actions with your own collection processes.

Benefits of the accounts receivable management service

• Improve profitability and increase the benefits of your business by reducing the finance cost derived from delays in collection.
• Increase your business liquidity by reducing the cost of external financing.
• Preserve your business-customer relationship by offering different alternatives for detection, treatment and resolution of inconsistencies.
• Reduce your business bad debt losses and banking costs derived from returns and overdrafts on debt collection.
• Optimise accounts receivable management both in Spain and overseas.

How does the accounts receivable management service work?

Analysis of financial risk.

Structuring, checking and correction of information

Contact with the debtor to cross-check the invoice information and thus prevent potential inconsistencies at the time of payment that may cause delays.

Monitoring of customers in order to detect company changes, legal incidents or other negative information.

Contact with the debtor by phone before the due date to remind them of the next invoices to become due and thus anticipate payment.

Amicable management of all potential late payments in order to recover the amount due.

CTI Soluciones relies on a team of financial risk analysts who will efficiently manage your customer portfolio, minimising the risk of default by your debtors.

Based on the documentation and information provided by the customer, CTI Soluciones develops management strategies by arranging the portfolio in such a manner as to optimise management, and by checking that the received documentation is complete and correct for management:

• Portfolio allocation based on information criteria such as: due dates, amounts, customers with previous debts, etc.
• Control of incidents and pending documentation.
• Tracing of missing or hard-to-find debtors.

In direct contact with the debtor, the information contained in the issued invoice is cross-checked, so as to confirm that the customer recognises the invoice, its content and format as correct.

This contact will allow confirming the customer’s acceptance or non-acceptance, avoiding any potential inconsistency or disagreement at the time of payment that may cause delays.

We keep permanent track of customers’ situation by activating follow-ups.

Customer follow-up allows taking immediate notice of any relevant company change that may negatively affect debt collection, including legal incidents as well as any other event that may lead to their inability to honour outstanding payments.

Prior to each invoice due date, the debtor is contacted by phone.

The aim of this process is to remind the debtor of the due date proximity, and of the relevant amount, for the customer to be aware of the need to pay the invoice on the specified date, gathering information, if applicable, on any expected non-payment, and its reasons or causes.

In case of any incident arising during the payment process after the relevant due date, CTI will take the necessary steps to enquire into the reasons for non-payment, and to find possible ways to cancel the debt.

Technical resources for proper accounts receivable management

Supports different management systems based on the portfolio to manage and the strategy to implement, applying specific dialling rules for each portfolio or simultaneous inbound and outbound calls, among other features.

Software used to conduct thorough follow-up on customer debt management, including display of the debtor’s complete data and the relation among several debtors, updated payment schemes, invoice details and proceedings and call history.

CTI Soluciones offers your business an online access platform through which the user can initiate the service by following some simple steps:

• Entering invoices
• Selecting the management procedure
• Attaching documentation

Through this platform, you can get to know the status of your management processes at all times, receive alerts, retrieve and attach documentation and generate detailed reports. These reports allow for permanent and up-to-date follow-up on ongoing management processes and the status of each account.

Would you like to set up a meeting to obtain more information?

PLEASE READ THE INFORMATION BELOW CAREFULLY

Pursuant to the General Data Protection Regulation (GDPR), Organic Law 3/2018, of 5 December, on personal data protection and guarantee of digital rights, and Law 34/2002, of 11 July, on the information society services and e-commerce, we inform you the following:

WHO IS THE CONTROLLER OF YOUR PERSONAL DATA?

CTI TECNOLOGÍA Y GESTIÓN, S.A. (S.M.E.) –CTI–, holder of Taxpayer ID (NIF) A28065480, with registered offices at Avenida de la Industria, 32, Alcobendas, Madrid, phone number 91 3728335, and e-mail: info@ctisoluciones.com.

Additionally, CTI has a Data Protection Officer, who may be reached at the following e-mail address: dpd@ctisoluciones.com.

The user warrants that he/she is over 16, and shall be exclusively liable for this representation and for proper access and use of the website, subject to these terms and conditions.

WHICH DATA IS PROCESSED AND FOR WHAT PURPOSE?

When a website user requests information about some service, fills in a contact form, or subscribes to our newsletter, he/she may be providing the following personal data: name and surname of the contact person, phone and e-mail. Similarly, users’ cookie and browsing data may be processed with the purpose of improving their accessibility, analysing their browsing habits and customising their experience, and showing adverts according to their interests pursuant to our cookie policy, which must be accepted as a previous step to browse our digital platform.

From our customers and providers, we request:

• In case of an artificial person, name and surname of one or several contact persons (depending on their role), position at the company, corporate e-mail and contact phone.
• In case of a natural person, the following data will be additionally requested: NIF (Taxpayer ID), postal address, and personal bank account data.

CTI does not gather data regarded as especially sensitive under the GDPR, such as race or ethnic origin, political opinions or philosophical or religious beliefs, trade union membership, health, sexual activity or orientation, and biometric or genetic data.

The data subject is expected to provide true, accurate, complete and updated data, and shall be exclusively liable for any damage or loss directly or indirectly caused by breach of this obligation.

GUARANTEES REGARDING THE PROVIDED DATA

The user warrants that the data provided by him/her is true, accurate, complete and updated, and shall be exclusively liable for any damage or loss directly or indirectly caused by breach of this obligation. Consequently, the user must report any change in his/her personal data to CTI for proper management, maintenance and control of the service.

If the data provided by a user belongs to a third party other than the person providing the data, the user must inform the third party about the content of this Policy and obtain their authorisation to provide their data to CTI.

The personal data collected by CTI is necessary to answer your request or execute the service agreement, and therefore, providing it is mandatory, since if such data regarded as necessary were not provided, CTI would not be able to process the user’s participation in the relevant website service.

LEGAL BASIS FOR PROCESSING

Personal data is collected exclusively for the purposes specified in this Privacy Policy, and on the following legal bases:

• Executing a contract between you and CTI or applying pre-contractual measures
• Answering any request submitted by the data subject.

CTI’s legitimate interests:

• Customers: CTI may conduct or distribute commercial and/or advertising actions or information, by any means, including electronic or similar means, in relation to products or services being similar to the acquired services, pursuant to Law 34/2002 on information society services (LSSI, in Spanish). You may object to such processing based on legitimate interests by following the steps detailed in the “Rights of data subjects” clause of this Privacy Policy.
• Non-customers: CTI may process your contact data (as needed for professional contact), and data of individual entrepreneurs or independent professionals with the purpose of maintaining any relation with the legal entity for which the data subject works, or in case of individual entrepreneurs or independent professionals, to contact them in such capacity and not as natural persons.

-Consent:

• To subscribe to CTI’s newsletter and receive both this and other commercial communications from CTI that may be of your interest.
• Non-customers: To receive information and advertising on CTI products and services, by any means, including electronic or similar communications.

-Fulfilling a legal obligation

• Assisting the data subject in exercise of his/her rights under Articles 15-22 of the GDPR, and processing any received request within a one-month term pursuant to the GDPR, Organic Law 3/2018, of 5 December, on personal data protection and guarantee of digital rights, and any other applicable legislation on data protection.
• Disclosing information to public, regulatory or government authorities as and when required by any law, local rule or regulation.

DATA STORAGE TERM

If you are a customer, we will keep your personal data as long as our contractual relationship remains in effect and you do not request its erasure. After termination of the contract, CTI will keep your personal data blocked for the maximum legal term, which, for accounting and tax purposes, is 6 years, pursuant to Section 30 of the Commercial Code. On expiration of that term, your data will be destroyed.

Data provided by the user through forms or requests for service will be kept for 1 year since the last time the user confirms his/her interest, renewing calculation of that term on each new contact or relation with CTI. However, if the user has given his/her consent to be sent commercial information, his/her data will be kept as long as he/she does not object to it.

WITH WHOM WILL WE SHARE YOUR DATA?

We will not transfer your personal data to third parties, unless required by law.

- Service providers outside the European Economic Area (International Data Transfers - IDT). In these cases, CTI requires them to apply the necessary measures to protect personal data and, with that purpose, we use EU-approved mechanisms to carry out transfers.

• Mailchimp: company located in USA that operates sending electronic communications. Provides appropriate guarantees in personal data transfers, thanks to the inclusion of standard data protection clauses on its data processor contract.

RIGHTS OF DATA SUBJECTS

The user may exercise the rights of access, rectification, erasure, restriction of processing, objection and/or portability with regard to the personal data provided to CTI.

He/She may also revoke his/her consent at any time. However, please be aware that after honouring your revocation request, we will still be able to contact you whenever necessary to fulfil our legal obligations, or else perform the contract you may have with us.

To correctly exercise your rights, please send your request together with a copy of your National ID (DNI) or equivalent official document as proof of your identity, writing to: CTI Tecnología y Gestión S.A. (S.M.E.) Avda. Industria, 32, 28108 Alcobendas (Madrid), or by e-mail to: dpd@ctisoluciones.com.

COMPLAINTS

If you think we have not handled your personal data in compliance with the laws, you may contact the Data Protection Officer by e-mail to: dpd@ctisoluciones.com – Subject: Reclamación Protección de Datos (Data Protection Complaint).

Additionally, you may obtain more information on your rights, and even file a formal complaint, at the Spanish Data Protection Agency (AEPD, in Spanish), located at C/Jorge Juan, 6, 28001, Madrid (www.aepd.es).

Instead, the basics of small business accounting come down to a handful of best practices and only three essential reports: your balance sheet, income statement, and cash flow statement. These might sound like they require a professional bookkeeper, but far from it.

The following accounting checklist lays out a recommended timeline for the accounting functions that will show the state of your business and streamline your tax preparation.

Daily business accounting tasks

When it comes to daily accounting business needs, you have a pretty light plate. You have plenty of financial statements to review every week, month, quarter, and so on, but your daily business accounting responsibilities consist of the following:

1. Check cash position

Since cash is the fuel for your business, you never want to be running on or near empty. Start your day by checking how much cash you have. Knowing how much you expect to receive and how much you expect to pay during the upcoming weeks and months is important, too.

Weekly accounting tasks

Weekly accounting tasks are a little more involved. Welcome to your weekly accounting tasks, otherwise known as the land of invoicing, financial data management, and other business bank account fun.

This is where having a great accounting system really pays off. So, put on your accounting cap and get ready to dive into the heaviest of heavy financial management.

2. Record transactions

Record each transaction (billing customers, receiving cash from customers, paying vendors, etc.) daily or weekly, depending on volume. Although recording transactions manually or in Microsoft Excel sheets is acceptable, it is probably easier to use small business accounting software like QuickBooks. The benefits and control far outweigh the cost.

3. Document and file receipts

Keep copies of all invoices sent, all cash receipts (cash, check, and credit card deposits), and all cash payments (cash, check, credit card statements, etc.).

Start a vendors file sorted alphabetically for easy access. Create a payroll file sorted by payroll date and a bank statement file sorted by month. A common habit is to toss all paper receipts into a box and try to decipher them at tax time, but unless you have a very small volume of transactions, it’s better to organize separate files for assorted receipts as they come in. Many accounting software systems let you scan paper receipts and avoid physical files altogether.

4. Review unpaid bills from vendors

Every business should have an “unpaid vendors” folder. Keep a record of each of your vendors that includes billing dates, amounts due, and payment due dates. If vendors offer discounts for early payment, you may want to take advantage.

5. Pay vendors, sign checks

Track your accounts payable, and have funds earmarked to pay your suppliers on time so you avoid late fees and disgruntled associates. If you can extend payment dates to net 60 or net 90, all the better. Whether you make payments online or drop a check in the mail, keep copies of invoices sent and received using accounting software to really make things easier during tax time.

6. Prepare and send invoices

Be sure to include payment terms. Most invoices are due within 30 days, noted as “Net 30” at the bottom of your invoice. Without a due date, you will have more trouble forecasting monthly revenue. Read more about getting paid faster in our guide to getting invoices paid on time.

7. Review projected cash flow

Managing your cash flow is critical, especially the first year of your business. Forecasting how much cash you will need in the coming weeks and months will help you reserve enough money to pay bills, including your employees and suppliers. Plus, you can make more informed business decisions about how to spend it.

All you need is a simple statement showing your current cash position, expected upcoming cash receipts, and expected cash payments for this period. This is known as a cash flow statement.

Monthly accounting tasks

Whether you have a seasoned or new business, brick and mortar or eCommerce, there are numerous monthly accounting tasks you need to handle.

8. Balance your business checkbook

Just as you reconcile your personal checking account, you need to know that your cash business transaction entries are accurate and that you are working with the correct cash position. Reconciling your cash makes it easier to discover and correct any errors or omissions — either by you or by the bank — in time to correct them.

9. Review past-due receivables

Be sure to include an “aging” column to separate “open invoices” by the number of days a bill is past due. This gives you a quick view of outstanding customer payments. The beginning of the month is a good time to send overdue reminder statements to customers, clients, and anyone else who owes you money.

At the end of your fiscal year, you will be looking at this account again to determine what receivables you will need to send to collections or write off for a deduction.

10. Analyze inventory status

If you’re managing inventory, set aside time to reorder products that sell quickly and identify others that are moving slowly and may have to be marked down or written off. If you check regularly (and comparing to prior months’ numbers), it’s easier to make adjustments so you are neither short nor overloaded.

11. Process or review payroll and approve tax payments

While you have an established schedule to pay your employees (usually semi-monthly), you need to meet payroll tax requirements based on federal, state, and local laws at different times, so be sure to withhold, report, and deposit the applicable income tax, Social Security, Medicare, and disability taxes to the appropriate agencies on the required dates.

Review the payroll summary before payments are disbursed to avoid making corrections during the next payroll period. A payroll service provider can do all this to save you time and ensure accuracy at a reasonable cost. You can also use our free paycheck calculator to figure out what you need to withhold from each paycheck.

Checkbook 2 6 2 – Manage Personal Checking Accounts Receivable Receivables

12. Review actual profit and loss vs. budget and vs. prior years

Your profit and loss statement (also known as P&L or an income statement), both for the current month and year-to-date, tells you how much you earned and how much you spent. Measure it against your monthly or quarterly budget. Comparing your actual numbers to your planned numbers highlights where you may spend too much or not enough.

If you have not prepared a budget, compare your current year-to-date P&L with the same prior-period, year-to-date income statement to identify variances and make adjustments.

13. Review month-end balance sheet vs. prior period

By comparing your balance sheet at one date — June 30, 2019, for example — to a balance sheet from an earlier date — December 31, 2018 — you get a picture of how you are managing assets and liabilities. The key is to look for what is significantly up and/or down and understand why. For example, if your accounts receivable are up, is it due to increased recent sales or because of slower payments from customers?

Quarterly accounting tasks

As Benjamin Franklin almost said, “…in this world nothing can be said to be certain, except tax season and the importance of thorough bookkeeping.” (Just take my word for it and don’t fact-check that quote.)

The quarterly accounting tasks largely deal with the big picture elements of running a small business or being self-employed: tax estimates, quarterly payments, and a constant reminder that you need a great accounting solution.

14. Prepare revised annual P&L estimate

It’s time to evaluate how much money you are actually making, whether your net assets are going up or down, the difference between revenues and expenses, what caused those changes, and how you spend profits. While you’re at it, identify trouble spots, and make adjustments to improve sales and margins.

15. Review quarterly payroll reports, and make payments

You have been reviewing your semi-monthly payroll reports. However, the IRS and most states require quarterly payroll reports and any remaining quarterly payments. Again, it’s best if your payroll service provider completes these reports and files them. Your job is to review payroll process and data to make sure they appear reasonable. To ensure you are keeping best practices, view our introduction to payroll guide, created by accounting experts.

16. Review sales tax and make quarterly payments

If your company operates in a state that requires sales tax, make sure you comply to avoid serious penalties. The U.S. Small Business Administration (SBA) can help you determine your state tax obligations.

17. Compute estimated income tax and make payments

The IRS collects income taxes, as do most states. Review your year-to-date P&L to see if you owe any estimated taxes for that quarter. Your tax accountant can assist if necessary.

Annual business accounting tasks

Once a year, you celebrate a few things: your birthday, important anniversaries, and probably some holidays. You likely don’t have “inventory review” or “tax filing” on your list of things to celebrate, but they’re still important — especially when we’re talking about annual accounting tasks.

18. Review past-due receivables

Now, it’s time to check significant past due receivables and decide whether you think customers will eventually pay, whether to send past due bills to a collection agency, or whether to write them off for a deduction.

19. Review your inventory

Review your current inventory to determine the value of items not sold. Any write-down of inventory translates to a deduction on your year-end taxes. If you do not write down unsellable inventory, you are overstating your inventory balance and paying additional taxes that you don’t owe.

20. Fill out IRS forms W-2 and 1099-MISC

Checkbook 2 6 2 – Manage Personal Checking Accounts Receivable Spreadsheet

The IRS has a January 31 deadline for reporting the annual earnings of your full-time employees (W-2s) and most independent contractors (1099s). This deadline includes mailing copies of the tax forms to the people who worked for you. Note: A 1099 form is not required for contractors who earned less than $600. Consider saving time and avoiding errors with an e-filing service.

For help determining whether your worker is an independent contractor or an employee, see our W-2 vs. 1099 article. If you employ independent contractors or freelancers, check out our guide to filing 1099s.

21. Review and approve full-year financial reports and tax returns

At tax time, carefully review your company’s full-year financial reports before giving them to your accountant. Before you sign your return, be sure to review it for accuracy based on your full-year financial reports. If the IRS audits your company and finds any underpayment of taxes, it will come to you, not your accountant, for any additional taxes, penalty, and interest.

Business accounting checklist for success

If these accounting needs sound like a lot, that’s okay: It is. But, with proper planning and a few deep breaths, you can do this.

Accounting software like QuickBooks can help you generate financial reports, manage taxes, and take care of other small business accounting tasks. This kind of software can make your life as a business owner much, much easier. If you’re still feeling uncertain, don’t be afraid to speak with a professional bookkeeping service about securing their help.