Payments accompany the operation of a business throughout time.
They may not be an inconvenience when you’re just starting in business. But dealing with payments from larger companies can be a challenge.
Everyone can face these problems: quick loan companies like Payday Depot, large corporations like Apple, and even the store near your home.
Each entrepreneur struggles with these inconveniences in their way, but that doesn’t stop you from taking advantage of what’s out there.
Effective Problem Solving
Technology has given us many opportunities without which we can no longer imagine modern life.
In particular, this applies to some programs that many companies use to optimize their work. Excel is one of these programs.
It isn’t easy to imagine stable and comfortable work in a company without it, and knowledge and experience in working with it can often be found in the requirements of a new employee.
Excel helps us optimize a large number of work processes.
Using the knowledge and some functions of this program, you will be able to put in order all the payments of the enterprise, thus making your work more comfortable and productive.
In addition, this method will also help you in the future, because the document will be saved and its scheme can be used in the future.
This will not only save you a huge amount of time but also allow you to better track all cash flows.
Document Creation Plan
1. The first thing to do is to create a budget classifier.
This is the constant that will bind all future formulas needed for calculations. The classifier consists of a list of BDVA items, which can include taxes, rent, payroll, and other expense items.
2. On the first document sheet, record all incoming documents for payment and payment schedules.
In separate columns, mark the date, the amount of payment, and the expense item to which it relates. This will help you quickly navigate the table and find the information you need easily.
This page will be the basis of the entire document. It will help you keep track of all expenses and the timeliness of their payments.
You may also like to read:
- List Of Top 10 Companies That Accept Crypto Payments
- 11 Best Ways To Make Money Blogging For Beginners
3. Give the second page to the income calculation.
For convenience, you can fill it out using the same form as the first page.
Instead of dates of payments, write the expected dates of receipts and attach the appropriate documents.
This page is appropriate if you have a steady income or small amounts of income. Otherwise, it is easier to use the daily statement method.
4. Compiling a DBDS report.
Thanks to the previous pages, you can make this report every day without spending much time on its preparation.
It is enough to update the information on payments during the day and at the end of the day check all the documents.
This allows you to be informed in time about refunds and payments that didn’t pass, and to promptly solve problems.
And if you forget something, the daily update of the document will remind you of it. So problems won’t pile up and you won’t have any issues with payments at the end of the month.