The Happy Accountant

What do accountants actually do?  Well, accountants are everywhere.  Even on YouTube!
This is for any student who may be reading this - although, caution is needed, as the clip is American some content is not relevent to the UK.

Some common invoice payment terms:

Net 7 Payment seven days after invoice
Net 30 Payment 30 days after invoice
Net 60 Payment 60 days after invoice
Net 90 Payment 90 days after invoice
Net monthly account Payment due on last day of the month following the one in which the invoice is dated
EOM End of month
COD Cash on delivery
Cash account [...]

Before giving your customer credit, it is advisable to do some checks.  Below, in no particular order are some of the checks that could be made:

request a bank reference
request trade references
check the limited company’s details against Companies House
credit reference check
analysis of customer’s year-end accounts

You can ask for bank references, trade references (from your prospective customer’s [...]

Hopefully, you will have already made your customer aware of your standard terms and conditions at the start of business relationship.  Many businesses consult a solicitor for help in setting these out clearly.
Having clear standard terms and conditions can help protect your rights in the event of a dispute.  Having them printed on the back [...]

If you give your customers credit (and most businesses do), it’s important to get your invoicing and customer payments systems in order.  The obvious benefit is to aid cash flow and it is the first step to good credit control and fewer bad debts.
Some while ago, I posted about some basic details that need to be [...]