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When clients fail to pay their invoices on time, it can negatively impact your cash flow and harm your business in various ways. Maintaining a healthy cash flow is crucial for the success of your business, so it is essential to address any issues with late payments promptly and find effective solutions to ensure a steady and stable financial foundation.
Blake and David discuss Intuit's announcement that QuickBooks Desktop will no longer be sold as new subscriptions after July 2024. They also talk about the need for changes in the accounting profession, such as simplifying financial reporting requirements and revising the 150-hour rule. In other news, they cover sanctions against China-based accounting firms, incorrect IRC claims by businesses, and the Adidas-Kanye West fallout.
Your accounts payable team – whose main function is to ensure funds are disbursed properly to vendors, business partners, and sometimes customers – processes an exorbitant number of invoices every single week. When done manually, processing an invoice can take days. If an AP expert has to conduct three-way matching checks , route the invoice to the proper department for approval , initiate the payment process, and get another approval before sending funds, there are many potential
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In the early 2000s, accessing the internet was through a dial-up connection which could take anywhere from 30 seconds to a couple of minutes to establish a connection. In 2023, generative AI tools can generate poems, short stories and complex legal and medical documents in a matter of seconds. The pace of technological change is accelerating and it’s reshaping just about every aspect of how we live, work, socialise and play.
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Speaker: Andrew Skoog, Founder of MachinistX & President of Hexis Representatives
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