Accounting of the Palm Beaches, LLC offers Value Added Services to satisfy our client's, well rounded, needs.
AR and AP in a Nutshell
Managing accounts payable and accounts receivable is an important skill to master. Accounts Receivable is an asset which reflect the amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts Payables are liabilities, which are amounts a profitable business owes, mainly because it purchased goods or services on credit from the vendor or supplier.
AR & AP Reporting
Effectively managing your payables are just as important as managing your receivables. Prompt payment is just as crucial as collecting payment from others. Timely payment may have an effect on your company’s credit ranking, which can lead to you or your company being charged higher interest rates on future loans.
The Importance of Paying Sales Tax
Local taxes can play an important part in the growth and advancement of local communities. State, county and local municipalities often use a portion of sales tax for: community development, and also for public, protective and special purposes.
States can assess penalties and take enforcement collection actions against taxpayers who have not filed a required tax return or paid local taxes owed. In addition to some of the same options the IRS has, states can revoke, suspend, or not renew specific licenses granted to taxpayers who owe local taxes.
Contact us to help you successfully manage your Accounts Receivables, Accounts Payables and Local Taxes responsibilities.