{"id":770,"date":"2016-07-15T16:11:16","date_gmt":"2016-07-15T10:41:16","guid":{"rendered":"http:\/\/blog.payumoney.com\/?p=770"},"modified":"2022-05-13T13:02:28","modified_gmt":"2022-05-13T07:32:28","slug":"how-to-overcome-top-5-accounting-challenges","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/how-to-overcome-top-5-accounting-challenges\/","title":{"rendered":"How to Overcome Top 5 Accounting Challenges"},"content":{"rendered":"<p><span style=\"color: #000000;\">Small &amp; medium enterprises face accounting challenges that large businesses face. However, unlike large enterprises, SMEs lack the financial resources to outsource professional services. Hence operations such as bookkeeping and accounting are managed in-house at SMEs. As a result, small business owners face many challenges while managing their accounting process.<\/span><\/p>\n<p><span style=\"color: #000000;\">We have underlined top business accounting issues faced by small businesses. Consider the following tips and ensure proper accounting of your company\u2019s finances.<\/span><\/p>\n<p><a href=\"https:\/\/blog.payumoney.com\/wp-content\/uploads\/2016\/07\/Accounting_Infographic-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-776 size-full\" src=\"https:\/\/blog.payumoney.com\/wp-content\/uploads\/2016\/07\/Accounting_Infographic-1.jpg\" alt=\"Accounting_Infographic\" width=\"600\" height=\"1502\" srcset=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2016\/07\/Accounting_Infographic-1.jpg 600w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2016\/07\/Accounting_Infographic-1-120x300.jpg 120w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2016\/07\/Accounting_Infographic-1-409x1024.jpg 409w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<h2><span style=\"color: #43c6ac;\"><strong>Accounts Receivable\/Collection<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">Maintaining process for the receivable or collection remains top business accounting issue for small\/medium enterprises. However, by<span style=\"color: #43c6ac;\"><strong> <a style=\"color: #43c6ac;\" href=\"https:\/\/www.payumoney.com\/?utm_source=google&amp;utm_medium=search&amp;utm_term=%2Baccept%20%2Bpayments&amp;utm_content=zero&amp;utm_campaign=receive_payments&amp;keyword=%2Baccept%20%2Bpayments&amp;matchtype=b&amp;network=g&amp;device=c&amp;ismobile=&amp;creative=111070193284&amp;placement=&amp;adposition=1t1&amp;gclid=CL7gkrud9c0CFdgTaAodm9QKrA\">accepting electronic payments<\/a>,<\/strong><\/span> you can overcome this challenge. Electronic payments are easily accessible, low cost options, in order to accelerate the receipt of cash.<\/span><\/p>\n<h2><span style=\"color: #43c6ac;\"><strong>Cash Flow<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">SMEs must balance their cash flow in order to deal with the upfront expenses. It is recommended that you consider an alternate source of capital to manage large purchases. By spreading the mode of expenses, you can build cash reserves. Keep cash flow spreadsheet in the Cloud by using systems such as Dropbox or Google Drive so you can access them on the go.<\/span><\/p>\n<h2><span style=\"color: #43c6ac;\"><strong>Managing Paperwork<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">From the moment you have paid a bill or taken action on a piece of paper, file the document immediately into your system. It will help you streamline the accounting process.<\/span><\/p>\n<h2><span style=\"color: #43c6ac;\"><strong>Closing Book Every Month<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">Small business owners who find it difficult to manage accounting book or handle tax issues are recommended to hire professional tax consultant or accountant. Failing to properly close accounting book can result in heavy cash deficit, a situation that can quickly sink any business. \u00a0<\/span><\/p>\n<h2><span style=\"color: #43c6ac;\"><strong>Managing Pay-Roll <\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">Keep a second account that is meant only for employee\u2019s payroll. This will ensure money for payroll is separated from the general business fund.<\/span><\/p>\n<p><span style=\"color: #000000;\">Also read<span style=\"color: #43c6ac;\"> <a style=\"color: #43c6ac;\" href=\"https:\/\/blog.payumoney.com\/to-do-list-for-setting-up-your-online-business\/\"><strong>To-Do List for Setting up Your Online Business<\/strong><\/a><\/span>. Stay tuned with PayU Knowledge platform for more insights and case studies.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small &amp; medium enterprises face accounting challenges that large businesses face. However, unlike large enterprises, SMEs lack the financial resources to outsource professional services. Hence operations such as bookkeeping and&#8230;<\/p>\n","protected":false},"author":10,"featured_media":2166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[584],"tags":[616,638,643,634,654],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Overcome Top 5 Accounting Challenges - PayU Blog<\/title>\n<meta name=\"description\" content=\"We have underlined top business accounting issues faced by small businesses. 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