Tracking and collecting receivables is vital to your business' cash flow. Without a steady cash flow, your business may not have enough working capital for important expenditures. Set up an organized accounts receivable department with dedicated responsibilities to ensure a positive cash flow and success for your business.

Here are three best practices to set up your accounts receivable department for success.

Within your accounting department, there are responsibilities that can help or hamper your business' bottom line. Today we'll examine a relationship that is closely tied and could be the answer to negative cash flow. While your sales team greatly affects operations, it's the collections of those accounts that really determines the success of your business. When your accounts receivable team is not able to collect and are consistently writing off bad debt, it may be time to turn to your credit manager for answers.

A credit manager's job can affect collections and it's important to understand how.

A 2017 study reveals that 41% of small businesses surveyed reported cash flow challenges within the past year. Over half of those same businesses said the impact of the cash flow challenges was consequential to their business. Unfortunately, this news isn't that surprising. Freelancers and small business owners frequently struggle with poor cash flow or management. The good news is that these challenges are quite common and can be remedied through a closer look at company financials.

Here are some common cash flow challenges faced by small businesses and suggestions on fixing them.

Do a survey of successful business leaders and you'll find essentially similar qualities. Leadership is not about telling people what to do. Successful leaders demonstrate passion, perseverance and the willingness to get into the action to build their dream. Running a small business means wearing many hats, trying something new almost daily and admitting when help is needed. If you're starting a business or hiring new people...

Build a successful small business with these 10 leadership qualities.

If your company sells software as a service or SaaS, your business model and accounting may look different than others. Traditional software sales included purchasing a tangible disk - a finite sale that would be taxed appropriately. With more software being "leased" monthly rather than sold, accounting and tax standards are trying to catch up. 

Here are 5 things that a SaaS startup accounting team must know to help build a successful business.

Whether you're starting your business and need a solid plan or your company is thriving, there are many benefits to hiring an accounting professional. Your small business may not be ready to hire an accountant or accounting department full-time, however, relying on an experienced hourly-based accountant can save time, money and headaches.

If your company is faced with any of the following, it may be time to invest in hiring an accounting professional. 

If your business is feeling the pressure of financial stress, know that you're not alone. Some of the biggest enterprise corporations - like Netflix and Best Buy - have had to change things to pull out of a business death spiral.  Those changes could be revamping marketing strategy, dropping product lines that aren't working, or letting go of staff that doesn't match the new face of the company. The stress could also be brought on by mismanaging company financials. 

If your business is financially stressed, consider these questions and strategies for a company turnaround.

Typically, no one likes to talk about money. Whether it's personal shame of how you're handling your own debt or asking for money from people who owe you, talking out loud to someone about it can make your palms sweaty. If you're running a small or growing business, it can feel like even more of a struggle. After all, your business provides quality services or products and that's what you do best. Your clients know their part of the deal is paying for those products and services and yet... some invoices go unpaid. 

Don't fret. Here's how to talk to clients with unpaid invoices.

The best way to collect on accounts receivable is to have an actionable plan. Consistency is the only way to know what to expect, when payments are late, and what your options are for getting paid on time.

Read more to learn best practices for dealing with your commercial accounts receivable clients and invoice collections.

The word "audit" tends to put a shake in any business owner's boots but it doesn't have to. An accounting audit is a helpful way to ensure your business financials are accurate and up to compliance with any accounting rules and applicable laws. Your accounting information is important if you want to grow your business and avoid punitive actions from regulatory agencies.

Accounting audits for your business are important to the financial health and success of your company.