Just Other Articles

New small businesses and entrepreneurs quickly discover that the accounts payable process can turn into a monster. If it isn’t handled properly, unpaid bills pile up and get paid late, making vendors angry and possibly damaging the business

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

217; credit rating.

Once a consistent procedure is developed, the accounts payable process can go smoothly. If you are in business by yourself and cannot afford to hire outside help, here are ten tips to help establish a consistent accounts payable

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

process:

1. Purchase accounting software with an accounts payable module. In today’s business and computer world, some may wonder why this even needs to be a suggestion in a list such as this. Surprisingly, Internet research indicates

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

that up to one-half of micro businesses (defined as under ten employees) do not use accounting software, instead using spreadsheets or even paper ledgers.

The advantages of using accounting software with an accounts payable module are tremendous an

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

far outweigh the cost and learning curve. When used correctly and consistently, the software will serve several important functions: a reminder as to when bills are due; a generator of payments; and a recorder of payments into the checking register

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

The time savings alone over doing these functions manually warrant the purchase of accounting software.

2. Utilize the vendor’s auto-debit or auto-charge feature, if available. Utility companies, and other types of companies who have

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

recurring payments, often offer auto-debit or auto-charge services. When used, the amount due is automatically deducted from the business checking account, or charged to the business credit card, on the date shown on the invoice. Often, the paper in

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

oice is still mailed, but sometimes the vendor insists on emailing invoices when this service is activated. Either way, the invoice is available for viewing before the amount is deducted or charged. When used in conjunction with accounting software,

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

the amount can be post-dated into the checking register or credit card register. If the company has a good and consistent cash flow, this procedure saves time and money by avoiding the bill payment process altogether.

3. Utilize the softwareR

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

17;s internal “bill pay” feature, if available. QuickBooks, for example, offers a “Bill Pay” feature that is very inexpensive and easy to use. Once established, bills are paid electronically according to the software user

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

#8217;s authorization. The bill payment service takes the authorized amount from the designated bank account, then either issues a paper check to the vendor, or electronically transfers the money to the vendor’s account. The low monthly fee is

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

not much more than the cost of postage and paper check printing.

4. Enter unpaid bills in a timely manner. Do not delay entering unpaid bills into the accounting software. Waiting too long to enter them can result in late payments, finance c

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

harges, and possible damage to the business credit score.

5. Enter unpaid bills correctly. It is very important to examine the bill and enter the correct vendor name, bill due date, and invoice number. Entering an incorrect due date will res

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

lt in a payment occurring sooner or later than necessary. After entering them, stamp them as “Entered” or “Posted” using a rubber stamp with red ink. Be sure to write on the bill the date they were entered.

6. Organize un

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

aid bills. If there are many bills, organize them in an alphabetical file system to make them easy to locate. However, a small amount of bills may be placed in a single file.

7. If cash is tight, determine your cash flow before paying bills.

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

Simple cash flow reports are easy to generate in Excel. Start with the actual amount of cash available to pay bills. Include amounts in checking accounts, savings accounts, and lines of credit. Subtract bills that need to be paid immediately. I

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

there is not a comfortable cushion of cash left over, reduce the the amount of bills to be paid.

8. If cash is tight, communicate with any vendors who must be paid late. No vendor appreciates being paid late, but they do appreciate open com

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

unication. If you must pay a vendor late, let them know, and let them know a specific date you plan to pay them. Then, make every effort to pay them by that date.

9. Pay bills on a consistent timetable. Establish a regular timetable to pay b

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ills - weekly is a good and common choice.

10. After they are paid, stamp them correctly, then file them. Buy a rubber "Paid" stamp, and use it on each bill that has been paid. Write the check number (or payment method), date paid, and amoun

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

paid on the bill. File them according to how they appear on the tax return. In other words, file Utilities together, file Office Supplies together, file Travel and Entertainment together, etc. This makes them easy to locate in the event of an audit

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/46226/justotherarticles-Accounts-Payable-Help--10-Tips-for-New-Businesses-and-Entrepreneurs.html">Accounts Payable Help - 10 Tips for New Businesses and Entrepreneurs</a>

BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/46226/justotherarticles-Accounts-Payable-Help--10-Tips-for-New-Businesses-and-Entrepreneurs.html]Accounts Payable Help - 10 Tips for New Businesses and Entrepreneurs[/url]

Everything you will ever need to know about internet marketing is plainly available to you everywhere you go on the internet. All you need to do is dissect, study, and emulate these methods and you invariably will become just as successful as the people who created them.

If you enjoy going to networking business social gatherings or Chamber of Commerce Mixers as a way to develop a referral network and have some fun and do a little business then you need to stop trying to sell so hard to other salesmen and start talking about how you two can work together in a common cause, sharing information, customer databases and business card stacks. Why?

Are you a fire fighter and looking for a part time business to start? There are many potential businesses you could run considering the world schedule. Perhaps you should consider the cleaning business.

Tags

Links

Just Other Articles - Accounts Payable Help - 10 Tips for New Businesses and Entrepreneurs

Related Articles: