Wakefield’s Post

💼🔍 Know the difference! The most common 1099 form is the 1099-NEC, which covers contractor and vendor payments. Not your employees, but their pay still needs to be reported! 📝 The 1099-MISC is for things like rent and other payments. They used to be one form, but now they're separate—make sure you're using the right one! #BusinessFinance #1099Forms #ContractorPay

Do you know when Form 1099-NEC is required? It’s essential for reporting payments of $600 or more to independent contractors, vendors, and non-employee service providers. Ensure you're staying compliant—learn more by visiting the link below. https://lnkd.in/gP_DTjc #1099NEC #IndependentContractors #TaxSeason

Are you looking to simplify your AP processes? Manually entering and paying vendor bills is a time-consuming, labor-intensive and error-prone process. https://ow.ly/t0hT50U8aHh

🔔 Tired of drowning in a sea of vendor invoices? We get it! That’s why we provide everything you need in one straightforward, easy-to-understand bill! 💡 With GDS, you can focus on what truly matters—growing your business—while we handle the details. #GDS #SimplifiedBilling #BusinessSolutions

🔔 Tired of drowning in a sea of vendor invoices? We get it! That’s why we provide everything you need in one straightforward, easy-to-understand bill! 💡 With GDS, you can focus on what truly matters—growing your business—while we handle the details. #GDS #SimplifiedBilling #BusinessSolutions

You depend on your vendors to adhere to the service contracts you've negotiated and provide services at the agreed price. However, it’s common for bills to be inaccurate, with errors often benefiting the vendors. Identifying, correcting, and reclaiming these credits can be time-consuming, especially when managing numerous suppliers across various locations. Does this sound familiar? Schedule a meeting to discover how we can help you! #VendorManagement #ContractCompliance #BillingAccuracy #ExpenseManagement #CostRecovery #ServiceContracts #SupplierManagement #FinancialAccuracy #InvoiceErrors #CreditRecovery

Is your 1099 vendor information up to date? With year-end quickly approaching, it’s a good time to look over your vendor list and make sure you have current, accurate information for any 1099-eligible vendors. If you have incomplete information, be sure to request an updated/current Form W-9 from your vendors. Whether you handle 1099s internally, use a third-party or CPA, gathering and updating vendor 1099 information now will alleviate the stress of waiting until the January filing rush. As a general best practice, request a Form W-9 whenever working with new vendors if they don’t proactively include one with their first invoice and make this part of your standard new vendor intake process. #business #finance #bestpractices 

Unlock success with these 5 key steps to enhance your payor agreements! 🤝💼 #BusinessStrategy #PayorAgreements #RCMAcademy #RCMTraining #RCMBootcamp #RevenueCycleManagement #DenialPrevention

Is your business one of the 2 in 5 companies in the UK that spends up to four hours a week chasing outstanding payments on incorrect invoices? Or, are you one of the 12% of businesses that employ at least one member of staff JUST to chase invoices! Clearly, invoices are costing businesses of all shapes and sizes a lot of money. And, invoicing with the hire sector is even more difficult. Why? The paper trail. Currently, it's incredibly convoluted and filled with errors. From sourcing suppliers, comparing products, and waiting approvals to off-hire dates slipping, as they move between site, central team and the seller. As we move further into the 21st century, one thing has become clear: the invoicing process needs to change. But how can you implement this within your own business? How can you do this? By understanding ... 👉 The common reasons for late payment. 👉 Hidden costs you might not be aware of. 👉 Which invoicing system works for your business to ensure. Sound like a lot? Don't worry - there's a blog on HSS ProService Marketplace's Knowledge Hub that can help. To find out more and answer these questions, read 'The hidden cost of incorrect invoices' on the HSS ProService website now: https://okt.to/cnKDaX #BuildingServices #invoicing #Procurement #Procurementprocess

Vendor Management – Pay Now or Pay Later? How do you decide who to pay now and who to pay later, and how do you abide by vendor management best practices while doing both? This quick guide will help you answer those questions to improve your cash flow position right away. https://hubs.ly/Q02Lw_Rd0 #cfoselections