%20(1)%20(1).png)
One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Terms of Service
Welcome to Castle! These terms of service outline the rules and regulations for the use of our bookkeeping services.
By accessing this website and using our services, you accept these terms and conditions in full. Do not continue to use Castle services if you do not accept all of the terms and conditions stated on this page.
Castle offers professional bookkeeping services including transaction categorization, reconciliations, financial reporting, GST/HST filing, and other related services as agreed upon with the client.
2. Billing and Payments
All services provided by Castle are billed on a recurring basis unless otherwise
agreed upon. Payments are due upon receipt of invoice. We accept payment via credit card, debit card, and electronic funds transfer.
3. Cancellation and Refund Policy
Clients may cancel services at any time by providing 30 days’ notice in writing or via email. Refunds for prepaid services will be prorated based on the remaining unused portion of the services.
4. Privacy Policy
Our privacy policy outlines how we collect, use, and protect your personal information. We do not sell or share your information with third parties without your consent, except as required by law.
5. Liability
Castle will perform all services with reasonable care and skill. However, we do not accept liability for losses resulting from acts of nature, third-party errors, or misuse of financial information or reports by the client.
6. Amendments
Castle reserves the right to amend these terms of service at any time. Amendments will be effective immediately upon posting on this website.
7. Contact Us
If you have any questions about this privacy policy or our privacy practices, please contact us at:
Castle
316 1st Ave NE
Phone: 587-872-0602
Email: info@bookwithcastle.com
One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Bookkeeping for Small Business Owners — Part 7
Managing Accounts Payable Without Losing Control
In Part 6, we focused on income and receivables — the money coming into your business. Now let’s look at the other side: accounts payable (A/P), or the money going out. Managing payables effectively isn’t just about paying bills; it’s about protecting your cash flow, building good relationships with vendors, and avoiding late fees or missed opportunities.
What Are Accounts Payable?
Accounts payable are short-term debts you owe to suppliers, contractors, or service providers. If you receive an invoice and haven’t paid it yet, it’s considered a payable. Examples include:
- Supplier invoices (materials, inventory, parts)
- Utility bills
- Contractor or subcontractor invoices
- Professional services (legal, accounting, marketing)
Why Tracking Payables Matters
If you don’t keep track of what you owe, bills can slip through the cracks. That can lead to:
- Late payment penalties
- Strained vendor relationships
- Poor credit history for your business
- Cash flow surprises when big bills hit unexpectedly
On the flip side, tracking payables carefully helps you:
- Plan ahead for upcoming expenses
- Take advantage of early payment discounts
- Keep your books accurate and tax-ready
Best Practices for Managing Payables
- Enter invoices promptly – record them as soon as you receive them.
- Set payment reminders – avoid scrambling at the last minute.
- Review cash flow before paying – prioritize bills without draining your account.
- Build vendor relationships – paying consistently (even early, when possible) creates trust.
- Separate business and personal bills – this keeps records clean and audit-proof.
Tools to Stay Organized
Most bookkeeping software includes an Accounts Payable module, where you can:
- Upload invoices (sometimes even by snapping a photo)
- Set due dates and reminders
- Run reports on outstanding bills
- Sync payments when you pay via bank or credit card
If you’re not using software yet, a simple Bill Tracker spreadsheet with due dates and amounts can do the job.
%20(1).png)
