Cash flow is often misunderstood yet is critical to the success of any business. Cash flow issues are one of the most significant challenges small business owners face. 4 out of 5 businesses are likely to fail due to poor cash management. What is cash flow? Understanding your small business’s cash flow is one of
It is a new year, and 2021 is an opportunity to clean up from 2020 and set our sights on an organized accounting system for the new year. Small business owners are looking to choose a bookkeeping software for their business. Great idea, but let’s take this a step at a time. Is there a
QuickBooks is by far the dominant provider of accounting software for small businesses in the United States. The product was initially intended to be a DIY application that small businesses could use with little formal finance training. So why do so many business owners use outsourced accounting services? The reason is straightforward. Most small business
Understanding business spending, specifically business expenses, can help the business owner monitor and predict costs looming in the near future. Business expenses should be tracked through your financial accounting system and reviewed monthly as part of your income statement. Creating the habit of tracking your expenses makes for a clear understanding of your business spending,
Bookkeepers love the term reconcile, and yet it brings about fear in the minds of business owners. Reconcile means to settle a dispute, make things compatible or consistent, to coexist in harmony. Don’t you just love it when your books coexist in harmony? Everything balances out, and the world is right again. But, to the
Online or virtual bookkeeping services are in high demand. According to QuickBooks, nearly 75% of the nation’s small businesses use their services, with another 6% using other accounting software applications. Small businesses are challenged by doing more with less and have embraced virtual services for their companies, such as payroll, technical support, marketing, and accounting.
A bookkeeper’s duties and responsibilities vary depending on the size of the business. In many small and startup companies, it is common practice for bookkeeping duties to be performed by the business owner. The bookkeeping tasks at this point are simple and easy, and the business owner can manage bookkeeping tasks while staffing the business
It is simple. The number one reason you should outsource your bookkeeping is due to fraud. The newswires are full of stories detailing the significant losses to businesses because of fraudulent bookkeeping activities. In today’s local newspaper’s online feed, a story identified a local business with an internal employee stealing $147K from the professional practice.
Today, most bookkeeping is performed by humans, but with the advent of AI (Artificial Intelligence) and RPA (Robotic Process Automation), the future of bookkeeping is changing very quickly. Computers are taught how to perform bookkeeping tasks, …and they do them quickly and without error. Oh, and it is incredibly secure. Automated bookkeepers can now “read” bills and
Businesses of all sizes are learning how to function in an out-of-office structure during this pandemic. The challenges include the following to name a few: Maintaining current clients Acquisition of new accounts and business Keeping a healthy cash flow Functioning remotely, including sales, service, marketing, and accounting. Few companies are prepared to migrate their employees