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
Fraud is something that most small business owners don’t like to think about and often think, “That can’t happen to me.” However, as we’ve previously discussed, it happens far more often than business owners would like to admit. In small businesses, fraud is the result of lack or absence of controls, which are exploited by
We’ve all read about improving processes and how running an efficient business is important to become more profitable. But as small business owners, we are often caught up in the issue of knowing that we have a small staff and no matter how efficient we are, we will always need the same number of employees.
Simply stated, we learn from each other. Open and honest discussion between business owners provides real life tales of running a small business. At Expex, we work within the small to medium sized business communities. Bookkeeping is such a critical function for a business, yet it is so often overlooked and under reviewed. Our story
Carly will be working this weekend, as she always does, but our office will be closed on Friday, July 3rd. The 4th of July is a symbol and celebration of our nation’s freedom, independence, and strength. At Expex, we are proud to support and work with so many strong small and medium sized businesses. These
Small businesses fund their operations from cash generated by the business. While some companies accept their customers credit cards for payment, others invoice their customers or send a monthly statement. This is referred to as selling on credit because you are offering the customer credit terms (i.e. Net 30) to pay the invoice/statement. While many