22 Jan
What is the difference between cash and accrual ac...
For accountants, the concept of cash vs. accrual is straight forward. But small business owners often don’t understand it or how it affects their business. Business owners will typically leave the decision to their accountants on whether their business should be on a cash basis or accrual. Still, owners need to understand the difference, so
20 Jan
What is cash flow?
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
05 Jan
How to Choose a Bookkeeping Software for Your Busi...
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
11 Dec
Why Should I Track My Business Expenses?
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,
20 Nov
How to Hire an Online Bookkeeper
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.
21 Aug
One reason why you should outsource your bookkeepi...
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.
29 Jul
The art of remote out-of-office bookkeeping
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
17 Jul
Operational Efficiency- Getting your team on board
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.
10 Jul
A client’s tale of bookkeeping challenges
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
25 Jun
New tools for collecting receivables
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
