When it comes to a company’s bookkeeping practices, the business will only operate as efficiently as the processes that are in place. Proper bookkeeping is essential to the health of any company. If it’s done poorly, it can ruin a business gradually through higher costs, canceled vendor services and lost profits. As you move into a small or midsize business to oversee its financial affairs, consider reviewing the company’s books and bookkeeping procedures to make sure that the division is operating as it should be. A reliable bookkeeping system is the basis on which all of a company’s vital financial information is built.Read More
Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services
For some business owners, the task of finding good bookkeeping services to handle their daily business needs can be on a par with finding the holy grail. It’s a never-ending quest that rarely results in complete satisfaction. The big problem always seems to be finding a bookkeeper that’s got loads of skill and is also adaptable to change. In particular, technological change. But do all bookkeepers for small businesses have to be technophiles?
For decades, local CPA firms have worried about being replaced by new competitors. First, it was national accounting brands operating in an almost retail-like fashion. In recent years, online accounting services have also appeared on the map. Rather than feeling threatened, smart CPAs have been able to form strategic partnerships that help them better serve their clients while potentially improving their profitability. Here are some of the partnership opportunities available.Read More
Whether you have been in business for decades, or you are just getting started, money management can be an issue no matter which bookkeeping services or controller services you use. The good news is that one financial misstep is not the end of the world. In fact, you could be able to use those mistakes to gain insight into your operations and forestall issues in the future.Read More
The thought of needing to hire a CFO (chief financial officer) may have never crossed your mind as a small business owner. When businesses experience unexpected rapid growth or become large enough that the financial responsibilities are becoming too much for the owner and staff to handle on their own, the investment of hiring a CFO will pay for itself tenfold in convenience. However, a full-time CFO costs an average of $200,000 per year when benefits and salary are added together, which clearly isn't a price that many small businesses are willing or able to pay. That being said, there is a way for a small business owner to be able to afford the valuable services and knowledge of a CFO. It all comes down to hiring in a nontraditional sense.
Product quality and customer service won't matter if you can't get inventory in the right place at the right time. Failing to fix an inventory problem could mean the end of your business.Read More
You're finally at the point where your employees get to travel. But getting reimbursed for travel and expenses seems to have an awful lot of rules. Learn everything you need to know about what's allowed and how much you're entitled to per GSA Per Diem reimbursements.Read More
Sweeping disruption of the accounting industry is imminent. Massive technological change and shifting consumer trends demand a new approach to how the industry creates value for clients. Some services are more vulnerable to disruption than others. For example, basic transactional accounting services have already been largely automated (though adoption has varied significantly across types of small businesses). Compliance will be increasingly automated going forward, and limited advisory services will follow that trend.Read More