Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services

Escape to the Cape: Merging Fitness and Philanthropy in the Virtual World

Posted by Andrea Boccard on May 25, 2017

Read More

Tags: adc miles, virtual company

How AccountingDepartment.com Hires For Bookkeeping Services

Posted by Dennis Najjar on May 24, 2017

To date in 2015, AccountingDepartment.com received 2,238 applications for its bookkeeping, accounting manager and controller positions. For a small company (approximately 70 professionals—and growing!), those are not small numbers. In fact, sourcing the sheer volume of talented applications we receive takes considerable effort to produce valuable results—valuable results that we rely on to scale our services and ensure a continued adherence to excellence in procedures and execution. Why does this matter? Well, as part of a “behind the scenes” take on AccountingDepartment.com this week, today we are inviting you to explore how we hire and vet our prospective new employees, a fundamental part of how we grow our business and continue to provide superior bookkeeping services to support our clients.

Read More

Tags: bookkeeping services, virtual bookkeepers, controller services, accounting services, quickbooks training

Depreciation: What Method to Choose and is None an Option?

Posted by Dennis Najjar on May 22, 2017

Depreciation is one of the hardest accounting practices to get right, but avoiding calculating depreciation could cost you money. Here's why you need to talk to your controller services about depreciation and what your options for claiming depreciation are.

Read More

Tags: Bookkeeping Best Practices, Small Business Advice and Tips, controller services, accounting

How to Value Inventory: FIFO, LIFO, or Average?

Posted by Dennis Najjar on May 18, 2017

As costs vary, the way you value your inventory can impact both your tax bill and how healthy your company looks to potential investors. Here’s what you need to know about the inventory valuation methods and how to choose between them.

Read More

Tags: bookkeeping services, controller services, accounting processes, inventory

3 Simple Steps to Create Longevity

Posted by Dennis Najjar on May 12, 2017

If only it was just about your great idea. Most entrepreneurs are passionate about their product or service, but turning it into a successful business requires careful planning and execution. Start with a business plan that lays out your core objectives and follow it to achieve long-term success. It's easy to get caught up in the details, but always come back to three key points: the who, what and how of your business.

Read More

Tags: Small Business Advice and Tips, small business, entrepreneurs, gross profit

Do You Know When it's Time to Discontinue a Product?

Posted by Bill Gerber on May 9, 2017

Owners and managers often continue to sell money-losing products out of sentimentality or unwavering optimism. To maximize your business's profitability, you need to be equipped to make an objective decision. Here are some of the factors you should take into account when deciding whether to continue a product line.
Read More

Tags: Small Business Advice and Tips, small business, entrepreneurs, business planning

Making the Switch From Contractors to Employees

Posted by Dennis Najjar on May 4, 2017

 

If you're like most entrepreneurs, you started your company with as few employees as possible. It's not unusual for businesses to form relationships with independent contractors — either directly or through an agency — to keep costs low until the business grows. After a while, however, you may want to hire these contractors as employees — or hire new employees to do the same tasks. It's a common situation, yet it's surprisingly confusing to navigate. How do you make the switch from contractors to employees? The process may vary a bit from one business to the next, but here are some things to consider.

Read More

Tags: small business tips, small business, entrepreneurs

The Future of FinTech: Prepare for Warp Speed

Posted by Bill Gerber on May 3, 2017

 
Blockchain is often touted as a disrupting factor in the financial services industry. This exciting technology is an open ledger system that facilitates direct transactions between parties, in turn bypassing financial institutions entirely. Blockchain was first developed as the technology that supports Bitcoin, but has since progressed to other virtual currencies and transaction systems.
Read More

Tags: small business, technology, financial technology

Is Your Data Safe in the Cloud? What You Need to Know

Posted by Kris Merritt on April 28, 2017

Most organizations that consider switching to cloud-based services are rightly concerned about security. In addition to the financial consequences of a data breach, the reputational harm from losing your clients' or employees' private data can be crippling. However, moving to the cloud can actually make your data safer if you know what to look for.
Read More

Tags: Small Business Advice and Tips, data security, cloud-based accounting

4 Steps To Help You Manage Your Operating Cash Flow Statement

Posted by Dennis Najjar on April 26, 2017

 

As your company grows, balanced operating cash flow becomes increasingly important. At the most basic level, cash flow refers to funds coming in as your customers pay for the goods and services you provide versus funds going out to pay business expenses. The goal is to create a situation where your accounts receivable are resolved quickly, leaving you plenty with of flexibility in handling accounts payable.

Read More

Tags: Small Business Advice and Tips, accounting, cash flow management