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Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services

How to Increase Your Business's Collection Rates

Posted by Bill Gerber on May 26, 2016

Most businesses that invoice customers later struggle with getting all their customers to pay in full and on time. This is especially problematic when your cash flow is tight and you have to make payroll. The good news is that collections are largely within your control. While you may not be able to make every customer make timely payments, you can implement processes that will greatly improve how much you collect and how quickly you receive it.

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Tags: accounts receivable, accounting processes, business collections

What are the Telltale Signs that Your Business is the Victim of Fraud?

Posted by Dennis Najjar on May 24, 2016

Your business may have implemented procedures to help prevent bookkeeping fraud, but they're not 100 percent guaranteed to work. Nearly half of all small businesses experience some type of employee fraud for an average loss of $114,000. To avoid taking that kind of loss, you need to be able to spot the warning signs of employee fraud early on. Here's what to look for.

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Tags: bookkeeping services, fraud protection, accounting processes

Outsourced, Not Out of Touch - The Reality of Bookkeeping Services

Posted by Kris Merritt on May 18, 2016

Do you worry that the benefits of outsourced accounting services will be offset by your bookkeeper being off-site? While it's true that you can't walk down the hallway to talk to him or her, is having your accounting department within walking distance truly the goal of your accounting?

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Tags: bookkeeping services, controller services, outsourced bookkeeping services

How Much Should Companies Spend On Their Accounting Department?

Posted by Dennis Najjar on May 16, 2016

Occasionally, we get asked to help companies understand where and why they should allocate budget to improve accounting functions. Typically this stems from a concern that a company is overpaying for its accounting and bookkeeping and highlights a desire to improve efficiencies and decrease costs. While the two are not always intrinsically linked, there are often opportunities to improve across the board—from reducing costs to improving results.

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Tags: outsourced accounting services, small business bookkeeping, accounting services

5 Reasons You Need to Talk to Your CFO or Financial Controller More

Posted by Dennis Najjar on May 12, 2016

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Financial controllers and CFOs are moving past controller services and playing a more strategic role in company operations. According to Ventana Research, roughly one in five CFOs have a strategic influence in their companies, and that number is increasing. “There’s been an evolution in America in terms of the CFO,” explains Paul Mandell, CEO and co-founder of the Consero Group, in Forbes. “The CFO is increasingly being called upon to weigh in on much more strategic decisions involving the company, including everything from transactions to providing assessments of emerging markets and analyses that go far beyond looking at the books and determining whether there will be enough cash to support investment.”

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Tags: Small Business Advice and Tips, controller services, cfo services

Failure is Temporary: Using Financial Missteps to Your Advantage

Posted by Bill Gerber on May 10, 2016

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.

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Tags: small business tips, accounting tips, financial management

How to Improve Your Profit Margins Without Cutting Quality

Posted by Bill Gerber on May 4, 2016

The fastest way to grow your profits is often to improve your margins. Many businesses don't like to talk about margins because they feel increasing margins requires cutting quality, but that simply isn't the case. There are a number of steps you can take to improve your margins without sacrificing quality or service.

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Tags: bookkeeping services, accounting tips, profit margins

How to Prevent Bookkeeping Fraud

Posted by Dennis Najjar on May 2, 2016

When asked, an overwhelming number of small business owners will say that they have placed significant trust in (and place significant responsiblity with) their bookkeeper. They may feel especially close to this person or believe that nothing could ever go wrong. While this sounds like a wise course of action, a large portion of fraud is committed by those closest to the owner.

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Tags: accounting processes, bookkeeping mistakes

How To Afford The CFO Your Company Needs NOW

Posted by Kris Merritt on April 27, 2016

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.

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Tags: financial management, outsourced services, cfo services

To VC or Not to VC: Whether or Not You Should Seek Angel Investors

Posted by Bill Gerber on April 25, 2016

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Venture capital is often touted as a source of startup income for entrepreneurs and small business owners. However, it isn't free money; a significant amount of effort goes into securing venture capital, and there are times when it simply isn't worth the effort. Determining whether your business would benefit from venture capital is important; you need to make the decision before engaging in a time-consuming, effort-intensive process that may not yield any results. Here are a few things to keep in mind.

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Tags: startups, angel investors, venture capital, financing

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