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Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services
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25, January
2018

Outsourcing Accounting for Improved Accountability

Cash flow has a major impact on sustainability. Take a look at what happened in the early 2000s with the dot-coms, and again in the late-'00s and this current decade. Businesses with few liquid assets were unable to jump the hurdle of a contracting market. What happened to the dot-coms also hit the financial sector, and neither was prepared. Given the importance of cash flow, it makes sense to take an active role in managing assets and record-keeping. In-house management opens the door to a number of security issues, while separating areas of responsibility improves accountability at every level.

The Nuts and Bolts of Accountability

Some of the most basic strategies for improving accountability start by ensuring that the department taking in cash is not the department recording the transactions and reconciling the accounts. For example, if human resources handles payroll, they should not be tracking hours. If they have both jobs, they can issue checks for unworked hours. Over time, even small additions can add up to a considerable loss. When the same department is also responsible performing audits, there is no real accountability.

4, January
2018

Controller Checklist for Small Businesses

As the owner of a small business, you've probably been getting by with piece-parting your financial and accounting.

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1, January
2018

New Year Accounting Resolutions for Your Business

 

For many of us, the end of a year wouldn’t be complete without making resolutions for the next one. Desperate to.

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26, October
2017

How Much Should Companies Spend On Their Accounting Department?

Occasionally, we get asked to help companies understand where and why they should allocate budget to improve.

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2, October
2017

Employee Attendance Tracking and Payroll: What Every Business Owner Needs to Know

 

It's difficult to keep track of employees and their time spent on the job, more so if your operations span the.

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20, September
2017

How to Determine Profit Margins on Services

Understanding your profit margins is a critical component of healthy financial management. With a product-oriented.

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15, September
2017

4 Factors You Are Likely Overlooking In Calculating Your Sales Margins

If you calculate your sales margins by subtracting the cost of inventory from your retail sales amounts, you might.

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