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Month End Close: Key Reasons for Financial Statement Analysis

Wouldn’t you like to know how healthy your business actually is? For small business owners, this information is more important than ever before. What if we told you that there is a tested process of uncovering the secrets about your business that has been passed on through generations and generations of accountants?!

Financial statement analysis is one of the best ways to accurately gauge the health and status of your business. In this post, we will discuss some of the benefits of using financial statement analysis in your small business.

Topics: Accounting Growing Your Business Financial Reporting Accounting procedures Advice

5 Critical Issues with Keeping Your Books on Spreadsheets

Accurate financial records are a key component in running a successful business. It is imperative for business owners and managers to ensure that transactions are properly recorded, and that data can be retrieved for audit and analysis at a moment's notice.

Topics: Accounting Accounting procedures Business Advice Bookkeeping

How To Get Better Insight Into Your Company's Cash Flow

There are many components that go into running a successful small business. It comes as no surprise that financial health can either make or break a business. A lot more determines the financial health of your business than just whether or not you're making more money than you are spending.

Cash flow is one of the most important financial components of your business that you must understand and carefully manage to ensure a successful future. The use of software to gain understanding and insight on the cash flow of your business is crucial to not only keeping your business afloat but helping it thrive.

This is your guide to the importance of understanding the future cash flow of your business and software that can help you achieve this. 

Topics: Accounting Best practices Advice Business Advice Bookkeeping

How Do You Know Your Invoices Are Getting Paid the Right Way?

Keeping track of your business's financial data is a critical element of the accounting strategy. Tracking the financial data provides you with insights on your revenue stream as well as future cash flow. An organization that doesn't track its financial data is at risk of lagging on payment deadlines. This could lead to damaged relationships with vendors and creditors.

Topics: Accounting Accounting Methodology Accounting procedures Collection practices

4 Reasons to Take Your Bookkeeping Virtual

Traditional accounting requires three things:  an accounting system, a bookkeeper and an accounting firm.  All of these cost business owners money and time.  First, you have to find the right accounting system, whether it is electronic or paper-based.  Then, you have to learn the system or hire a bookkeeper to learn it for you.  You still need an accounting firm for filing taxes and answering questions.  What if you could reduce the three requirements to one?

Topics: Accounting Outsourcing Cloud accounting Bookkeeping