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What does your month end close process consist of?

Why monthly bank reconciliation is imperative

In today’s business environment, knowing how much cash your business has readily available is critical to the success of your organization.  This starts with the bank reconciliation, which enables effective cash flow management.

Bank reconciliations compare a company’s records to their bank records, which authenticates cash activity.  The bank statement is the source document issued by your bank confirming cash movement for a specific time period.

Topics: Bookkeeping Business Advice Accounting procedures Accounting Methodology Cash Flow Management Accounting

3 Simple Keys To Improve Your Small Business Invoicing Activities

 

Invoicing and collecting on your invoices are crucial to your company's cash flow.

Since they form part of the 'bread and butter" arm of your company, an efficient accounting system is necessary.

You must be able to resolve small business invoicing issues quickly and enforce customer terms for payment. It's also recommended that you invest in an automatic A/R system. 

Topics: Accounting Methodology Accounting procedures Bookkeeping

3 Important Categories Needed In A Business Budget You Need To Know

Every business large or small depends on a number of business budgets, from the large scale master budget used to control final profitability, to smaller targeted budgets intended to increase the financial performance of a specific section or project within the company.

Use of exact budgeting to control expenses is key to reducing overhead and maximizing performance, something which any business would benefit from at any time.

This core tool of financial responsibility can be fine-tuned based on a project, department, or even specific employee or subcontractor, allowing total control over expenditures and keeping your business on track to reach specific milestones.

Topics: Accounting Accounting Methodology Business Advice

How To Use QuickBooks And Xero For Your Month End Close Process

Every business owner knows that managing their books is important. One of those tasks to keep their books in order is reconciling your accounts at month end. This is extremely important if you ever get audited by the IRS. 

Do you still do it manually?

If you are thinking of implementing a new accounting software or want to see how the month end close process works, we will review 2 different accounting software platforms to simplify the process for you with Quickbooks and Xero cloud based accounting software.

Topics: Financial Reporting Accounting Methodology Quickbooks Reporting Cloud accounting