AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • International expansions, business mobility and globalization contribute to increased travel expenses for many companies. The Global Business Travel Association predicts a 4 percent increase in costs for 2018, which puts extra pressure on organizations already struggling with cost management. These challenges frequently fall under five primary categories, and you need to overcome them to re...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Recently we've received an increased number of inquiries from government contractors interested in transitioning from Deltek to Quickbooks and concerned with their overall costs as well as the performance of their  accounting services providers. Understandably, this led us to take a pause and consider what our government contractor clients' concerns were--and how we were addressing them. There ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Strong bookkeeping and financial accounting records are essential for the success of any business, big or small. Some of the largest businesses in the world have ultimately failed because their accounting practices were disorganized -- or worse, deceptive. Small businesses may be even more susceptible to poor accounting practices.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • What is the difference between a controller and a CFO? And, what factors should determine which of these two roles a business should add to its financial management team? The two financial leadership roles—Controller and CFO—are not the same, and neither  are the same as the role of an accountant. The term “Controller” refers to a specific set of financial and management duties, whereas "CFO" r...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Your business's Key Performance Indicators (KPIs) are your tools for measuring and tracking progress in essential areas of company performance. Your KPIs provide you with a general picture of the overall health of your business. Acquiring insights afforded by your KPIs allows you to be proactive in making necessary changes in underperforming areas, preventing potentially serious losses. The KPI...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • A company's current and past financial health are key indicators of its long-term growth potential. So, it follows that a proper modern business analysis relies upon various sets of financial data points and ratios. Further, financial data point analysis is critical to strategic planning, which is, in its final stage, about allocation of resources limited by the business's financial realities. ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • You developed your business plan over the course of years. Since realizing your lifelong dream of becoming a business owner, your company has been profitable. However, due to cash flow problems, you’re barely keeping your head above water. If you can relate to this scenario, you’re not alone. According to Entrepreneur, as many as 82 percent of start-ups and small companies fail because of poor ...

AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Venture capital is funding you acquire by selling some of your equity in your company. This option is attractive to businesses because it comes with benefits which can altogether be parlayed into massive growth very quickly. Whichever your growth objectives, be they faster or slower, any of your funding choices will be both rife with risks and packed with potential rewards. No question, there's...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • With business and virtually all other economic sectors now largely operating with the technological tools of the digital age, companies everywhere have gone, or are currently going paperless. The operational detriments of continuing to collect space-consuming crates of archived paper accounting records and to transmit paper documentation as a way of doing business is now too cumbersome to be ec...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • As a business expands, a competent CEO realizes that the previously reliable accounting system has become a burden. Many accounting packages are designed for small businesses, but as sales escalate over $2 million, CEOs may notice it’s not keeping up with financial management needs. As business needs increase, CEOs may consider hiring an outsourced accounting provider to supply the financial su...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Making mistakes is a part of life. And you can swallow that well if the mistake you’ve just made is equivalent to be parking too close to the cart rack at your local supermarket and receiving a handful of new dings for your troubles. Lesson learned, you’ll never do that again. But when it comes to business accounting, taking the “better luck next time” approach just doesn’t work for some. A mi...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Your company's cash flow forecast is the fuel that keeps things going and your business growing. The money coming in gets allocated to your employees, suppliers and other expenses. If you don't know what the future holds, then you'll have a hard time planning your investments and taking advantage of promising opportunities.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Years ago, when AccountingDepartment.com was a much smaller company, we had the idea to celebrate the end of January. Why celebrate the end of January? Well, January is a tough month for accounting departments. Every January accounting departments across the country are chasing 1099s, making sure books are prepared to close for the previous year, and of course also manage the ongoing daily book...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Do you count gift cards given to employees as cash payments? Have a system for easy reimbursement for taxes when an employee is overpaid? Treat vendor payments as payroll before you receive a Form W-9? If you don't, you could be looking at serious fines from the IRS. Avoid these 10 common payroll and bookkeeping mistakes that small business owners tend to make. 1. Failure to Issue Form 1099 Co...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • 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 ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Most entrepreneurs have no problem coming up with big ideas for how to start a new business. Despite this creative spirit, studies show that nearly 90 percent of all startups fail within the first five years. For many of these entrepreneurs, their problem is not their ideas or even the goods or services they offer. Instead, it all boils down to how they handle their finances. After all, without...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Cryptocurrency has been a hot-button issue for the past year with major advances being made to blockchain technology quickly. This in addition to more recognition from lawmakers and agencies like the IRS is lending more legitimacy to cryptocurrency so it's no longer delegated to just a niche interest for the tech-savvy. Organizations ranging from corner delis to hospital networks are accepting ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Many businesses aren't sure how long records must be saved in the paperless era. Record-keeping is a boring, but important businthinkess activity, and if you make the wrong choices, you risk litigation, succession planning problems and the wrath of the tax man. Understanding how long should you keep business records will help you avoid these problems.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • 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-ti...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Cybersecurity guidance and requirements for government contractors continue to evolve and will have a big impact on contractor compliance. Defense contractors and civilian contractors are expected to meet the new requirements of Defense Federal Acquisition Regulation Supplement (DFARS) 252.204-7012 by December 31, 2017. It’s important to note that these new requirements apply to all government ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • As the owner of a small business, you've probably been getting by with piece-parting your financial and accounting tasks to various members of your organization. You may even be outsourcing some of the work. However it's being done, odds are that it's not being handled in a centralized way. In the early stages of getting a business off the ground, this approach makes perfect sense. As your comp...

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