AccountingDepartment.com
AccountingDepartment.com
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  • First-Time Contractor's Guide to the Audit Process
    As a small government contractor you may be stretched for accounting resources, and if this is your first contract, that can be harmful. Learn about possible audits and be sure you're prepared for the Defense Contract Audit Agency (DCAA) audit process with this first-timer's guide.
AccountingDepartment.com
AccountingDepartment.com
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  • 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 feel that you have a handle on your true profitability. However, using a simple f0. From factoring in advertising and marketing costs to understanding the human costs of service, you may very well be overlooking many factors when calculating your sales and profit margins. ...
AccountingDepartment.com
AccountingDepartment.com
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  • The One Simple Equation That Explains Why Most Startups Fail
    Why do 90 percent of businesses fail? Of course, there may be many factors involved and each startup fails in its own unique way, but new research suggests that most fail for one single reason. Fortune magazine recently published a study by CB Insights that examined 101 essays by founders of failed startups about what went wrong. The top five reasons for failure were:
AccountingDepartment.com
AccountingDepartment.com
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  • Accounting and Bookkeeping Software for Independent Contractors
    As an independent contractor, it's important to make sure your books are in order. One of the main reasons for this is to make your tax reporting a lot easier and get you back to work as quickly as possible. As an independent contractor, you are responsible for paying quarterly income taxes--which can be an arduous process if you don't know what you're doing. Knowing how much you ar...
AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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  • When Do You Need to Issue 1099s?
      After failing to pay your taxes, failing to file the appropriate returns is the second easiest way to incur the wrath of the IRS. Your reporting obligations go beyond issuing W-2s to your employees. Many other outgoing payments should be reported on Form 1099.
AccountingDepartment.com
AccountingDepartment.com
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  • Are You Ready For Outsourced Controller Services?
    There comes a time in the growth of every successful business where the owner or CEO starts to feel that their basic bookkeeping simply isn't enough. If they're lucky, their books are clean and the integrity of their financial data is secure. (We'll let you figure out what their books look like if they haven't been so lucky.) Yet, in the growth process, owners find themselves wanting m...
AccountingDepartment.com
AccountingDepartment.com
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  • Cash or Accrual Accounting: How to Decide and What Happens if You Change Your Mind?
    The accounting method you choose to use can determine you show a profit in a given year. This directly affects your business income taxes, and it may also impact whether you are able to obtain a loan or raise investments. Unlike other tax or accounting choices, you can't choose what's best from year to year — you have to make a choice and stick with it for the long term.
AccountingDepartment.com
AccountingDepartment.com
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  • What is Aging and How Does it Help Your Business?
    Aging is an accounting process that tells you how long you've had an asset or how long a bill has gone unpaid. Unlike turnover ratios, which give you averages, aging tracks specific line items and can help you to identify outliers.
AccountingDepartment.com
AccountingDepartment.com
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  • Expense Reporting and Management – How Can Automation Prove Beneficial?
    Spreadsheets are versatile enough to manage almost all types of information, but they may not scale up when processing large volumes of complex data, which can prove to be quite a challenge to your bookkeeper. Manually processing travel and entertainment (T&E) expenses can be both effort- and time-intensive, not to mention the possibilities of typographical errors, delays in processing...
AccountingDepartment.com
AccountingDepartment.com
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  • 3 Reasons to Focus on Precision in Your Accounting Technology & Workflow
    How much time do you spend thinking about your business' accounting technology and workflow? In an ideal situation, the accounting process works like a well-oiled machine. You don't have to think about it because it operates perfectly and has an efficient workflow. In the real working world, things are rarely that simple. It's important to closely examine your accounting technology a...
AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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  • 5 Tips to Get Clients to Pay on Time
    We are generally industry agnostic when it comes to the clients we serve, but we count a significant portion of our clients from the professional services industry. As such, we have developed deep understandings of specific concerns that those in the professional services industry experience frequently, such as the payment cycles of clients. From late paying to non-paying, we know that...
AccountingDepartment.com
AccountingDepartment.com
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  • How to Get Your Employees Excited About Accounting
    As a business owner or manager, you know how important understanding your numbers is. But if front-line employees who are far removed from the accounting department view accounting as an unpleasant chore rather than a critical job, the data you use to make decisions might not be accurate.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • How to Troubleshoot Your Profit Margins
    When a company’s profit margins aren’t at expected levels, a variety of factors can be at play. Profit margins are generally a measure of business efficiency, and if the numbers fall short of projections, the solution will generally involve reducing costs, increasing sales or both. Businesses must also assess why profit margins are below expectations so that they can make focused and e...
AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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  • Key Technology Options to Consider for Your Cash Flow Management
    Your business requires consistent cash flow for business operating expenses, invoice payment, and other expenditures. Handling your financial management by hand with a paper-based system puts you far behind your competition. As your business grows, technology solutions are necessary to scale with your size and cash flow management needs.
AccountingDepartment.com
AccountingDepartment.com
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  • How to Account for Slow Seasons in Cash Flow Forecasting
    Cash flow forecasting can make or break your business. Business owners need to know how much cash they have on hand for essential business expenses, whether to lean on your lines of credit, and whether they can purchase the inventory needed for the business. Slow seasons make accurate cash flow forecasting difficult, especially if the business is particularly seasonal in nature. Howeve...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • GAAP Principles: Using the Accrual Concept
    The accrual concept of accounting is the only method that is recognized within GAAP principles, the generally accepted accounting principles that are used by professional accounting firms most SMBs and larger businesses. While a sole proprietorship can get away with using the cash based accounting method, as your business grows it may be time to make the jump to accrual concepts.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Are You Guilty of the Top 5 Accounting Mistakes Entrepreneurs Make?
    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...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 4 Ways to Use Professional Service Providers to Fill in Your Weak Spots
    No matter how strong your accounting infrastructure is, you may have weak spots that prevent your business from growing. If you don't have a solid foundation, you may encounter small and major problems in your payroll, tax and bookkeeping systems. Professional service providers help fill in your weak spots. When you use a service provider, you won't have to hire additional employe...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • How To Get Started With Online Accounting Services
    When a business is considering making a change in its accounting services, many factors are given consideration and due diligence. One of the most critical areas of focus at a time of significant change is how to manage the transition effectively—and doing so can ultimately mean the difference between a successful and positive experience and failure of even the most basic accounting fu...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Accounting Tips: Understand Differences Between Divisions and Classes
    The ability to sort accounting transactions by user-defined divisions and classes in QuickBooks is a great way to track and analyze what areas of your business are the most profitable. Unfortunately, many businesses and bookkeepers aren’t taking full advantage of this option because they don’t clearly understand the difference between divisions and classes and how to use them. Hopefull...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • What are the Telltale Signs that Your Business is the Victim of Fraud?
    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.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 10 Best Practices in Billing and Collections
    Cash flow problems can sink even profitable businesses. Not having a modern, efficient accounts receivable system in place can make getting paid on time and in full difficult. The following are 10 actionable ways to streamline your billing and collections.

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