AccountingDepartment.com
AccountingDepartment.com
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  • 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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  • 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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  • 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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  • 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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  • 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.
AccountingDepartment.com
AccountingDepartment.com
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  • Should The Annual Budget Process Be Eliminated?
    Accounting departments have formalized the process of budgeting over the years, and during that time, the practice evolved into the annual budget process. This process is largely based on assumptions and predictions about future markets and expenditures. The effort to control operations through a framework of guessing what "might" happen has resulted in multiple perceived disadvantag...
AccountingDepartment.com
AccountingDepartment.com
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  • How Accounting Services Can Decrease Overdue Invoices
    One of the most frustrating aspects of any business is waiting for the cash to flow in. While some blame can be placed on late-paying clients, low cash flow may be a result of a clunky accounting system. Providing timely invoices to your customers is a critical business activity that is directly connected to your business success. When you’re overhauling your accounting or bookkeepin...
AccountingDepartment.com
AccountingDepartment.com
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  • Save Your Business by Improving Cash Flow
    Understanding the difference between assets and cash flow is critical to business survival. Working with an outsourced accounting department allows company executives to analyze and improve cash flow, securing the organization’s future.
AccountingDepartment.com
AccountingDepartment.com
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  • 4 Reasons Not All Outsourced Accounting Solutions are the Same
    Outsourcing your bookkeeping and accounting department is a necessity as you grow your company. As you move from a small business to a medium or large corporation, you might not require additional in-house, but still need help processing the higher number of orders you are likely experiencing. With outsourced accounting services, you can often save time and money by acquiring qualified...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • How to Forecast Cash Flow in QuickBooks
    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
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  • Upcoming Changes in Not-for-Profit Reporting
    In 2016, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) No. 2016-14, "Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities." This document mandates changes to non-profit financial statements. Organizations are encouraged to learn more about these new requirements and even consider early adoptio...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • How to Set Up an AR Aging Report in QuickBooks
    When you are running a business, keeping on top of outstanding invoices is important. Not only will this give you a solid understanding of your existing and future cash flow position, but will also give you the information you need to set up payment reminders for due and overdue invoices.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 4 Accounting Tasks You Should Do Each Week
    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
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New blog articles detected.

  • How to Create a P&L by Class
      Would you like the ability to create a profit and loss account by location, department, customer type or line of business? The little-known "class" feature in QuickBooks lets you classify your invoices, bills, checks and other data against a customizable set of business divisions or functionalities for more versatile profit and loss reporting. A class can be any way of segregating y...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • How To Get Funding For A Non-Profit Startup
    Since most nonprofit organizations are focused on the public good, you would think they'd be easy to start. Of course, you'd be wrong. Filing for tax exempt status can cost hundreds of dollars, government regulations are immense, and public scrutiny is endless. Even worse is trying to fund a nonprofit startup. Getting this type of funding can be difficult, but the following strategie...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Depreciation: What Method to Choose and is None an Option?
    Depreciation is one of the hardest accounting practices to get right, but avoiding calculating depreciation could cost you money. Here's why you need to talk to your controller services about depreciation and what your options for claiming depreciation are.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 3 Simple Steps to Create Longevity
    If only it was just about your great idea. Most entrepreneurs are passionate about their product or service, but turning it into a successful business requires careful planning and execution. Start with a business plan that lays out your core objectives and follow it to achieve long-term success. It's easy to get caught up in the details, but always come back to three key points: the...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Do You Know When it's Time to Discontinue a Product?
    Owners and managers often continue to sell money-losing products out of sentimentality or unwavering optimism. To maximize your business's profitability, you need to be equipped to make an objective decision. Here are some of the factors you should take into account when deciding whether to continue a product line.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Making the Switch From Contractors to Employees
      If you're like most entrepreneurs, you started your company with as few employees as possible. It's not unusual for businesses to form relationships with independent contractors — either directly or through an agency — to keep costs low until the business grows. After a while, however, you may want to hire these contractors as employees — or hire new employees to do the same tasks. ...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • The Future of FinTech: Prepare for Warp Speed
      Blockchain is often touted as a disrupting factor in the financial services industry. This exciting technology is an open ledger system that facilitates direct transactions between parties, in turn bypassing financial institutions entirely. Blockchain was first developed as the technology that supports Bitcoin, but has since progressed to other virtual currencies and tra...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Is Your Data Safe in the Cloud? What You Need to Know
    Most organizations that consider switching to cloud-based services are rightly concerned about security. In addition to the financial consequences of a data breach, the reputational harm from losing your clients' or employees' private data can be crippling. However, moving to the cloud can actually make your data safer if you know what to look for.
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 4 Steps To Help You Manage Your Operating Cash Flow Statement
      As your company grows, balanced operating cash flow becomes increasingly important. At the most basic level, cash flow refers to funds coming in as your customers pay for the goods and services you provide versus funds going out to pay business expenses. The goal is to create a situation where your accounts receivable are resolved quickly, leaving you plenty with of flexibility in h...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 6 Reasons to Review Your Accounting Department Under A Microscope
    There is an underlying stigma that management can tend to keep the accounting department separated from the operations management of the company. Often, the back office accountants look at numbers after the fact, providing less insight and more archival and data management. However, there are some very good reasons to start having more conversations with your entire accounting team dur...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • Telecom, Travel and Technology: The Three T's of Expense Management
    Managing a profitable company is all about controlling costs enough that revenues outpace expenses and margins are strong enough to weather slower sales. For many businesses, this cost-control starts with basic, universal costs, such as employee wages and space rental. But you need to dig deeper. In addition to the standard overhead expenses that every firm experiences, there is a rang...
AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • First-Time Contractor's Guide to Real-Time Labor Evaluations
    Your DCAA audit includes a real-time labor evaluation to determine the accuracy of labor charges in regard to contracts, indirect accounts and other costs. Learn what is involved in these evaluations to ensure your accounting procedures will pass the test.
AccountingDepartment.com
AccountingDepartment.com
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AccountingDepartment.com
AccountingDepartment.com
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New blog articles detected.

  • 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.

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