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
  • Owning a small business is the dream for many Americans. When it comes to tax time, the nuances can cause somewhat of a headache if you're unsure of the unique challenges and liabilities. This is true for all industries but a multi-generational company has special considerations. 

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...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • For many of us, the end of a year wouldn’t be complete without making resolutions for the next one. Desperate to get in shape, scores of people vow to start eating healthier and exercising regularly. If you’re a fan of setting individual goals for the coming year, don’t forget about your business. Take the opportunity to examine your company’s financial health and look for ways to make improvem...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • As a saavy bootstrapper your goal is to minimize costs while maximizing opportunities. This extends into each of the areas of your business including bookkeeping and accounting services. In fact, by outsourcing your accounting needs you can help your business grow organically. Here are some concrete tips to help you hammer out financial situations with the help of an outaccounting professional.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Want to go beyond standard account-based tracking in QuickBooks? Expanding into class tracking provides you with a customizable way to track specific expenses, categorize shared expenses across multiple accounts and handle the accounting for one-off and occasional expenses that aren't necessarily associated with a particular account type. QuickBooks offers a user-friendly method for setting up ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • When it comes to a company’s bookkeeping practices, the business will only operate as efficiently as the processes that are in place. Proper bookkeeping is essential to the health of any company. If it’s done poorly, it can ruin a business gradually through higher costs, canceled vendor services and lost profits. As you move into a small or midsize business to oversee its financial affairs, con...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Keeping the family business thriving through the generations is living the dream. From small local companies to vast internationals, there are certain challenges confronting all growing businesses. For business owners hoping to scale and maintain family control of their enterprises over multiple generations, there are unique additional business planning issues which must be managed successfully...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • For decades, local CPA firms have worried about being replaced by new competitors. First, it was national accounting brands operating in an almost retail-like fashion. In recent years, online accounting services have also appeared on the map. Rather than feeling threatened, smart CPAs have been able to form strategic partnerships that help them better serve their clients while potentially impro...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • When you're still experiencing the exhilaration of founding a new business, planning an exit strategy may appear counterproductive and pessimistic. Still, it's possible to argue that your very first business plans should include your exit plans. An exit strategy doesn't have to invoke negative feelings at all. Instead, it can help you cement and realize your vision for your business be...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • If you own a business and are doing your own accounting then you are costing your company money. Too many owners think they are cutting costs but keeping accounting internal, but the price they are paying is actually higher than hiring an outsourced accounting department.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
AccountingDepartment.com
AccountingDepartment.com
Blog Post
AccountingDepartment.com
AccountingDepartment.com
Blog Post
AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Cryptocurrency (e.g. Bitcoin, Dogecoin) has become a hot-button issue in the financial and technology industries as of late. It is a completely decentralized form of digital cash. Unlike, say, cash that is sent around PayPal, Cash.me, and other money service accounts, you can't physically withdraw a Bitcoin or other form of cryptocurrency.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • President Trump has proposed a new tax overhaul that will have a profound effect on small business owners. Of course, it will affect other Americans as well, but small business owners have been specifically targeted as a beneficiary in the new plan. Some of the most important changes for business owners are outlined below.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Federal contractors face critical challenges in aligning accounting methodologies with the demands of the comparatively stringent requirements of their target market, the US government, vs. requirements of the commercial market base. Issues include maintaining constant audit readiness, the need for diligence and adroitness in information leveraging to develop a robust accounting operat...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Every kind of business will eventually acquire new equipment and capital assets to continue its operations — manufacturers periodically upgrade their factory machines, service providers require the latest gear to serve their clients, retailers update store and warehouse fixtures, and executive and administrative offices retire outdated furniture, cubicles and computers. Although these ...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Rapidly changing technology has become one of the most extreme sources of pressure on today's business leaders. But, to compete in modern business, you must keep up. To get the full benefits from the technology you currently have, and to stay informed about innovations so that you can make timely and educated future buying decisions, you must maintain awareness of upgrades and new tech...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Raising capital for your emerging business may seem intimidating because funding opportunities are more diverse than ever. Learn the basics of angel investing, equity crowdfunding and seed funding, and discover how to choose the best one for your company.

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • We talk a lot about the importance of having solid accounting processes and procedures in place to govern your bookkeeping. We discuss how bookkeepers, controllers and CFOs can be strategically aligned to produce advanced insights into even the most complex accounting structures. But we don’t often spend a lot of time on the downsides in the accounting department—partly because the top...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Occasionally, we get asked to help companies understand where and why they should allocate budget to improve accounting functions. Typically this stems from a concern that a company is overpaying for its accounting and bookkeeping and highlights a desire to improve efficiencies and decrease costs. While the two are not always intrinsically linked, there are often opportunities to impro...

AccountingDepartment.com
AccountingDepartment.com
Blog Post
AccountingDepartment.com
AccountingDepartment.com
Blog Post
  • Whether you have been in business for decades, or you are just getting started, money management can be an issue no matter which bookkeeping services or controller services you use. The good news is that one financial misstep is not the end of the world. In fact, you could be able to use those mistakes to gain insight into your operations and forestall issues in the future.

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