What is Credit Card Reconciliation in Accounting
Company credit cards are now arguably the most popular way to pay for business expenses. Whether it’s a casual lunch or a business trip – most companies use credit cards as the preferred method of payment. As such, credit card reconciliation is becoming increasingly important for businesses across all industries. Credit card reconciliation compares transactions […]
What is the Difference Between Traditional and Automated Expense Management?
A business’ success is defined by their ability to sustain long-term profitability. For a business to be profitable, their revenues must outweigh their expenses. Generating revenue is one piece of the equation, however, managing expenses is equally as critical when it comes to establishing business success. Expense management controls, tracks, and processes employee expenses and […]
How Automating Journal Entries and Document Matching Brings Tax Time Relief
Benjamin Franklin once uttered the famous words, “Nothing is certain except death and taxes.” Over 200 years later, this sentiment still rings true. Tax accountants are the interpreters of the tax code, ensuring tax returns are filed correctly while adhering to local, state, and federal laws and regulations. January to April is the busiest time […]
How Automating Expense Categorization Brings Tax Time Relief
The date of April 15th means one thing to most people – tax season is here. Although this time of year can be challenging, tax accountants can help businesses and individuals correctly file their returns. One area many small business owners struggle with is classifying expenses. Improper coding of income and expenses can result in […]
How Automating Document Collection Brings Tax Time Relief
Tax accountants play the pivotal role of helping individuals and businesses file tax returns at local, state, and federal levels while adhering to all laws and regulations. During the months of January through April, tax accountants typically work time intensive schedules filled with early mornings and late nights. Preparing tax returns, identifying potential fraud risks, […]
Revenue Accounting – How to Increase Revenue for Multi-Location Businesses
Running a successful business can be a challenging undertaking for even the most experienced professionals. Managing revenues, recruiting talented staff, and creating sustainable growth are just a few of the common obstacles faced by business owners. Operating a business with multiple locations compounds each of these challenges. Whether you’re a street vendor selling hot dogs […]
Artificial Intelligence and Automation Work Together To Turbocharge Bookkeeping and Back Office Tasks
Although artificial intelligence (AI) is seemingly a recent phenomenon, its origins date back to the mid 20th century. In 1951, an AI-based checkers playing program was written by a British computer scientist known as Christopher Strachey. Today AI is used across numerous industries including financial services, insurance, healthcare, and life sciences. Automation, on the other […]
Revenue Accounting – How to Understand your POS Revenue Report
All companies have to generate revenue in order to be successful. Whether you’re a hotel, a restaurant, or a clothing store – revenue is the fuel that keeps a business moving forward. However, tracking revenue isn’t as simple as it used to be. Once upon a time, companies could simply make a sale, collect cash, […]
What is Revenue Accounting and Why is it Important?
Earning cash and generating revenue is a fundamental aspect of doing business. Regardless of whether you’re selling hot dogs, clothing, or running a large hotel franchise – every company’s success depends on revenue. However, in the accounting world recognizing revenue can be a bit more complicated. You would think that a business simply has to […]
Is Accounting Automation Hard to Learn?
Recent advancements in artificial intelligence (AI) technology have caused people to wonder if machines could eventually replace human workers. Many industries are utilizing automation, but human oversight is still needed to run and apply AI-based machine learning systems. Automation can make our lives easier in the workforce through increased productivity and efficiency, but humans possess […]
What are the Basics of Franchise Accounting?
As we previously discussed, franchising is a hybrid model that combines small business ownership with corporate oversight. The franchisor is an established entrepreneur with an established, licensed business model. The franchisee is a person or corporation that operates their individual business using the model obtained from the franchisor while having access to proprietary and trademark […]
What is Franchise Accounting?
Franchises exist all around us, but you might not be aware of it. Whether you’re grabbing a sandwich at Subway, dropping off a package at UPS, or staying at your neighborhood Best Western – each of these businesses are franchises. A franchise includes a legally binding agreement that allows business owners to gain access to […]
