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, […]
Revenue Accounting – What is it 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 […]
Accounting Trends to Look Out for in 2023
The world of accounting has changed dramatically over the last few years. From the COVID-19 pandemic to an increasing focus on digitalization – the way businesses utilize their accounting resources continues to evolve. Small business owners should focus on staying up-to-date with current trends to maximize accounting efficiencies and processes. In 2023, small business owners […]
How Can Accountants Automate Data Entry?
Accountants can spend over 10 hours a week performing manual data entry tasks – this adds up to more than 500 hours yearly. Whether they’re recording journal entries in accounting software, coding transactions, or performing multi-entity expense management duties – a large portion of their time is often spent on repetitive manual work. Using automation […]
Continuous Reconciliation Makes Month-End Closing Faster & Easier
Continuous Reconciliation Makes Month-End Closing Faster & Easier Continuous Reconciliation Makes Month-End Closing Faster & Easier Continuous Reconciliation Makes Month-End Closing Faster & Easier Accounting is the job that’s never finished. As a small business owner this means preparing tax returns, reporting financial data, and performing month-end closings. Most companies require month-end closings to ensure […]
Multi-Location Accounting: Best Practices for Running Multiple Franchise Businesses
Successfully growing a franchise business is a team effort. Growth also leads to complexity, especially with your accounting. If you own multiple franchise locations, or want to grow from one location to many, this article is for you. We’ll discuss best practices for multi-entity accounting for franchise businesses. Start with a Centralized Database A centralized […]
Learn the Benefits of a Consolidated Balance Sheet for Multiple Companies
Effectively owning and operating multiple companies requires having a team of knowledgeable individuals in place such as executives, managers, operations, and support staff. Owners should install the right team and instill proper task delegation. Yet, even with an effective strategy and a strong support system in place, owners with multiple businesses must continually balance both […]
Best Practices for Valuing and Selling Your Business
After careful consideration and several conversations with friends, family, and colleagues – you’ve finally come to the conclusion that it’s the right time to sell your company. Whether you’re moving into a different type of business, redistributing capital to another company, or retiring altogether, creating a proper valuation strategy is critical to understanding the value […]
The Shift to Real-Time Accounting Visibility with Accounting Automation
The technological shift towards automation is changing the way companies do business. Accounting in particular is no exception. The problem is traditional accounting often involves mundane and repetitive tasks that require heavy oversight, manual work, and continuous review. This antiquated style of accounting tends to be ineffective due to mismanaged data-keeping practices and delayed record […]
