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
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 accurate financial records are kept throughout the year. Month-end closings finalize a business’ financials during a given month using accounting procedures to review, record, […]
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 […]
Does Document-Based Data Provide Richer Results than Structured Data?
Having accurate data is the reason why business owners opt to use accounting software in the first place. And with artificial intelligence (AI), or automation, quickly gaining popularity, you might be wondering if accounting automation software is right for your business. Before you can make that decision, you first need to understand the difference between […]
Will Artificial Intelligence (AI) Replace Accountants?
As the use of artificial intelligence (AI) in accounting becomes more prevalent and the technology becomes more advanced, the question on many accountants’ minds remains, ‘Will artificial intelligence replace accountants?’ AI is transforming the very core of accountancy today, and even so, experts have said that AI will not replace accountants but complement the capabilities […]
Automated Bookkeeping for Business Owners: Profile of a Docyt Customer
When searching for automated bookkeeping solutions, business owners may find themselves wondering who a typical user of the software might be. What challenges have they faced and how has the software helped them address those challenges. This is especially true in the age of accounting automation software and artificial intelligence. Here’s a look at a […]
How to Strategically Build a Powerful Accounting Tech Stack
Technology has had a profound impact on the accounting profession. Today, several innovative technologies can help accountants streamline their work and improve productivity. Building a strategic accounting technology stack is necessary if your company is looking to take advantage of these technologies. Here we’ll explain what an accounting tech stack is, why it’s important, some […]
How to Optimize Your Decision-Making with Real-Time Financial Reporting
Imagine running a report focusing on company profitability, knowing that the last few weeks of sales and cash receipts are not included. Meanwhile, across town, your closest competitor, who is using real-time reporting, can look at their report and see sales data and payments as of that morning. As a business owner, which option would […]
