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 […]
Complex Multi-Location Expense Management Made Easy
Many people dream of building and scaling a successful company. However, expense management can be a challenge for owners with multiple locations. Organizations that fail to control expenses lose money or will eventually shut down. Managing expenses is simple in theory, yet complicated in practice. Effective expense management is a critical component for maintaining business […]
How Multi-Entity Financial Reporting Can Unlock Performance Insights
Managing multi-entity companies comes with inherent financial challenges. Each location, subsidiary, or operational entity has its own unique systems and processes with disparate data across multiple sources. Having consolidated financial reports is the key to effectively overseeing operations across entities. Consolidated reports give owners insight into the financial status of each entity. These reports allow […]
How Does ChatGPT Affect the Future of Accountants and Bookkeepers?
If you’ve been on the internet or social media recently – you’ve probably heard of ChatGPT. ChatGPT is a natural language processing tool driven by AI technology that allows you to have human-like conversations. Since its inception in November 2022, ChatGPT has been downloaded by over 30 million users. ChatGPT enhances decision making using open […]
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 […]
Automated Financial Reporting and Statements for Your Tax Accountant
The tax season filing deadline of April 18, 2023 is right around the corner. If you’re a small business owner, that means it’s time to call your accountant. However, tax season can be stressful for accountants as they’re required to work long hours, meet tight deadlines, and maintain client confidentiality. Handling small business taxes requires […]