How Will ChatGPT Affect the Future of Accountants and Bookkeepers in 2024
If you’ve been online or active on social media in the past few years, chances are ChatGPT needs no introduction. As a mainstay of American culture, nearly everyone has encountered some form of ChatGPT at this point. But on the off chance you haven’t heard, ChatGPT is a natural language processing tool driven by AI […]
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, […]
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 […]
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 […]
Unlock Your Credit Potential: How Integrating Docyt and Corporate Cards with Up to 5% Cashback Can Help Your Credit Score!
Using credit cards offers a number of benefits over cash-based payments. Better cash flow management, increased spending ability, and credit establishment are the most common reasons for credit cards. Corporate cards provide employees with a means to pay for business expenses incurred such as airfare, hotel, and dining. Corporate credit cards also help streamline employee […]
The KPIs You Need to Be Tracking in Quick-Service Restaurants (QSRs)
Are you a quick-service restaurant (QSR) owner or operator? If so, understanding the financials of your business is essential to success, but it’s not the only metric you should be tracking. The KPIs you choose to measure can have a major impact on your ability to make informed decisions and adjust your strategies in order […]
How Non-financial Metrics Help in Understanding the Overall Health of a Hotel Business
As a hotel owner or manager, it’s important to keep track of both financial and non-financial metrics in order to get a complete picture of the health and success of your business. While financial metrics like revenue and profit margins give you a sense of how well your hotel is performing financially, non-financial metrics can […]
Gain Control with Strategic Department Budgeting with Live Financial Reporting
Large corporations are highly distributed. Profit incentives, shareholding structures, and financial success metrics are jointly owned by key executives of each department. Over centuries, corporations have evolved departmental budgeting and P&L management into a science. This process makes sure that there is no single point of financial failure and all departments have responsibility towards the […]
Employee Cards: The Simple Way To Manage and Collect Receipts
Many businesses require employees to incur various expenses such as hotel costs, airfare, and dining. However, managing these costs can be a time consuming task due to expense reports, reimbursement forms, and other administrative paperwork. Using corporate cards can help companies streamline and manage their employee expenses. Corporate credit cards can be useful for helping […]
How to Empower Your Business Controllers and Operators to Grow Your Gross Profits
The relationship between franchise owner and general manager can make or break an organization’s success. A foundation of mutual trust, respect, and communication must be established in order to facilitate an effective partnership. Both the owner and manager want to ensure the hotel is profitable, and they must work together in order to accomplish this […]
How Accountants & Bookkeepers Can Leverage Accounting Automation
Recent advancements in artificial intelligence have fueled media speculation causing people to wonder if AI could eventually replace human workers. Although certain industries are becoming more automated, human interaction and oversight is still needed to program, oversee, and run AI-based machine learning systems. Certain fundamental human behaviors cannot be replicated with machines. However, AI automation […]
Intercompany Transfer Reconciliation: Are Your Inter-entity Transfers All Tied Up and Reconciled?
Companies often have multiple subsidiaries or entities – and it’s probably more common than you think. Did you know Super 8 hotels are owned by Wyndham Hotel & Resorts? Perhaps you’re aware that Hilton is the parent company of hotels such as Waldorf Astoria and DoubleTree? Although these businesses function independently, they are owned by […]