Top 3 reasons you should run your vendor reports monthly, quarterly and annually
Many of us can relate to how stressful paying bills can be. For small to medium-sized businesses, it’s crucial that they pay on time and have the cash flow to cover their expenses. A recent study reported that 32% of businesses could not pay their vendors, lenders, or employees due to insufficient cash flow. However, […]
Best Bill Pay Solutions for Payments Made Via Credit Card, Check and ACH
Back in the day people only had a limited number of options when it came to paying for things. A few short decades ago cash was king. Then along came checks and later on credit cards became a popular form of payment. However, the digital age has brought about an entirely new set of electronic […]
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 […]
Approval Controls in Accounts Payable Process: How to Involve Your Team
As a business leader, you understand the importance of implementing approval controls in your Accounts Payable process. It’s essential for preventing fraud and increasing accuracy. But how can you involve your team in this process? In this blog post, we’ll discuss the best strategies for getting your team involved with approval controls in Accounts Payable. […]
3 Ways Docyt Can Help you Rotate Accounting Duties Among your Accounting Team
The importance of facilitating rotations As businesses grow and evolve, it becomes necessary for them to rotate accounting responsibilities in order to maintain efficiency and accuracy. This mainly ensures that no single employee has too much control over a specific area of accounting, thus reducing the potential for errors and fraud. This is crucial when […]
Applying for a Loan? Make Sure Your Personal Financial Statement is Up to Date to Get Approved!
What is a personal financial statement? A personal financial statement is a summary of your current financial health, including your assets, income, liabilities, and debts. It’s used to evaluate your overall financial situation and to help with your personal and business needs. It should include four primary elements: assets, liabilities, net worth, and income & […]
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 […]
Make smarter decisions for your business locations with consolidated cash flow reports
Are you a business owner or manager with multiple locations? Are you struggling to get a clear picture of how the cash flow is looking across all your entities? Consolidated cash flow reports can be a powerful tool to help you make smarter decisions for all your business locations. Why is cash flow important A […]
Reasons You Need an Automated Payroll Solution
Managing payroll can be a tedious and time-consuming task. Fortunately, automation can make it much simpler and more efficient. With an automated payroll solution, you can reduce manual work, streamline bookkeeping, and increase accuracy. In this blog post, we will discuss the top three reasons why you need an automated payroll solution like Gusto, Docyt’s […]
How Accounting Automation Can Increase Revenue for Businesses
Revenue tracking is a best practice If you ask a typical small business owner how they do their revenue accounting, they might respond that “my accountant takes care of all that”. Dig a little bit deeper by asking “So does that mean your accountant has access to your POS system (or other revenue system)”, and […]
Eliminate Tax Penalties and Improve Efficiency with Real-Time Bookkeeping
Small and medium sized business owners have to wear many different hats to maintain profitability, from managing inventory, hiring, acquiring customers, to bookkeeping and creating financial reports. Some businesses are often penalized for not filing taxes on time to the IRS due to poor bookkeeping practices. Bookkeeping is a tedious task that takes time and […]
How Shipping Companies Can Leverage Automation During the Holidays
The air is crisp, the leaves are turning and Amazon’s Prime Day is already in the books, which can mean only one thing: the holidays are nearly upon us. Between holiday gifts, greeting cards and Black Friday orders, an estimated 800 million packages are expected to be shipped during the upcoming season, marking one of the highest […]
