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 […]
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 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 […]
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 […]
