Tag: small business bookkeeping
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Why Business Owners are Moving Away from Outsourced Bookkeeping
By 2025, finance and accounting firms will lose 60% of their outsourcing contracts. That’s more than half of their usual patronage gone because buyers want more competitive prices and automated alternatives. And thanks to limited funds and less staff, small businesses are looking for even more flexibility. Outsourced bookkeeping is on the decline because it…
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Customer Retention Strategies to Keep Your Recent Holiday Gains
What good is your holiday revenue surge if sales go right back to normal after Dec. 25? Who wants to hustle as hard as you did in November and December, just to go back to business as usual? Don’t settle for yearly sales spikes. Arrange your business now so that increases are spread out over…
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What Does a Bookkeeper Do That I Can’t Do Myself? (Spoiler: Not Much.)
Many experts believe (and vocally declare) that every business needs a bookkeeper. We disagree. Technology’s capabilities have surpassed the need for human involvement in all but the most complex business accounting tasks. So, why do small businesses still phone bookkeepers to help them get organized and compliant? Because they’re in the dark, wondering, “What does…
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Transaction Reconciliation Sucks. Now, You Can Automate it Instead.
There’s a difference between what you know about your business’s finances and what your bank knows. Balancing out the difference is a process called “transaction reconciliation.” Doing it manually sucks time, energy, and momentum out of your day-to-day. But with Neat, you can reclaim that precious time and energy by automating the task. The many…
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Ask the Expert: A CPA’s Top 5 Small Business Accounting Tips
More than three-quarters (78%) of small business owners haven’t completed any formal business training. But 83% of them consider themselves knowledgeable, very knowledgeable, or extremely knowledgeable when it comes to accounting and finance. Are leaders overestimating their savvy? Absolutely, says CPA Courtney Thayer. “Business owners often feel knowledgeable about their finances just because they get…
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Ask the Expert: An MBA’s Guide to Cash Flow Analysis
Research from Bank of America tells us that of all the businesses that conduct yearly cash flow analyses and forecasts, only 36% succeed. That number jumps to 80% for companies that perform this exercise monthly. That begs the question: If performing a monthly cash flow analysis more than doubles a company’s chance of survival, why…
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Small Business Bookkeeping Software is Too Complex. But it Doesn’t Have to Be
What’s the only thing worse than feeling overwhelmed by the task of bookkeeping? Feeling overwhelmed by the bookkeeping software that’s supposed to make that overwhelmed feeling go away. And to think software was supposed to be the simpler, more user-friendly alternative to spreadsheets. You first chose a program to eliminate confusion, not add more. Sadly…
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Why Startups and Enterprises are Moving Away from Monthly Bookkeeping (and You Should Too)
“The death of monthly accounting,” as Andrew Hoag, CEO of Teampay, calls it, “has long been overdue.” Monthly bookkeeping has been the old standby, but it doesn’t support any business—from small business to startup to enterprise-level—the way they need. Instead, companies are turning to automated bookkeeping. Below, we’ll cover why startups and enterprises are moving…
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How a Bookkeeping App Lets You Complete Bookkeeping Tasks in Minutes, Not Hours
As a small business owner, you’re starved for time. Seventy percent of small business owners say they’re even too busy to eat during the day. One significant time- (and lunch-) stealing activity? Bookkeeping. Forty percent of small business owners report spending 80 hours per year on accounting and tax prep. Manual tasks like categorizing transactions…
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Ask the Expert: How to Prepare for a Sales Tax Audit
Owning a business of any size that sells taxable goods or services means you may be subject to a sales tax audit at any time. Businesses that sell their products in multiple states are especially susceptible, as any one of those states may select you for an audit. While you may not be able to…