What is bookkeeping? All businesses must maintain records of their transactions. Businesses should record these transactions in a ledger. Bookkeeping is the process whereby all transactions are recorded accurately. There are many benefits of maintaining an accurate and up to date ledger system, including knowledge of profitability, cash flow, sales growth, accounts receivable and payables, …
There comes a point when you decide that a cloud-based accounting system is the right choice for your business. Once you make that decision, the next step is to determine how to implement a cloud-based accounting system. The process to implement a cloud-based system is straightforward, however, the main challenge will be to convert your …
One of the main benefits of setting up a private business is to eventually sell the business. Although many business owners have no immediate plans to sell, they should find comfort in knowing that with proper planning and execution, there can be a very rewarding prize at the end of the journey. I encourage all …
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Contractors specialize in installing and maintaining systems that are the backbone of a well-functioning society. I enjoy working with these professionals, as the businesses they operate are important, fast-paced and exciting. I recognize that many contractors are very busy. They are constantly managing jobs, ordering supplies, preparing quotes, managing and dispatching staff, tracking time and …
Talking with small business owners, a common issue I come across is the challenge with document management and storage. A typical problem is an owner wanting to look at a specific invoice but having trouble locating it. The document may be somewhere – on someone’s desk, in someone’s email inbox or it could be in …
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How can a small business maximize profits? Small businesses generally want to maximize their net income. Net income is essentially the profit available to shareholders after incurring all expenses (after tax profits). A simple example is if a company earns $100,000 in revenue, spends $50,000 on operating expenses and $8,000 on income taxes, the net …
Business owners are busy. Their focus is on operations, management and growing the business. Administrative tasks, including bookkeeping, are not exactly high on their list of priorities. Traditionally, bookkeeping was a very manual-data entry type of process. Countless hours would be required to complete this task. Typically, owners could spend the time themselves or hire …
Do you have an idea for a product or service? Do you have an offering that you are able to offer others that will provide them with value? Are you ready to take the leap to entrepreneurship and start offering value to potential customers? If you answered yes to any of these, then you are …
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Artificial intelligence, commonly referred to as AI, is a revolutionary breakthrough in technology. The definition of artificial intelligence is intelligence demonstrated by machines, which is in contrast to organic intelligence demonstrated by humans and other animals. An example of artificial intelligence is autonomous cars (self driving cars). This technology has allowed cars to be programmed …
This article will explore the differences between traditional accounting software and cloud accounting. Traditional accounting software has been the status quo since the onset of computers and is very effective in managing a company’s accounting transactions. However, with the growth of technology, cloud accounting is a strong alternative to traditional accounting software. It has many …