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How to Make Sure Your Bookkeeping is Efficient and Accurate

By Laura Melville Updated 7/30/2019. Get organized. Stay timely. Be informed. These three mandates can change the way you manage your books and free you up to focus on other tasks needed to grow your company. Here are some effective bookkeeping strategies to help keep your business on track. Understand and communicate the importance of timely and accurate financial reports Make sure responsible parties are trained on how to keep records,  how to create reports and when those reports...

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Pitfalls to Avoid when Hiring an Outsourced Accounting Firm

By Carolyn Hall and Craig Jackson Accounting is necessary in any type of business to assess a company’s revenue and resources. In some instances, businesses simply do not have the manpower or ability to conduct their own accounting, thus triggering the search for outsourced accounting services. As a company begins this search for a firm to handle their back office function, there are a few standout pitfalls to avoid. Lack of transparency With today’s cloud technology, business...

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Make the Outsourced Accounting Transition and Watch your Business Soar

By Carolyn Hall Many companies consider outsourced accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition. With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider...

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Accounts Payable Software Could Help your Business Take Off

By Floriana Allen  Your bill-paying process should not be confusing, labor-intensive or prone to error. That’s why we at Wiss & Company, LLP, use cloud-based accounting programs such as Bill.com for our clients. It’s an ideal tool for handling your accounts payable workflow, and the software syncs with many leading accounting systems, allowing accountants and clients to stay involved in the process in real time. Here are the some of the advantages of the system.    The software...

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How to Determine your Company’s Meaningful Key Performance Indicators

By Carolyn Hall The first step in setting up the books of a business is identifying meaningful metrics. Whether it is a professional services firm or a real estate client, each business owner has individual views and preferences about analyzing the business. Identifying critical key performance indicators (KPI) upfront is important so that the accounting systems can be set up to measure the crucial aspects of a business. In the end, the goal is to present an accurate snapshot of...

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Employees or Independent Contractors? Here’s How to Differentiate

By Donna Woronka You think you’ve hired an independent contractor, but the IRS or State Department of Labor may see that you’ve hired an employee. If there’s any uncertainty, chances are good that you’ll lose that argument, and at a high cost in back payroll taxes and penalties. That’s why it’s critical that you understand the differences between the two legal classifications and that you keep your independent contractors independent. Here are some questions to help you determine ...

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