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Tag: Accounting

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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Fishbowl and QuickBooks Advanced Inventory Comparative Review

Companies using a combination of QuickBooks and Excel are oftentimes looking to find a more robust system alternative, but are not ready for an enterprise-level ERP system. For these types of firms looking for a low-cost option that will not require the replacement of QuickBooks, we recommend Fishbowl—a manufacturing and inventory control system that integrates seamlessly with QuickBooks. Fishbowl Manufacturing is designed for small to mid-sized companies looking for a complete...

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Beware the Temptation of Offshore Consulting Services

By Paul Ursich Outsourcing accounting consultancy services overseas can be a tempting strategy for gaining expertise at a highly competitive cost. But as someone who’s previously done that, here are a few precautions I learned along the way. Language can be a barrier. I admire anyone with any degree of fluency in a second language. But while you can easily find English-speaking talent almost anywhere, there are degrees of familiarity with the language. When addressing, in person,...

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Seven Critical Steps to Upgrading your Accounting Software

By Robert Risk  Corporate accounting software generally lasts about 10 years before users get bogged down with a system that’s out of touch with current needs. Perhaps your people use Excel spreadsheets for processes that should be easily automated. Or the company has grown to where your existing software can’t keep pace. Or — worst of all — you can no longer trust the numbers on your reports. As you look for a cost-effective system that will serve your needs now and into the future,...

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How Exporters Can Take Advantage of IC-DISC Tax Benefits

By Chris Colyer It’s not often that you hear good news on the U.S. tax front, but if you have a small to medium-sized company that sells product into markets outside the United States, forming an Interest Charge – Domestic International Sales Corporation (IC-DISC) could offer tax advantages. The federal government established the IC-DISC classification many years ago, but many businesses eligible to take advantage of the tax incentives are failing to do so. That’s at least in part...

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Stay Lean

How food and beverage entrepreneurs can ramp up production without going broke in the process By Jim Duffy You’ve just sold your leading food or beverage product to a major supermarket chain and it wants to conduct a test run in 50 stores. Your hard work is finally paying off. Your company just got bigger in terms of sales and opportunity, and now you need the workforce to match. Right? Not so fast. The power of outsourcing The true cost of an employee is much greater than a salary,...

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An Evolving Role

Look for a diversified skill set when choosing a CFO By Paul Ursich Today’s CFOs need a firm grounding in accounting, financial reporting and tax planning as a starting point. They also need an understanding of computer software systems, a good working relationship with your company’s IT department and the ability to develop company strategies. An effective CFO must also be a smart manager and a team builder who can engage your controller and accounting department. This combination...

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Make the Numbers Add Up

How to ensure successful implementation of new accounting software By Robert Risk  At some point, nearly every company will start thinking about upgrading its accounting system when the pain points become difficult to dismiss. Here are a few things to think about before making a complex, long-term decision that affects your entire enterprise. Know when it’s time. Frantic energy — a lot of it — can be one of the first signs that your accounting software system is overdue for an upgrade....

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