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​In Pursuit of Profit

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7/27/2020

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Bookkeeper Responsibilities – What Should NOT be Included?

 
BOOKKEEPER RESPONSIBILITIES – WHAT SHOULD NOT BE INCLUDED?
Is your bookkeeper a cog in the machine or a business ally? Considering the recent rise in unemployment, some people may start fly-by-night bookkeeping businesses to replace lost income. With a simple online search anyone can find a step-by-step tutorial on “how to be a bookkeeper” without any real qualifications.
However, people that do not have the expertise and integrity needed to offer credible bookkeeping services, put the businesses employing them at risk. Furthermore, these imposters give career bookkeepers a bad name, and threaten the progress being made in a bookkeeper’s role at companies nationwide. ​

A bookkeeper has typically been a multi-hat office worker or secretary who paid bills, sent invoices, reconciled bank accounts, and cut checks for employees but as offices have modernized so has the role of an experienced bookkeeper. Bookkeeping has become a much more transformative role.

Today’s top bookkeepers are more tech savvy than ever before. They know how to use apps and new platforms to keep financial business operations running efficiently, leading to higher output and better accuracy. Modern bookkeepers are more than just data monkeys – some are asked to bridge the gap that traditionally existed between bookkeepers and accountants.

Shifting business demands, new technology, and cost reductions have changed bookkeeping expectations. Skilled bookkeepers are sometimes asked to give input for budgeting and forecasting, which has led some businessowners to assume that bookkeepers should handle anything related to the company’s finances.

So, is that an accurate assumption or is it overreaching?

Assuming your bookkeeper is not a marginal performer, which responsibilities should be included in your bookkeeper’s role and which should not?

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7/22/2020

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Is it Worth It to Hire an Accountant?

 
IS IT WORTH IT TO HIRE AN ACCOUNTANT
When we talk to prospective clients, we hear this question a lot. Small businesses and transitional companies tend to have more cash flow concerns than their larger, more established counterparts, which makes them more critical of hiring expenditures.

​The steep hiring cost associated with professional roles makes this is a legitimate concern.

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7/14/2020

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Bookkeeping Considerations When Downsizing a Business

 
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The word ‘downsizing’ is often accompanied by a cloud of negative connotations, but it is rarely the result of poor employee performance or leadership mismanagement. Instead, downsizing usually results from other factors like an economic slowdown, overcrowded market, plant closure, or manufacturing outsourcing. Downsizing is simply part of running a business, just like managing rapid growth, which means that leadership must plan, manage, and execute it correctly.
​
At the most basic level, managing downsizing requires four steps: developing selection criteria, determining how much notice to give, providing outplacement support to employees that have been let go (where applicable), and protecting employee productivity and morale among retained workers. These activities are typically considered part of HR’s purview, but downsizing has implications that trickle down into other areas of the business. There are numerous bookkeeping implications during downsizing as well. 


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7/9/2020

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How Can an Accountant Help  During a Recession?

 
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During a recession, too many organizations try to cut costs indiscriminately. The savviest organizations, however, lean on the data to determine when to trim and when to ramp up spending to capitalize on new opportunities. A Harvard Business Review study from the 2009 recession showed that companies that strategically increased spending sooner actually weathered the downturn better. Shrewd business owners who knew when to cut and when to spend recovered lost revenue more quickly and positioned their businesses better for long-term success.

Companies that do not currently employ an accountant may be hesitant to hire one during this downturn due to the expense associated with doing so. However, some circumstances call for an experienced accountant, and a recession is one of them. 


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