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In Pursuit of Profit

Experts sharing tips about business, money, taxes...
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2/22/2021

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Financial Tools for Ecommerce Businesses

 
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It is undeniable that top business performance requires the right financial tools and resources.

Having the right pieces in place provides better data and drives results. And while there are literally millions of online tools and apps and software programs for ecommerce companies to use, using the right financial tools can be the real differentiator between successful businesses and their competitors.
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So, what kinds of ecommerce financial tools are essential?


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2/15/2021

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Employee Time Tracking: How Much Time are you Spending on Bookkeeping?

 
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Do you know how much time your company is spending on bookkeeping activities like accounts receivable (AR), accounts payable (AP), bank reconciliations, financial reporting, and reimbursements?

Or are you of the opinion that it doesn’t matter as long as it is getting done?

In many small companies these responsibilities fall to the business owners, adding another hat to the stack that they are already wearing. In these instances, it can be difficult to determine how much time is truly being spent on bookkeeping because it is being squeezed in throughout the day and week where there is room.

However, until you know how much time you and your employees are spending on bookkeeping and accounting functions, you will not be able to do an effective cost-benefit analysis to determine if it makes more sense to outsource these activities.

Additionally, knowing where you are spending your time means you will better be able to define the role you are looking to hire or outsource to get the right fit for your company, which works to improve employee retention – not just among financial staff, but among all employees. This kind of information can help determine whether you need a bookkeeper or an accountant and whether the role should be part-time or full-time.
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The solution is to use time tracking software to keep a log of which activities are being done when and how much time it takes to do them. 


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6/24/2020

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Are Your Accounting Functions Ready to “Go Digital” Yet?

 
​2020 has been dubbed “the year of digital” by numerous outlets, including Forbes, which has declared, “The convergence of advanced tech that ushered in the era of digital business continues to develop at accelerated rates. By 2030, this tech evolution will have reshaped every product we use today.” 
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10/2/2019

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QuickBooks Desktop vs QuickBooks Online - What's the Difference

 
QuickBooks Desktop vs QuickBooks Online - What's the Difference
QuickBooks has been the top accounting solution for almost three decades, and the 2002 release of QuickBooks Online only extended this industry-leading trend. While both continue to remain popular among business owners, the differences between QuickBooks Desktop and QuickBooks Online make them ideally suited for different clientele. QuickBooks Desktop is a traditional online accounting system while QuickBooks online is a more modern cloud-based accounting platform. 

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7/22/2019

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6 Tips for Organizing Business Receipts

 
6 Tips for Organizing Business Receipts
Many business owners struggle with back-end office organization, especially regarding financial items like business receipts. ​The problem is two-fold: most business owners underestimate the importance of business receipts, and receipts are hard to organize manually.  

While it is advisable to keep all purchase receipts – personal and professional – a desire to reduce paper clutter and make the right choice environmentally has many people skipping the receipt altogether or asking for an emailed copy. 

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5/10/2018

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Automatically Monitor What ‘They’ Say About Your Business

 
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The accounting and bookkeeping reports you review help you monitor your business success and progress from the inside. There are ways you can monitor what’s happening on the outside, too.

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4/19/2018

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Comparing Traditional Accounting Software vs. Cloud Accounting Software

 
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​More businesses are making the switch to cloud accounting. To be sure, Founder and CEO of Saugatuck Technology Bill McNee has made the claim that by this year, “over 60 percent of enterprises will have half or more of their infrastructure on cloud-based platforms.” 

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10/26/2017

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Bookkeeping Apps vs. Bookkeepers: Which Offers More Value?

 
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While we don’t have an exact date for the origin of bookkeeping, it is believed that bookkeeping was an established practice as early as 2600 B.C., with Babylonian records providing evidence that financial transactions were indeed recorded. Over the years, the practice of recording the day-to-day economic happenings of a business became commonplace. Today, owners of businesses large and small recognize the value of thorough bookkeeping.

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9/12/2017

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Our Current Accounting sOFTWARE System is Too Powerful for What We Need

 
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Paying for an accounting system that’s more sophisticated than what your business needs doesn’t make sense.

​Yet, many small businesses find themselves in this position.

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9/5/2017

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Our Accounting System is Too Complicated and I Don't have an IT Person

 
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Being mired in accounting software woes can feel like you’re stuck in a pit of quicksand with no one nearby to throw you a rope and pull you to safety.

Many small and medium-sized business owners wonder how they’ll overcome the obstacles they face from their complicated accounting system without help from an experienced IT person. ​

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