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Four ways to build a fighting fit practice in FY23

Xero

You can also use the New Proposal Editor to automatically collect deposits from new clients to minimise business risk and keep your cash flow in check. The deposit payment will be clearly stated on the proposal and invoice. So ensuring you have streamlined, transparent and automated processes around data entry and outputs is critical.

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Bookkeeping vs. Accounting: Here’s how they differ

Intuit

Bookkeepers ensure these buckets are properly categorized and meticulously record every deposit and withdrawal. It gives you concrete data on whether you’re making a profit, where you can save money, and whether you have enough cash flow to keep the business running smoothly.

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Multi-Channel Sales Accounting: How to Track Revenue Across Multiple Platforms

Counto

Connecting your systems directly: Reduces manual data entry and errors Ensures automatic syncing of sales transactions Helps track platform-specific fees and commissions 3. Regularly Reconcile Transactions Reconciling sales data with bank statements and payment processors prevents discrepancies.

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1099 Reporting Simplified with AP Automation 

AvidXchange

Improved Data Accuracy AP automation can reduce manual data entry errors by automatically extracting payment details and vendor information. Reduced Manual Work By automating tedious work like data entry and PO matching, AP employees have more time for education and strategic projects.

AP 52
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Payroll procedure

Accounting Tools

Deposit Taxes Deposit payroll taxes and verify their transmission to the government. Review Reports If payroll calculations are either outsourced or use payroll software, print the following reports and review the underlying transactions for errors. Process payroll again until these issues have been corrected.

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Common Cash Receipt Challenges

oAppsNet

Manual Data Entry Errors: The Quagmire of Human Oversight One of the perennial challenges in cash receipts management is the propensity for manual data entry errors. Implementing digital systems that automate data entry processes minimizes the risk of manual errors.

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Separation of duties

Accounting Tools

This reduces the risk that checks will be removed from the company and deposited into a person's own checking account. This only happens if there is duplicate data entry, or if multiple people verify each others' work. A misconception about the separation of duties is that it reduces the amount of accounting errors.