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Accounting is the backbone of any successful business. However, many business owners, in an attempt to save costs, opt for cheaper accounting services. While it might seem like a smart move initially, it can often result in significant expenses down the line. This blog post will help you identify the warning signs that your bargain accounting service might be costing you more than you think.
Every entrepreneur wants to say his/her business is doing well. However, starting and running a company is not easy. As reported by the Bureau of Labor Statistics, about 20% of small businesses fail within their first year , with 50% failing by the fifth year, and 70% by the tenth year. When a small business is doing well, it is no small accomplishment!
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
As a small business owner, you specialize in running and growing your business. However, no matter how long you’ve been at it, there will always be some things that are outside of your expertise.
Three-quarters of business leaders expect increased return on investment for generative AI will increase in the next three years, according to a new KPMG survey.
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Three-quarters of business leaders expect increased return on investment for generative AI will increase in the next three years, according to a new KPMG survey.
Diya Jolly, chief product and technology officer with Xero, touted its proprietary gen AI assistant JAX, which she said controls hallucinations for enhanced accuracy.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Top Remote Accounting Candidates This Week Looking for remote accountants? Accountingfly can help! With our ‘ Always-On Recruiting ‘ program, you can access highly skilled and experienced remote accounting candidates with no upfront cost. These are just a few of our top remote accounting candidates this week. Sign up now to receive the full list of top accounting candidates available weekly!
Creating an effective credit policy is crucial for businesses that extend credit to their customers. A well-designed credit policy helps manage credit risk, enhances cash flow, strengthens customer relationships, and supports overall business growth. Understanding the benefits of building an effective credit policy can guide businesses in developing strategies that ensure financial stability and success.
With challenges like inflation, labor shortages, and lack of access to capital, it’s no wonder business owners are turning to technology to alleviate rising pressures. In fact, over half of the world’s $370 billion technology spending came from SMBs , and 50% of American small business owners surveyed said they were likely to allocate more of their budgets to technology and infrastructure.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
What is Net of Depreciation? Net of depreciation refers to the reported amount of a tangible fixed asset , including all accumulated depreciation charged against it. This information may be reported separately in the balance sheet of a business, where the aggregate amount of fixed assets prior to depreciation is stated in one line item, followed by accumulated depreciation, with a third line item combining the two into a “net of depreciation” line item.
The first thing people ask after I attend a Xerocon event is, “Well, how was it?” It’s such a simple question, and yet if you’ve ever attended Xerocon, you’ll understand why it’s so hard to answer. How do I describe the excitement around Xero’s latest innovations? The in-depth discussions on industry trends? The connections made while wandering the exhibition floor?
What is a Qualified Opinion? A qualified opinion is a written statement by a certified public accountant in an audit report , stating that the financial statements of a client are fairly presented, except for a specified issue. The issue typically relates to a limitation on the scope of the audit , so that the auditor was unable to obtain sufficient evidence to verify various aspects of the transactions and reports being audited.
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