Deciding to outsource your accounting and bookkeeping functions is a huge step in allowing you more time to focus on growing your business. But making that decision is only half of the equation. Equally important is selecting the right outsourcing accounting partner who aligns with the needs of your business. While there is no magic

The COVID-19 outbreak has derailed small businesses, and so many are facing unprecedented challenges. According to a Facebook Survey of 86,000 business owners, one-third of U.S. small businesses have stopped operating, while another 11% expect to fail in the next three months if COVID-19 conditions persist. Many small business owners have applied for assistance under

Many small business owners find bookkeeping time-consuming and intimidating. In fact, many bootstrapped startups prefer to cut costs using shortcuts like do-it-yourself accounting. DIY Bookkeeping Downsides According to a Clutch survey of 302 small businesses , almost half of small businesses (45%) employ neither an accountant nor a bookkeeper.  Over time, as the company grows,

Many startups may not need a controller during the early stages of business development. Besides, their budget may not allow for the hiring of one either. For boot-strapped businesses, it is usually the owners who work on finances to save on hiring costs. Eventually, however, only well-managed finances keep a business sustainable. A controller, even

Accounting law changes could mean that businesses must modify their payment obligations. However, most businesses are unaware of the consequences tax law changes have on business sustainability. They rely on their CPA for support and guidance in accounting, including tax updates. CPAs, therefore, are no longer simply accounting professionals; they function as guides to businesses

One of the most common reasons why small businesses fail is the failure to set clear goals. Goal setting is the key to success for small business owners. Whether for increasing cash flows or embracing automation, the time is right to set targets for the year ahead. To help you get started, here are three

According to a U.S. Bank study, a whopping 82% of businesses that failed cited cash flow problems as a factor in their failure. As for new businesses, 50% closed shop during year one, in part, because they didn’t understand basic bookkeeping. In fact, majority of business owners are inexperienced in bookkeeping, but many choose to

Maintaining healthy cash flow is a daunting task for even the savviest business owners. With poor cash flow management, it only takes one small downturn to cause your business to close shop completely. Fortunately, there are steps you can take to increase your cash flow and avoid potential problems. Here are the best practices that

For small business owners and startups, cash flow often becomes a hurdle that keeps them from achieving their full potential. Part of the struggle stems from tight margins, and at times from a smaller client base, which ultimately means fewer cash flow channels. According to Intuit’s 2019 State of Cash Flow Report, nearly two-thirds (69%)

The rapid pace of technological change continues to disrupt traditional procedures in all circles, including the accounting profession. With increasing market demands, changing regulations, and generational changes, accountants must adapt quickly to stay relevant. According to the Practice of Now report by Sage, 85% of accountants stated: “We need to pick up the pace of