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A cleaner, quicker, more organized month-end. Here’s something your future self will thank you for! Originally posted on AlloySilverstein.com. At the end of each month accounting departments collect, analyze and record financial data in a process known as “closing the books.” When financial staff members perform these tasks in a structured environment, managers can obtain timely and accurate reports. This ultimately helps businesses make strategic decisions and remain adaptable. But…  Read more

These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It…  Read more

Going paperless with your accounting is a big decision, but for most businesses, moving records to the cloud is a smart move. A paperless accounting system can save you money. It can also give you better control, better access to information and better insight about your financial performance. It can also help you work more efficiently. How? Originally posted on AlloySilverstein.com. 1. Cost savings A study by Bill.com reveals that a…  Read more

After a disaster like a hurricane or a flood, we often think of the recovery process in terms of physical repairs to damaged property. Businesses, however, must also cope with the recovery of their records. Consider these 6 questions to determine if your business and accounting files are best stored locally or in the cloud. What if my accounting records are lost? Accounting records are not simply needed in order…  Read more

When you run a small business you likely want to spend as much time as possible on the tasks that make money for your business. Unfortunately, there are many day-to-day chores that require your time but aren’t necessarily worth your energy. Faced with those errands, many small business owners either spend their valuable time and energy on chores they hate or put them off until the last minute. That’s where…  Read more

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client…  Read more

Controlling overhead costs is critical for all construction managers. Increased competition and slim profit margins have forced contractors to take a hard look at overhead cost management. Budgeting and Variance Analysis Technological changes have made budgeting systems, planning, and control techniques available to all contractors. Budgeting allows contractors to evaluate current operations, assess future costs, and provide a proactive approach to controlling overhead costs. Overhead costs are either variable or…  Read more

The daily processes and transactions involved in operating a business can mean long hours of repetitive tasks and occasional oversights due to human nature. Automating these tasks can result in significant savings in resources and eliminate mistakes caused by human error. The key, however, is to know which tasks should be automated and which ones warrant staff intervention and guidance. Let’s take a look at some of them. Here are…  Read more

Steady, reliable cash flow is crucial for the survival of any small business – so taking steps to ensure your customers pay promptly should be a key priority. When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time – and not least of all, yourself. Implement these ten tips now to start getting…  Read more

“Virtual CFO” certainly sounds like a buzzword of the moment, but it’s a service that could be very beneficial in the long run for your startup or small business. Continue reading to find out what a Virtual CFO is, the benefits of outsourcing to a Virtual CFO, and the positive impact one can have on your growing business. Virtual CFO: Defined A Chief Financial Officer (CFO) is a key executive…  Read more

There are a finite number of minutes in the day. What else could you add to your daily to-do list if you had more time? Thanks to apps and today’s technology, there are ways to shorten time spent on mundane tasks that can afford you more time to allocate elsewhere. Do you need more time to network and grow your business? More time to devote to one-on-one client meetings? More…  Read more

Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line. 1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or…  Read more

Could you improve your closing rate with a mobile app? If you own a tablet or mobile phone but aren’t taking advantage of mobile sales tools, you’re missing out on the opportunity to shorten your sales cycle and boost your bottom line. From CRM apps to invoicing and payment technology, there’s a mobile solution for your small business that can make it easier to convert prospects to customers – and…  Read more

Cyber crime is a serious concern for business owners. Recently IBM Chair, CEO, and President, Ginni Rometty, called it “the greatest threat to every company in the world”. According to Juniper Research, by 2019 cyber crime will cost businesses a staggering $2 trillion. It’s impossible to put a dollar value on what your customer data is worth – or the cost to your business should sensitive data be compromised by…  Read more

As a business owner it’s important to take time away from work. But worrying about whether staff are meeting deadlines and suppliers are happy translates to more stress and less time enjoying your vacation. With a little staff communication and planning beforehand, you needn’t worry that your business won’t be able to cope in your absence. If you really can’t switch off from work mode or something urgent pops up,…  Read more

Business dashboards have become a valuable business intelligence tool, offering an “at-a-glance” big picture view of a company’s performance. Just picture this: One quick login on your tablet or smartphone and with your thumb you can scroll past visual representations and summaries of your sales, projections, cash flow status, debt, A/P and A/R, pipeline, and other key metrics important to your daily business operations. With available integrations in today’s cloud…  Read more

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time. Why not take…  Read more

Published by Business Management Daily   Many offices are moving away from paper to protect the environment, spend less on printing supplies and reduce office clutter. Going paperless can also keep information more secure. Working in a paperless environment is a breeze, but getting there is not. Here are four tips to help you make the change. Paperless Transition Tips #1. Start with Accounting. “Since accounting is probably the one…  Read more

Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing. Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages. 1. Save money Traditionally, a small business spends money licensing software or buying packages to install or download onto individual computers. Cloud computing, on the other…  Read more

Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and advantages of cloud computing has made others a bit more resistant. The truth is, there are several very practical benefits to…  Read more