When you're trying to get other departments to follow along with what you need for your accounting purposes, nothing makes the process go as easily as setting up business accounts to allow for a smooth accounting process. But how do you set up accounting processes in a way that they will run smoothly and efficiently in your company? Here are a few tips to help get you started. Consider the entire process. What steps are integral parts of your accounting cycle? Though you know exactly what they are, you need to consider how all the parts fit together to push the entire works into a smooth accounting process overall for your company. Look at the slow spots and form a plan of action to improve
If you've ever run into a situation where you needed to lease a space for your business, you've run into an operating lease. The FASB has a new operating lease accounting standard going into effect at the end of this year, which is planned to bring the US into alignment with international accounting standards. Where does your business stand with regards to this type of lease and how will this new accounting standard impact your business? Here's a quick look to help get you started. According to a recent Wall Street Journal article, there are currently about $3.3 trillion in operating leases in the US that, due to the new accounting standard, will switch from their traditional place in the fo
When you're planning on creating a solid digitization strategy for your business, there are any number of areas to consider. Should you automate? Use analytics? Integrate customer records? How will it impact your business as a whole? However, one thing to consider is what priorities you should put in place during the process to ensure you have a successful digital transformation. Here are a few to think about when getting into your next digitization planning session. Adapt your business to a demand-driven business plan: Today's business plan is all about scalability. If you can't quickly adapt to changes in demand, you'll have a hard time keeping up with your more agile competition. Look at
When disaster strikes, whether through a natural disaster, a fire or a data breach that costs you your computer assets, will your business be able to continue? According to FEMA, between 40-60% of all small businesses don't have the option of reopening their doors following a serious disruption or disaster. Here's a quick look at how to formulate an emergency response and business continuity plan for your company. To start, consider what parts of your business must remain in operation to keep the business functioning. Do you need access to your products? Can you arrange a rapid delivery or drop shipment to customers directly from suppliers in case of a disaster? Don't be afraid to reach out
When you're working on your online marketing planning, have you considered your strategy for SEO, or search engine optimization? Used to determine your placement or ranking in a search engine, your SEO strategy can improve or harm your chances for success in your business' online efforts. Here's a quick look at what SEO is and how to create an effective SEO strategy. SEO is a combination of factors that include the quality of your content, the loading speed of your webpage and the use of keywords to help web surfers find the information they need. Make sure that you incorporate all aspects of these factors in your overall strategy. Start by listing topics of interest to your audience. For ex
If you take a few minutes to consider where your business makes the best profit, the accounting portion of your company probably isn't what springs to mind. Often treated as a necessary function of business, it can cost a lot to keep that department operating effectively. Fortunately, you do have other options available that help keep your business running at peak profitability, including using an outside accounting service. Here's a quick look at what happens for your company when you decide to outsource your accounting. So let's start by looking at what happens when you decide to outsource your accounting. The outside accounting service that you select will take charge of your accounting p
Though it doesn't seem like a lot has changed in how to work on your business, it's important to quickly take action if you're going to be prepared for the end of the tax year. All the changes that have happened means a big difference in your overall tax liability. Here's a quick look at some tips to help prepare for the end of your tax year for the best possible outcomes. Should you restructure? C corporations are now allowed to use a flat tax rate of 21% versus prior years' sliding scale that could go as high as 35%. It may be worth considering the expense and trouble if it allows you to save that 14% difference compared to past years. It's time to invest in assets. Whether you need new eq
Are you still handling your payroll services in-house? If so, there are a number of reasons why you may want to consider outsourcing these critical services for your business' benefit. But what are these reasons and how can they improve your business' bottom line and employee happiness? Here's a quick look at the top reasons you should consider outsourcing payroll services. It allows you to focus on your business' main thrust. Instead of having to focus on weekly, bi-weekly, semi-monthly or monthly payroll bringing everything in your accounting department to a screeching halt, your company can simply continue on with its daily operations. This lets you focus on what's building your business
When holiday planning for your business is concerned, it's better to get started sooner rather than put it off until it's too late to take advantage of the benefits of the higher spending during the season. Whether you sell products or services, it's a great time to boost your numbers before the end of the year, but only with careful planning for your holiday sales. Here's a quick look at how to get started. Plan your holiday sales: How will you boost your business over the season? Take the time to figure out when you'll be offering sales, what you'll be offering for sale and how you'll need to present that to the public to make it happen. Take a look at last year's data: What kind of sales
