How AI in Accounting is Redefining the C-suite AI in accounting is unavoidable. Some tasks are time-consuming and low-value, taking time away from accountants that is better spent on high-value tasks. A few areas where AI penetration is undeniable are: Communication, because 64% of accounting pros are using it to refine emails. Task automation, where […]
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Law Firm Cash Flow: Why Clients Pay Late and How to Fix It Cash flow is the lifeblood of your law firm. It ensures your bills are paid and your clients receive the service they expect. Yet many firms struggle to manage theirs properly. In fact, an estimated 82% of small businesses, including law firms,
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Top Accounting Problems IT Companies Face (And How to Fix Them) Streamlining your workflows, systems, and workforce is part of being a cutting-edge tech company that focuses on efficiency and profitability. Accounting problems can strain your business, causing: Poor cash flow Disorganization Potential costly oversights Avoiding accounting problems as a tech company is crucial at
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QuickBooks for Lawyers: CRM Integration Accounting is complicated, especially for law firms. But client relationships can be just as complex. Fortunately, QuickBooks can help you manage both of these things. There are many advantages to using QuickBooks for lawyers (time savings, improved accuracy, automation, etc.), but one often overlooked advantage is CRM integration. Customer relationship
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Technology Expenses 101: How to Record Cloud Storage, Server Costs & More Tracking technology expenses can be tricky for any business, but for SaaS and tech companies in general, it can be even more challenging. In addition to the tech costs associated with the creation and delivery of your products and service, you must also
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Bookkeeping for SaaS Companies: How to Handle Monthly Recurring Revenue (MRR) Properly Software-as-a-service (SaaS) is big business, generating over $390 billion worldwide each year and forecasted to grow at a rate of 19.38% annually. Annual subscriptions and enterprise options may be available for a SaaS, but monthly subscriptions are most common. Bookkeeping for SaaS requires
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Budgeting vs Forecasting: What’s the Difference and Why Does It Matter? Businesses run on money. Without cash flow, your business will quickly fall behind. You need a budget to manage your money and a forecast to better understand what your finances may look like in a given reporting period. If you don’t know the difference
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Cash vs Accrual Accounting: Which One is Right for You? Your accounting method matters. As a business owner, your choice will impact how and when you need to report expenses and revenue. You’ll need to make the decision between cash vs accrual accounting, and it’s one that is a double-edged sword: Cash is easier for
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6 Strategies to Reduce Payroll Costs Businesses spend about 1.25 to 1.4 times an employee’s salary on payroll costs, according to the Small Business Administration (SBA). While these costs are a necessary part of running a business and maintaining staff, they can eat into revenue and hinder growth. Optimizing costs and improving labor efficiency is
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How to Use KPIs to Improve Financial Health Key performance indicators (KPIs) can help you improve your financial health through strategic monitoring of metrics that help you understand the underlying stability of your business. Let’s dive in! What are KPIs and How Can They Improve Financial Health? KPIs help you monitor an intended result. We
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