Accounting Archives
Class tracking is a powerful feature in QuickBooks Online (QBO) that allows businesses to categorize income and expenses according to different parts of their operations. This feature is useful for analyzing profitability across different areas within each account, such as departments, properties, product lines, service lines, or even manufacturers. Here’s an in-depth look at how […]
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How to Create a Smart Business Budget for 2025 Inadequate management and financial hurdles are two of the most common reasons over 595,000 small businesses close each year. A smart business budget can mean the difference between meeting KPIs and goals and being unable to cover overhead expenses. What is a smart business budget and
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Foundational Knowledge in QuickBooks Online QuickBooks Online (QBO) is one of the most popular accounting software platforms available today. It’s widely used by many businesses to manage financial transactions, track expenses, and generate reports that offer insights into the business’s financial health. In prior blogs, you have seen what it can do, but let’s take
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The Importance of Workflow Management in Accounting Effective management of an accounting department involves more than simply tracking finances; it requires a robust workflow management system to ensure tasks are completed on time, correctly, and efficiently. A key strategy in achieving this is scheduling work at regular intervals. By scheduling tasks, organizing workflows, and using
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Strengthening Financial Controls Through Separation of Duties One of the most critical components of financial control in any business is the separation of financial duties. This practice not only reduces the risk of fraud but also ensures that no one employee has control over the entire financial process. By dividing accounting functions into smaller tasks
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Establishing Clear Fiscal Policies and Procedures In the world of accounting, having clear and defined fiscal policies and procedures is so important for preventing fraud and enhancing departmental operations. By documenting every detail of your accounting processes, you not only protect your organization against potential threats but you can also streamline tasks, making them more
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Understanding and Combating Payments and Occupational Fraud Fraud in financial transactions is a constantly evolving threat to companies worldwide. The Association of Financial Professionals (AFP) and the Association of Certified Fraud Examiners (ACFE) provide informational reports that offer important insights into payment fraud and occupational fraud. The latest data highlights the persistence and evolution of
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What is Month End Close and Why Is It Important? You’ve heard the term “month end close,” but what is month end close? How does it help your business and is it even important? A month end close offers you: Clear, accurate financial information Peace of mind if you’re audited Better decision-making Easier tax filing
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The Importance of Internal Controls for Accounting in Business Fraud affects businesses of all sizes, with potential losses running into the millions. To protect your business against these risks, internal fraud controls within accounting are essential. These controls not only protect a company’s financial assets but also ensure compliance with regulations, appease investors, and maintain
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Should Your Law Firm Accept Alternative Payments Like Digital Wallets? One of the profitability strategies for law firms that we didn’t include on our list was accepting alternative payments. Why? It’s a topic that warrants quite a bit of information to fully understand. Forbes found that 53% of Americans use digital wallets, an alternative payment
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