Understanding the nature of accounts receivable is pivotal for your company’s success. At its core, an “accounts receivable” represents the amount of money owed to a business by its customers after goods or services have been delivered but not yet paid for. Essentially, it’s a promise from the customer to pay the business a specified READ MORE
Blogs
Balancing the Books: How to Record Equipment Purchases
Are you looking to maximize year-end tax savings? Equipment purchases are often a safe bet. According to the IRS, “For tax years beginning in 2023, the maximum section 179 expense deduction is $1,160,000.” Where do you record equipment purchases? Some business owners think equipment purchases are recorded on the income statement. However, that is incorrect. READ MORE
5 Ways to Protect Your Business from Employee Fraud
So, you are looking to hire a new employee or two. Your business is growing and you need the extra help keeping everything going. You know all about the process of hiring someone to join your team, but are you aware of the risk? Do you have things in place to prevent employee fraud? Roughly READ MORE
The Evolution of Bookkeeping Technology
Beyond Basic Security and Toward Efficient Business Operations The realm of bookkeeping has come a long way from handwritten ledgers and manual calculations. In today’s digital age, technology has ushered in transformative changes that make bookkeeping more efficient, secure, and conducive to better business decision-making. “Modern bookkeeping technology is more than just an organizational tool,” READ MORE
8 Steps for Smarter AP: Unlocking Efficiency through Automation
Accounts Payable (AP) is a crucial department in any business. It is responsible for handling invoices, managing payments, and maintaining relationships with vendors. Traditional AP processes can be time-consuming, error-prone, and require extensive manual labor. However, in today’s fast-paced digital landscape, businesses can unlock unprecedented efficiency by automating their AP processes. “In today’s digital age, READ MORE
How to Dodge the Top AP 10 Pitfalls
In the complex world of business, managing accounts payable (AP) efficiently is often easier said than done. Even minor AP mishaps can snowball into significant operational hiccups, affecting everything from vendor relationships to your bottom line. That’s why it is essential to arm yourself with the know-how to sidestep common pitfalls that can disrupt the READ MORE