We've all heard the phrase, "time is money" since we were kids. This phrase is especially true within the accounting industry and if you've been keeping up with the current trends within the industry, you know that accounting bookkeeping is moving away from manual processes and more towards automated accounting solutions. There are so many benefits to automating your accounting processes that you are actually losing money if you still maintain your accounts manually.
Hacking costs companies $15.4 million per attack, according to the Senior Director of Security Consulting at cyber security firm, Spirent. As both, the costs and frequency associated with cyber crime continue to rise on a yearly basis it's important that your organization gets a firm understand of the cyber security environment. Although cyber crime doesn't show much of a biased towards a specific industry, there are a few different aspects of it that accountants should understand more so than other companies. We've listed the top 5 things accountants should know about cyber crime.
Accountants deal with a tremendous amount of sensitive customer information on a daily basis. According to a new report conducted by the ACCA USA, or U.S. arm of the Association of Chartered Certified Accountants, and Pace University nearly 40 percent of respondents said they have no knowledge of company policy on data encryption in transit or in storage.
Corporate culture is sometimes an over looked aspect of any business because of its abstract results, you can't place it on a data sheet or view the numbers of its success. However, it's an important aspect, especial for accounting firms, to establish in your organization. According to Accounting Today, there is a cultural trio that create a solid foundation for a firms culture; doctrine, leadership, and ritual.
It seems that whenever an industry-wide change comes to fruition, especially due to technological advancements, we hear about how it causes fear among industry leaders. However, according to a new global independent study, most accountants have a positive outlook on automation.
As more automated accounting systems are entering the market, traditional accounting firms are beginning to worry. You may even begin to worry if your job will still be around within the next five years. The answer to that question is if you focus on how automated accounting solutions can help your organization rather than how it's forcing you to change your traditional practices, the answer is yes. Below we've listed 4 ways to grow your accounting firm through automation.
Since we've been raving about how helpful cloud accounting is to your employees and organizations, the only true way to prove it's worth is by comparing and contrasting cloud accounting to traditional accounting.
If your organization fails to stay ahead of the trends within its industry on a consistent basis, you will run into frequent problems. In the accounting industry, running into problems leads to thousands or hundreds of thousands of dollars in fees. This makes it crucial that you and your organization understand the common symptoms involved with an outdated accounting software solution.
Collecting what is owed to you has become a science, let's face it, it's difficult to get your clients to pay you. There could be hundreds of reasons why it's taking you so long to collect on your money, and you can likely improve upon it, but the number one reason is your industry. There are a few industries who are infamously slow at collecting their accounts receivable.
We live in an industry where features make or break an accounting software solution for your organization. In fact, during the early decision making and evaluation process, the features each solution offer was likely one of your top priorities. Below we've listed X features that your accounting software should have.
Now that we are almost halfway through the year, it's a good time to take a look at the biggest trends within accounting. As the usefulness of technology increases over the years, new trends continue to pop up within the industry that help make accounting jobs easier. So far in 2017, there have been a few new trends that have popped up as well as a few that were also popular last year.
It's not uncommon for organizations to struggle with their accounts receivable management. Although the account helps you realize your revenue, it's hard to fully grasp its many concepts. The bottom line is that improper accounts receivable management will lead to less income. In fact, according to 43% of small businesses have customers who are more than 90 days past due on payments and that will lead to serious losses in their income.
Accounting to a new poll conducted by Robert Half International, more than 50% of financial and accounting firms are understaffed. Approximately 1,400 U.S. and Canadian industry leaders were polled and they have either plateaued or decreased in staff from 2016. The median staff number was 95, which represents a dramatic drop from 236 reported last year by large firms.
Accounts receivable turnover is a financial problem that many small businesses run into because owners often extend credit to clients, leading to a delay in payment. Accounting Tools defines accounts receivable turnover as the number of times per year that a business collects its average accounts receivable. Increasing your A/R turnover rate can be a huge obstacle but if you can accomplish it your company will operate more efficiently due to a smoother cash flow. Below we've listed 5 ways to increase your accounts receivable turnover (ART) ratio.
It's obvious, if your company doesn't receive money from your clients it will fail. Money and cash flow are what keep a company afloat. Part of that survival is solid accounts receivable management. You'd be surprised if you knew the number of small businesses that die every year because of poor cash flow management, especially startups. The hardest part about managing cash flow for both small and large companies is debt collecting.
Finding out the real reason why a customer isn't paying their invoice or statement on time has become an art. Trying to sift through the endless amount of excuses they give on the phone or via email can be troublesome and hard to analyze. Without an exact reason, you may never be able to find the precise reason why your clients aren't paying you.
As providers for a cloud-based A/R management solution, we've started to notice a pattern. Although no single company we serve is the same and each of them utilizes our solution in different ways, there are a set common obstacles that they will likely run into. Below we've listed the 6 biggest issues in A/R Management.
The days where desktop accounting software applications dominated the industry are over. In fact, according to a study conducted by Viewpost, 80% of organizations use some form of accounting software