Do you know the top challenges for accounting firms?

Do you know the top challenges for accounting firms?

For Accountants
Of course, accounting firms, like all other businesses, are confronted with challenges.  However, to solve any problem, you need to be able to define specifically what the problem is before you can find out how to deal with them. To help you with identifying these problems, let us look into the top business challenges for accounting firms. Top challenges for accounting firms The first challenge is attracting and developing new business.   Research reveals that 70% recognize this as the primary challenge for accounting firms. Finding new clients appear to be an increasing concern for firms in the industry as international competition mounts. So as not to be hampered by such obstacles, you should be able to set objectives which will allow your accounting firm to grow organically. Another challenge…
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Accounting and Startups: How To Prevent Chaos

Accounting and Startups: How To Prevent Chaos

For SMEs
It's no secret that more and more startup companies are cropping up these days, catering to a wide range of industries. These startups all share the same dream: to build a product that makes people's lives better - with a bonus of gaining some profit! However, as with all new businesses, challenges arise as the start-up pioneers build their corporation. Since some teams come from a purely technical background, one major challenge is the financial aspect of running their company. To help out, we've listed the top 5 accounting issues for start-up businesses - and how to prevent the team from being thrown into financial chaos. Accounting issues and their solutions Accounting as an Afterthought The first thing that startups should know is that accounting must be integrated into the…
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Technology, Agility, Accountability and the Other Challenges Facing Accountants Today

Technology, Agility, Accountability and the Other Challenges Facing Accountants Today

For Accountants
Role of accountants in the pastAccountants like ourselves are in a different position than where we were about ten years ago. Back then, we worked within the confines of our own world that was full of numbers.We calculated figures, made financial forecasts, checked the incoming revenues versus outgoing expenditures, and overall, we had to be sure that the company’s bottom line was safe.It was our job to tell our bosses and managers that this department was making money, or that the company overall had to cut down on unnecessary costs if it was to enter a healthy fiscal year.And then back we went to our respective cubicles, jotting down figures and numbers, and keeping the company’s most confidential data under tight lock and key, in a manner of speaking.Role of…
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Oojeema: The Headache-free Accounting

Oojeema: The Headache-free Accounting

For Accountants, For SMEs
Bookkeeping is never an easy task. There are several chores you have to accomplish mostly on a daily basis. There’s the billing for goods, recording receipts from customers, verifying invoices, and many others. Whether you are a private practitioner or a part of an accounting firm, the process of recording and tracking financial records for your client is indeed a feat. The problem with manual accounting Keeping track of the company’s finances through the traditional ledgers or the semi-modern spreadsheets has been the practice of many businesses. While this practice can do the job alright, it has several downsides. Below are some examples. Lost documents. No matter how meticulous we are in keeping receipts, invoices, and other necessary documents, there comes an unfortunate time when at least one of these…
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Millennials in the workplace: how it affects the accounting system

Millennials in the workplace: how it affects the accounting system

For SMEs
The millennials are those born between 1981 to 1997 and are considered the largest generation in the United States workforce today. They create a huge impact on how business and workplaces are managed today. Since they reach millions, the millennials in the workplace are subjects of study to fully understand their common traits, characteristics, behaviors, and attitudes toward work. How they are managed matters a lot in today’s workplaces. Traits of millennials Special They have always been treated as special and important. When they achieve something, they want to be praised and be given positive feedback. Sheltered They grew conscious about safety measures. Confident They are motivated, goal-oriented, and confident in themselves and the future. They see themselves to be great and they brag about their generation's power and potential. They are…
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How To Avoid Paying for Unnecessary Taxes for SMEs

How To Avoid Paying for Unnecessary Taxes for SMEs

For SMEs
A progressive economy springs from a healthy business environment where business owners enjoy the benefit of a fair and just taxation system of the country. If the business sector is happy the way they are doing business, and the government is also able to perform its functions in delivering public service through the effective taxation system, everyone enjoys a progressive country that meets everyone's needs.New investments increase in number to sustain the growth of the country's economy; streamlined business transactions reduce the cost of doing business hence it fosters investor-friendly environment. If we were to run our business, we are to find out how we could make the most of our capital in a business and see how we could gain profits from it. We are to find out how…
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