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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What You Should Know About Being A Modern Accountant

What You Should Know About Being A Modern Accountant

For Accountants
Accountants like ourselves are in a different position than where we were about ten years ago. The opportunities for accountants back then are so much different than they are today. 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…
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How Oojeema Can Simplify Accounting

How Oojeema Can Simplify Accounting

For Accountants, For SMEs
Bookkeeping is never an easy task. There are several chores you have to accomplish mostly on a daily basis. (Add to that the challenges in the workplace you have to face!) 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. So you ask, is there really a way to simplify accounting? But before that, let's see the challenges the traditional system has. 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…
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How to Get Bookkeeping Clients Quickly: 3 secrets for accountants

How to Get Bookkeeping Clients Quickly: 3 secrets for accountants

For Accountants
It’s beautiful weather as spring rolls in to lighten everyone’s mood. People try cheerfully going about their day. But something is nagging their minds about what they have to do. It’s something that they can’t postpone any longer. This time of year can, of course, only mean one thing. Tax time! So this means big business for accountants, right? Not necessarily. You may think accountants would have a field day getting clients left and right. But that’s not always the case. There are so many capable accountants and bookkeepers out there that you must know how to get bookkeeping clients in order to get ahead in this game. How to get accounting clients Always Ask Everyone for Referrals Too often people are shy about getting referrals. This should not be the…
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Accounting Just Got Exciting (We couldn’t believe it either!)

Accounting Just Got Exciting (We couldn’t believe it either!)

For Accountants
Image by rawpixel from Pixabay You read that right. Accounting can be exciting. It may not be passing-the-CPALE kind of exciting, but it IS still exciting. How is that possible? Technology. Technology and accounting are two inseparable concepts in bookkeeping. But technology back then was not enough to amuse us in any way. But not anymore. Technology has evolved so much in the past five years that keeping it out of your accounting practice means a big loss (and bore) to your career. In fact, if you want to progress in your career, you have to think beyond the confines of the traditional ledger and bean counter and be an IT-savvy partner who keeps both your superiors and your colleagues always updated on their numbers.  You do this by accessing…
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Review of the Best Accounting Software in the Philippines

Review of the Best Accounting Software in the Philippines

For Accountants, For SMEs
What makes the best accounting software?Choosing the best accounting software that creates business solutions and yet is affordable and easy to use is the key to a successful business enterprise. The best Philippine Accounting Software is easy to understand and apply for a small business accounting system that delivers "automated entries, invoicing, bill payments, expenses reports, financial reports, and reconciliations, not to mention performing advanced tasks, built-in financial reports and data syncing with the point of sale systems and bank accounts." It makes business transactions convenient and time- and cost-saving. An accounting system software provides:reporting and analytics that are easy for owners, managers or investors to understand in coming up with best options in making business decisions or in forecasting business directionsgeneral accounting feature that involves accounts receivable, accounts payable,…
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What Everybody Ought To Know About Technology And Accounting

What Everybody Ought To Know About Technology And Accounting

For Accountants, For SMEs
These days technology plays a part in even our simplest tasks, be it being woken up by an alarm, paying bills online or even just talking to someone. So, it is not surprising that technology and accounting are linked. In fact, Huffington Post says technology plays a significant role in the way we do business, including the local accounting practice.  With technology comes change, and there has been a noticeably big difference in the way balancing books and verifying ledgers are done in today’s day and age.  With the emergence of different software systems to support various accounting tasks--from filing invoices, making sure balances are in check, payroll, preparing sales forecasts, internal auditing, and government tax filing--it has clearly become easier for accountants to complete their jobs with accuracy and…
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Free Accounting Software: Which is Best for You

Free Accounting Software: Which is Best for You

For Accountants, For SMEs
A lot goes into setting up a new business, and this can be pretty overwhelming, especially for someone who is going into this for the first time.Where to start?  How to begin?  Among the many things that need to be carefully planned is how to effectively utilize the startup money.There is certainly no room for error in this area, and it is important to stretch the budget as much as one can.  So it is crucial to know which ones you need to spend on and which ones you can afford to scrimp on without compromising the quality.If there are things you can get for free, take it.  These days there are many available resources that you can get at no cost at all, a free accounting software is one…
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5 Simple Steps that will Increase Business Productivity

5 Simple Steps that will Increase Business Productivity

Business Tips, For Accountants, For SMEs
Let’s face it. In today’s ever-changing environment, ever-growing consumer demands and expectations, and technological advances, competition in business is fierce. Difficult as it is, however, the intelligent entrepreneur knows that to increase business productivity spells a great difference for any business. Even big enterprises have learned how important it is to continually be productive in every aspect of the business. What does business productivity mean? Being productive does not mean your employees have to break their backs producing the products or services you offer. Nowadays, productivity means increasing efficiency in all areas of work.  Productivity means continuous involvement and engagement.  For the businessman, this means finding the right tools to make work more efficient.  Thus, a huge part of that productivity involves work management. Five steps to increase business productivity…
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Mahirap ba talaga accounting systems?

Mahirap ba talaga accounting systems?

For Accountants, For SMEs
When one mentions accounting system, listeners automatically think it’s complicated. Hence, for many starting or existing small and medium enterprises, naghahanap sila ng mas madaling gamitin. At ano pa nga ba ang mas dadali sa spreadsheet AKA Excel? Excel seems to be equivalent to easy accounting system, but, sad to say... It's not as simple as we thought it was. The limitations of Excel As your business grows, there are some things Excel functions won’t be able to do.  Chron outlines three limitations in accounting; we’re including two: The syntax is challenging to master. The more numbers you need, the more formulas you have to create. Ibig sabihin, kelangan mo i-memorize ang iba’t ibang syntax para lumabas ang results na gusto mo. The thing is… Minsan sa sobrang dami, malilito…
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