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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Best Practices of Startup Companies: 6 Ways to Succeed

Best Practices of Startup Companies: 6 Ways to Succeed

For SMEs
What we see today in businesses reflect a huge demand for mobility and flexibility.  Processes like communication, production, and general office procedures are increasingly automated. Top companies had already been doing the best practices of startup companies, and more players are willing to join in the game. This challenge motivates a lot of startups to take on the challenge of innovating products and services that deliver better functionality for investing businesses. It is everyone's game.There is no telling that one startup today can be the next salesforce in the field of business. The secret is, there is no secret! Best practices of startup companies Let your product speak for itself Convenience at anyone’s fingertips is what people are looking for these days. A startup must not forget that its product…
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4 Most Important Productivity Tools for Small Business

4 Most Important Productivity Tools for Small Business

For SMEs
Does your business encounter difficulty in keeping track of all the processes needed for business growth such as employees’ performances, project details, project management, better communication, web analytics, inventories, files and documents sharing, and so on? In this technological age, these problems have simple solutions as there are abundant business productivity tools every SME should have which are available online. These productivity tools for small business are helpful in managing different processes and aspects of SMEs especially those whose operations involve online presence and with clients that are mostly processed through the internet.Top 4 Productivity Tools for Small BusinessDropbox for BusinessDropbox is one of the most important productivity tools especially if SMEs have file sharing processes. This tool enables to save files on a computer and access them from different devices…
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How to Manage a Startup Company

How to Manage a Startup Company

For SMEs
Knowing how to manage a startup company is undoubtedly crucial. Setting up a business entails lots of risks, which when not properly managed could result in damaging consequences such as bankruptcy or failure. Problems in business are common. Hence, business startups must consider them carefully for the business to thrive in a really challenging world. Common business problems and how to avoid them Financial Mismanagement It is understandable in any business endeavor that finances are very important when it comes to starting a business. The lack of it will just lead to problems such as being in too much debt or bankruptcy. According to a study, about 79 % of failures of small businesses have something to do with starting out with little money or lack of financial support.Aside from…
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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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Technology and Accounting: Keep Up or Keep Out

Technology and Accounting: Keep Up or Keep Out

For Accountants
Technology and accounting are two inseparable concepts in bookkeeping. So if you’re into bookkeeping or accounting, then you will need to learn IT and all the technology that goes with your profession. 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 several databases, doing lightning-speed calculations, and coming up with graphs, maps, and charts that explain your numbers. You do all these using the accounting software tech that has completely revolutionized your industry and changed the rules of your profession. Why you need to keep up with technology You need to come…
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