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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 for Startups: 5 Mistakes You Could Be Doing

Accounting for Startups: 5 Mistakes You Could Be Doing

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. So in this series of accounting for startups, we've listed the top five mistakes most newly established businesses make and how you can prevent your 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…
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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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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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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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Startup Management: 5 Mistakes You Could Be Doing

Startup Management: 5 Mistakes You Could Be Doing

Business Tips, For SMEs
Startup management 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 startup management problems and their solutions 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 the lack of budget, financial…
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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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