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Accountant vs Bookkeeper, What is the Difference?

Apr 27

Accountant vs Bookkeeper, What is the Difference?

Accountants and Bookkeepers are both professionals who provide financial support, they are both a foundation to ensure that you have the finances to keep your business running. It is important to know the difference between the two so that your business is meeting its accounting needs. Education and Training A person may become a bookkeeper with on-the-job training and without a formal college degree. Skills such as attention to detail, good communication skills, and accuracy

Outsourcing Accounting

Apr 27

Outsourcing Accounting

Outsourcing accounting services bring many benefits to business owners. According to The Outsourcing Institute, businesses choose to outsource to improve their core business focus, to avoid the risk and costs of hiring more employees, and to gain access to outside expertise that they could not afford otherwise. Outsourcing accounting can help your business in the following ways: 1. Reduce Labor Costs Significantly Outsourcing an accounting team is generally less costly than h

Healthcare Financial Management - What’s in Store in 2021?

Feb 18

Healthcare Financial Management - What’s in Store in 2021?

The changes for healthcare in 2020 were significant and many. As a CFO, if you’re feeling a bit exhausted by change, you are not alone. As we enter the New Year, what challenges will healthcare organizations face? 2021 Predictions for the healthcare industry The following three predictions were published recently by Brian Bogie, Director of Healthcare Industry Marketing at Sage Intacct. Cost control will be paramount in 2021, and Activity-Based Cost Accounting will be busines

Revenue Recognition: An Introduction for Small Businesses

Jan 21

Revenue Recognition: An Introduction for Small Businesses

How much revenue did your business earn this month? That answer may vary depending on whether you have implemented the new revenue recognition standard or not. If you are looking for investors, a bank loan or even looking to sell your business, the way you record revenue needs to be in line with Generally Accepted Accounting Principles (GAAP) and the new Revenue Recognition Standard. In May 2014, the Financial Accounting Standards Board (FASB), issued Accounting Standards Cod

Making a List and Checking It Twice: Everything You Need for a Successful Tax Day

Dec 16, 2020

Making a List and Checking It Twice: Everything You Need for a Successful Tax Day

At CPA by Choice we want you to be prepared for the 2021 tax season. Some things will differ from your prior return, for example in an effort to encourage Americans to donate money to charity during the coronavirus pandemic, the CARES Act enabled taxpayers to deduct up to $300 in monetary donations in 2020 – even if they take the standard deduction. There are other changes for the 2021 tax season, we will ensure that the credits, deductions, and contribution limits available

The Best Thing about Sage Intacct Budgeting and Planning? Saying “Goodbye” to Spreadsheet Headaches

Dec 8, 2020

The Best Thing about Sage Intacct Budgeting and Planning? Saying “Goodbye” to Spreadsheet Headaches

Saying “Goodbye!” to spreadsheet headaches and busy work is indeed a benefit that Sage Intacct Budgeting and Planning provides, but there is so much more to enjoy. Sage Intacct Budgeting and Planning (SIBP) empowers our customers in four important ways. Plan – You can focus on strategic plans that exploit business opportunity and sidestep risks. Report – Easily compare current performance versus plans and drill-down to budget details from your reports quickly and accurately.

Best Accounting Practices for an Online Business

Nov 12, 2020

Best Accounting Practices for an Online Business

Entrepreneurs are constantly looking for business opportunities. The world wide web has made it accessible for many entrepreneurs to either start a business or expand their business to the e-commerce world. Online businesses can be appealing to entrepreneurs for many reasons, including working remotely, but are you ensuring that you are following the accounting principles and regulations for your business? Here are some best practices for your online business: 1) Get an accou

Dynamic Allocations

Nov 6, 2020

Dynamic Allocations

Dynamic Allocations Organizations using Sage Intacct continue to find new ways to automate previously manual process and divert the time savings to more impactful, strategic activities. Sage Intacct Dynamic Allocations module offers even more automation, efficiency, accuracy and time savings. If you have complex, or cross-entity, allocations, you may be spending days or even weeks each month calculating, verifying, and trouble-shooting allocation. That’s precious time that co

Benefits of QuickBooks for Small Businesses

Oct 15, 2020

Benefits of QuickBooks for Small Businesses

QuickBooks is a financial accounting software program manufactured by Intuit. Created for use by small businesses, the software and online product boasts an assortment of features aimed at helping users manage each of their accounting functions, including accounts payable, accounts receivable, credit card management and financial reporting. Quickbooks was designed to make small business accounting easy to use and accessible in one place. Your business will benefit from using