Artificial intelligence (AI) has arrived in the accounting profession in a big way. The good news is it’s streamlining accounting tasks, finding patterns in data you can take action on, and generally making things better. Here are just a few places we’re seeing AI and machine learning impact accounting. Transaction Coding Most systems have incorporated some form of machine learning into transaction coding. When bank feeds are imported, each transaction needs to be coded to…
Read MoreWhen you purchase a new vehicle, you get the fun of riding around in a new car with the new car smell! Our job has just begun – to get your new asset recorded properly on your books. We thought it’d be fun to give you a behind-the-scenes sneak peek at our part. Sales Contract The first thing we’ll ask you for is the sales contract. It will give us the payment price of your…
Read MoreHiring a new employee is a big accomplishment in any small business, and there are a lot of steps involved, too. Here’s a handy checklist to help you stay organized when you bring that new hire on board. First things first, the legal and accounting items: Signed employment agreement, typically an offer letter. There may also be a supplemental agreement outlining employee policies. Payroll documents include: IRS form W-4 Form I-9 Copy of employee’s government-issued…
Read MoreIn small business, accounting refers to a set of tasks that revolve around maintaining a general ledger – your books — and preparing financial statements. Beyond small business accounting, there are many more aspects to accounting. In this article, we’ve prepared a glossary of accounting terms so you can discover the larger world of accounting. Cost accounting. This type of accounting looks at the cost of items for sale. It’s especially useful in manufacturing, construction,…
Read MoreOne of the biggest challenges for small businesses is managing cash flow. There never seems to be enough cash to meet all of the obligations, so it makes sense to speed up cash flow when you can. Here are five tips you can use to get your cash faster or slow down the outflow. 1. Stay on top of cash account balances. If you’re collecting money in more than one account, be sure to move your…
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