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Cryptocurrency
Cryptocurrency Cryptocurrency Basics, Bitcoin, Cryptocurrency Accounting, Resources, Crypto Accounting Software, ICO The first commercial cryptocurrency transaction was in May 2010… for a pizza. Seven years later, a crypto millionaire purchased a $200,000 Lamborghini Huracan by cashing in 45 bitcoins. The largest real estate sale occurred the following year when a Miami mansion was sold […]
Accounting Terms
Accounting Terms Accounting Methods, Glossary, Financial Statements, & Fundamental Accounting Principles Business owners take on many different responsibilities and every industry and business is unique. Owners may take care of the marketing, sales, management, staffing, customer service, daily operations, planning, and financial aspects of the business. Each industry and aspect of business has its […]
Business Metrics and KPIs
Business Metrics and KPIs Why Metrics and KPIs are Important for Business A recent study about small to midsize businesses in the United States revealed: 50% of companies that track metrics in real-time met all their goals in the last 12 months compared to only 24% of companies that did not track in real-time. […]
Virtual Accounting
Making the Switch to Virtual Accounting Everything seems to be virtual these days, virtual learning, virtual meetings, virtual events, virtual tours, and even virtual accounting. However, virtual accounting has been around for a quarter of a century but has recently gained more popularity as a result of the pandemic. So, what is virtual accounting? […]
Small Business Accounting
Small Business Accounting: Tips The Bureau of Labor Statistics reports, “20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.” Small businesses are […]
COVID Tax Deductions
COVID Tax Deductions And Other Important 2021 Tax Season Information 2020 was an unusual year to say the least. Face masks became a fashion statement, toilet paper was a luxury, murder hornet invaded the US, Tiger King was inescapable, socially distanced live streams were available for everything from classes to concerts, and do any of […]
Support Small Business
Support Small Business Most of us are familiar with the sayings, “Small businesses are the backbone of the community” or “When you support small business you are supporting a dream.” Regardless of where you grew up, odds are there was a small business that in some way had an impact on your life. Perhaps it […]
Accounting Year End
Accounting Year End Checklist As 2020 comes to an end, it is essential for business owners to close out the books in preparation for filing taxes and forecasting the health of the organization. Consultance Accounting has created an Accounting Year End Checklist to help you through this overwhelming process. Whether your company uses an […]
Accounting Software
Types of Accounting Software Every business needs accounting software whether it is an association, a non-profit, a professional services provider, or sells retail products and services. What is Accounting Software? Accounting software automates an organization’s financial functions and transactions with modules including accounts payable, accounts receivable, payroll, billing, general ledger, and much more. It […]
What is Business Process Reengineering
What is Business Process Reengineering ? Management Strategies The Hartford discovered, in a 2018 survey of 1,005 small business owners, 63% said they plan only a year (or less) in advance. Successful businesses prepare well into the future by implementing a business management strategy. A business management strategy (BMS) is a methodical plan designed for […]
What Do Accountants Do
What Do Accountants Do What Does an Accountant Do? A study conducted by Intuit, the creator of QuickBooks and other financial software, discovered 89% of small businesses say that they are more successful with an accountant or advisor. Why? What do accountants do? Accountants do a lot more than people think and they can […]
What Does an Outsourced CFO Do?
Outsourced CFO Owners of small or medium-sized businesses frequently encounter challenges when operating their companies efficiently and economically. Concerns about a company’s well-being often leads owners to oversee and take on too many tasks. Which in turn takes their focus away from other important aspects of the business. Outsourcing CFO services gives business owners expert […]
Tax Deadline and Other Tax Season Changes
Tax Deadline and Other Tax Season Changes Many tax changes, including the tax day deadline, are occurring in light of the COVID-19 pandemic. These changes are affecting individuals, small business, and tax-exempt entities alike. This article provides a general overview of the federal tax relief measures and changes recently implemented. Tax Deadline Day The […]
What Does a Bookkeeper Do?
What Does a Bookkeeper Do? Bookkeeping is a large component of the finance and accounting department of a business. What Does a Bookkeeper Do? Primarily, bookkeepers are responsible for managing and recording the day-to-day financial transactions of the business; ensuring accounts and records are accurate and complete. Financial transactions include operational expenses, sales, earned revenue, […]
What are the 5 basic principles of accounting?
It’s essential for any business to have basic accounting principles in mind to ensure the most accurate financial position. Your clients and stakeholders maintain trust within your company so recording reliable and certified information is key. What are the 5 basic principles of accounting?
Love Running Your Organization, But Hate Paperwork? 3 Reasons to Outsource Bill Payment
Love running your organization, but hate all of the paperwork? Here are three reasons to outsource your back-office functions to Consultance Accounting and switch to Bill.com, an automated bill payment solution.
Expense Management: 6 Ways to $ave in 2020
From switching to alternative staffing scenarios to converting credit card payments into ePayments, here are some money-saving strategies to help reduce overhead costs for your business or nonprofit this year.
Improve Cash Flow : A Prescription for Better Cash-Flow Management (Part 2)
This article is the second in a two-part series on achieving better cash flows for your business or nonprofit organization/association.
Improve Cash Flow: How to Achieve Better Cash Flow Management (Part 1)
This article is the first in a two-part series on achieving better cash flows for your business or nonprofit organization/association.
Payroll Accounting Pitfalls: How to Avoid Common Mistakes
Learn how to avoid common accounting mistakes when recording payroll-related entries for your business or not-for-profit organization.
Not-for-Profit Time Management
This article addresses how not-for-profit leaders can improve their chances of organizational success through better time management.
Payments Fraud : 5 Cybersecurity Steps to Protect Against Fraud
This article addresses five key questions to consider in your mid-year accounting checkup for your business or not-for-profit..
Accounting Checkup for Your Business or Not-for-Profit
This article addresses five key questions to consider in your mid-year accounting checkup for your business or not-for-profit..
New Business or Nonprofit Launch
This article provides a prescription for success when starting your new business or not-for-profit..
Avoid Financial Blinders: Outsourced Accounting
This article advises on why it’s helpful to have a second set of experienced eyes through outsourced accounting services, and offers tips on how to avoid financial blind spots, or mistakes.
What Keeps You Up at Night? Managing Financial Risks (Part 2)
This article is the second in a two-part series on Managing Financial Risks to your organization. We explain what to do after you identify and assess your financial risk: Implement a Risk Management Plan.
What Keeps You Up at Night? Managing Financial Risks (Part 1)
This article is the first in a two-part series on Managing Financial Risks to your organization. We’ll explain what is Financial Risk Management, why it’s important, and help you get started on taking prudent steps to manage your small business or not-for-profit organization’s biggest financial risks.
Tax Savings New Tax Provision
Have you heard about the new Section 199A tax provision? Taking concrete actions now with respect to your small business’ accounting records can help you optimize your tax savings.
Key Performance Indicators
Protect your business or not-for-profit organization from financial failure using Key Performance Indicators. This article will explain why KPIs are important and how to get started, to not only survive but also thrive in our volatile business environment.
Outsourced Accounting Services: Next Step to Successful Growth
Get answers to frequently-asked questions about Outsourced Virtual Accounting, and why it can be the next step to successful growth for your business/organization.
Year-End Accounting Tips
Consider these tips to help your year-end accounting process run smoothly. Planning ahead will help you have accurate and timely financial statements, facilitate tax preparation, and meet filing deadlines.
Accounting Firms Can Be Second Set of Eyes
Learn how to avoid blind spots that can hurt your business/organization.
Avoid Costly Mistakes by Standardizing Your Accounting Processes
Avoid costly mistakes that could ruin your business or organization’s reputation. Learn the benefits of standardized bookeeping and accounting processes.
Don’t Be a Victim! Manage the Risk of Fraud in Your Organization
To protect your organization, here are some ways to shore up your accounting processes and minimize the risk of payment fraud.
Why Good Bookkeeping Matters
Learn some important reasons why good bookkeeping matters and how bad bookkeeping can hurt your business or not-for-profit.
Seeing Clearly: 3 Tips for Effective Sales Inventory Management
Consider these three tips to become confident that your sales inventory is effectively managed.
Practical Strategies to Address Your Top Accounting Challenges
Learn practical strategies for addressing your top accounting challenges.
Love Your Accountant
Valentine’s Day is this week! Your accountant is probably not the first person you think of on February 14th, but in honor of this holiday, I give you three key reasons to love your accountant.
Optimizing Payroll Process
If you’re like most companies, whether you’re a commercial business or a not for profit organization, employees are your most valued assets. In order to attract and retain a strong employee base, it’s important to get your Payroll process running right. Check out these tips to optimize your Payroll process.
Expenses Impact Bottom Line
The challenges of running a business and staying on top of the financial bottom line can be challenging. Growing your top line revenues is critical to your success. However, keeping your expenses in check is just as important and can help sustain your business while you build your revenues. Having a process, where you review and analyze the details of your spending activity, will help keep your costs down and in line with your industry standards. Here are six business expenses that will yield the biggest bang for your buck and are worth investing time reviewing to reduce your costs.