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Artificial Intelligence in Accounting

Artificial Intelligence in Accounting Artificial Intelligence Artificial intelligence is reshaping many professional fields, including accounting and bookkeeping. As small business owners, we are always looking for ways to stay ahead of the curve and keep up with the latest trends. With the advancement of artificial intelligence (AI), it is important that we understand how this […]

People Process Technology

People Process Technology Three Pillars for Success Business Process Management and People Process Technology In 1964, business management expert, Harold Leavitt wrote a paper called “Applied Organization Change in Industry” in which he conceived a model for creating change in an organization. The model is the People Process Technology (PPT) Framework, also referred to […]

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.