Blog
Reasons to Re-evaluate Your Not-for-Profit Accounting Audit Partner
Three Key Reasons to Re-evaluate Your Not-for-Profit Accounting Audit Partner Non-profit organizations must have their accounting audited on an annual basis. Conducting an independent audit is required to ensure that financial statements and documentation are being...
Financial Audit
10 Steps to Prevent and Detect Financial Audit Issues for Your Not For Profit Not-for-profit organizations are subject to having an annual financial audit performed. There are certain financial audit issues that can occur during the process. By being aware of these...
Payment Solutions for Small Businesses
Bill.com: Automated Payment Solutions for Small Businesses Paying bills puts a significant amount of strain on any small business; and an inefficient workflow takes time away from concentrating on what is important, the business’ mission and vision. The experts at...
Online Bill Pay
Bill.com: Online Bill Pay for Nonprofit Accounting Paying bills puts a substantial amount of stress on nonprofit organizations. A disorganized workflow takes time away from concentrating on what is important, the organization’s mission and objective. The experts at...
Technology Trends in Accounting and Finance
Biggest Technology Trends in Accounting and Finance Technology has had a profound impact on accounting and finance for small to medium size businesses and not for profit organizations. Over the years, new technologies have revolutionized the way businesses operate and...
Associations, Accounting, and Bookkeeping
Associations Are Not Getting the Most Out of Their Accounting and Bookkeeping It is no secret that many associations are not getting the most out their accounting and bookkeeping. In fact, a recent study revealed that nearly 60% of associations are making do with...
Law Firm Management Software
Law Firm Management Software The last couple of years have sparked dramatic changes in our personal and professional lives. Now, the question that is on everyone’s mind is: what is next? Law firms have found new capabilities adapting and reshaping legal services by...
First Year of Running a Business
What to Expect in the First Year of Running a Business Starting a business is exciting! It is a year full of many firsts: first sale, first tax filing, first time to hire employees, first experience with rent or utility bills in your name. There are many tasks that...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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;...
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.
QuickBooks Online Advantages
Choosing which version of QuickBooks is right for you can sometimes be unclear. While QuickBooks Desktop is still a great product and might still meet your needs for the foreseeable future, here are some of the advantages of moving to the online version of QuickBooks.
Key Benefits of Outsourcing Your Bill Payment Process
By outsourcing their back office functions to Consultance Accounting and switching to Bill.com, an automated bill payment solution, organizations can focus on what matters most, and let us handle their bookkeeping and accounting needs.
Improve Cash Flows
The accounts receivable (AR) process, which includes the invoicing of customers, clients and members and the processing of monies received, is a vital process for most organizations. Consultance Accounting helps small and medium-sized organizations and businesses reengineer their AR processes. Here’s how we did it for one client, a professional services firm.
Gain Effective Accounting Procedures through Consultance Accounting
From our many experiences with onboarding small and medium-sized organizations, we understand documenting how things are done behind the scenes takes a back seat to the more pressing items, such as obtaining funding and growing and serving your members, customer and other stakeholders. Initially, most new clients do not have clearly articulated accounting policies and procedures.