Small business can make a big impact by improving their sustainability practices

The Spring season doesn’t just bring warmer weather, it brings a motivation to clean out those junk drawers, closets, and garages. It’s a great time to freshen up and declutter your home, but it's also a great time to clean up your finances. As the end of the financial year approaches, it's an excellent opportunity to review your financial reports and get your financial house in order. Here are 6 tips on how to apply spring cleaning to your finances: Review your financial statements The first step in spring cleaning your finances is to review your financial statements . This includes your income statement, balance sheet, and cash flow statement. Take a close look at your revenue and expenses, your assets and liabilities, and your cash flow. This will help you identify any areas where you can cut costs, increase revenue, or improve your cash flow. Clean up your accounts receivable One area that often needs attention is accounts receivable. If you have outstanding invoices, now is the time to follow up with your customers and collect the money owed to you. Consider offering incentives such as early payment discounts or installment plans to encourage prompt payment. You may also want to review your credit policies to ensure that you're not extending credit to customers who are unlikely to pay. Audit your inventory If you're in the business of selling products, take the time to audit your inventory. This means checking that your physical inventory matches your inventory records. If there are any discrepancies, investigate and make the necessary adjustments. You may also want to review your inventory management practices to ensure that you're not overstocking or understocking. Review your tax obligations Spring is also a good time to review your tax obligations. This includes reviewing your tax filings from the previous year and ensuring that you're on track to meet your current year tax obligations. If you're unsure about any tax matters, consider consulting with a tax professional . Check your compliance Depending on the size and type of your business, you may have various compliance requirements. This may include regulatory compliance, such as adhering to environmental or health and safety regulations. It may also include financial reporting compliance, such as ensuring that your financial statements meet the relevant accounting standards. Take the time to review your compliance obligations and ensure that you're meeting them. Set financial goals Finally, spring is a good time to set financial goals for the coming year. This may include setting revenue targets, reducing costs, or improving your cash flow. It's important to set realistic goals that are achievable and align with your overall business strategy. Applying spring cleaning to your finances can help you get your financial house in order and set you up for success in the coming year. By reviewing your financial statements, cleaning up your accounts receivable, auditing your inventory, reviewing your tax obligations and compliance, and setting financial goals, you can improve your financial position and make informed decisions for your business. Contact us for more tips on how to get your financial house in order or to help you kick start the financial spring cleaning season.

As a business owner, you know how important accounting is. Many businesses rely on spreadsheets to organize and manage their financial data. However, online accounting systems are becoming increasingly popular and offer advantages over spreadsheets. When is it time to move away from spreadsheets and transition to an online accounting system? Your Business is Growing Are you sending more invoices to clients, or are your vendor bills piling up? In that case, it’s probably time to implement a workflow process . An online system can help you streamline these workflows by tracking open bills, posting bills, or automating the bill pay process. You can even send invoices and collect payments from the online accounting system. You Need Reports Frequently Are you planning to apply for a line of credit, or do you need to have a grasp on your bottom line each month? Consistent reporting in spreadsheets can be very manual and time-consuming. An online accounting system can generate reports quickly, providing access to accurate, up-to-date information about your business’s financial health at any given moment. You Spend Too Much Time on Data Entry Are you spending hours on tedious data entry tasks? An online accounting system can automatically reconcile your accounts and categorize your transactions, allowing you to focus on what matters most - running your business! An online system can sync directly with your bank accounts to feed your transactions into the platform automatically. Moving away from spreadsheets to an online accounting system could be a great way to free up your valuable time and energy for other functions like customer service or product development. The decision to switch from spreadsheet-based accounting to an online system depends on various factors, like the size of your business, the complexity of its operations, and how often you need access to financial information. A spreadsheet may suffice if you are a small business owner with simple cash accounting processes and don’t require frequent financial reporting. However, if you’re recording transactions on an accrual basis and dealing with multiple departments, vendors, or clients, an online system may be necessary sooner rather than later. It's also worth considering any compliance requirements, as these may require more sophisticated tools than spreadsheets can provide.

This allows you to have a clear picture of your finances, so you can make informed decisions about how to grow and improve your business. That’s why it is so important that you hire an accounting partner who can help you implement and maintain this system. But how do you go about finding the right fit for your business? Here are 5 tips to keep in mind when looking for an accounting partner.

Ly-Ann has just entered the workforce by assuming the role of an HR Assistant. Being new in the company’s HR ecosystem, she held ideals (as most fresh graduates do) that she believes must be upheld without compromise. To Ly-Ann, HR matters should not be a complicated affair. She believes that working in the Human Resources department should be simple and anchored to a singular goal: to give fair and just treatment to all employees regardless of position and caliber.

Your business name, logo, products, and website are only a few of these. While you may be thinking about the funding for starting your business , you may forget about the bookkeeping aspect. Reconciled outlines how all new business owners can benefit from hiring an accountant from the beginning to keep their finances straight.

Consultants provide professional advice to organizations in different fields, such as management, public relations, architecture, and more. In fact, the consulting services industry was estimated to be worth $132 billion in 2020, with demand booming as businesses come back from the pandemic halt. As such, many consultants are busy managing their clients’ work — and end up neglecting their own business. The post Accounting Services for Consultant Business Owners appeared first on Reconciled.

Any business with a corporate card program knows that the risk of credit-card fraud increases along with the volume of its purchases. But what if there was a way to expand the reach of your corporate card program without increasing your exposure to credit card risk? The post Avoid Credit Card Risk appeared first on Reconciled.

When you hit the point of needing help with your bookkeeping, you are probably already overwhelmed. So, to help you through the research phase, we’ve compiled a list of the most frequently asked questions our team hears when someone is looking to hire a bookkeeper for their business. The post Looking to Hire a Bookkeeper for Your Business? appeared first on Reconciled.