Invoice management is at the core of accounts payable (AP) for small businesses.
However, adopting electronic invoicing (e-invoicing) has become one of the top challenges that small businesses face while processing high volume invoice transactions from their suppliers or trading partners. (more…)
Picture this: You have a pile of invoices and expense receipts that need to be recorded in your accounting software’s general ledger before the fiscal year ends.
You could hire contract or freelance workers to help speed up the data entry, but that’s going to be expensive, and you’ll also have to invest some time for training. One way to boost your financial data management would be to automate the process, but that sounds complicated—and expensive.
Automation technologies, such as robotic process automation (RPA), can help you transfer financial data from primary data sources such as emails and spreadsheets into your database with great accuracy and speed without the need to hire more employees.
NOTE: This article is intended to help readers understand the impact of the Tax Cuts and Jobs Act on small businesses in 2018 and does not provide financial advice. For in-depth tax advice, please consult your accountant or financial consultant.
The burden of federal taxes on small businesses is very real. But, it turns out the amount of taxes they owe isn’t as big a drain as the amount of time and money they’re spending just to get their taxes filed. And, to make things more complex, in 2018, small businesses must adapt to an entirely new tax code.
Are your customers bored with your cookie cutter loyalty points program? Do your employees—especially millennials—think leaderboards are so 2010? If so, you might be in danger of losing the engagement game!
Do you have a pile of invoices and receipts that seems to grow faster than you can process them?
Generating expense reports and invoices, creating billing reports, filing tax documents, and monitoring constant changes in banking and finance compliance standards such as Sarbanes Oxley and GAAP (generally accepted accounting principles) are just some of the unique business challenges that accountants and finance managers must deal with.
However, there is some cutting edge technology on the horizon that will help small businesses meet these accounting challenges over the next couple of years.