Category: Accounting Systems and Technology
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QuickBooks – Best Accounting Software for Small Business
For small business, there is no software to match the value QuickBooks brings to the business operation. I used Sage software and its predecessor Quantum (Peachtree) for 20 years and still do to this day. But QuickBooks is by far superior in all regards in comparison to Sage products.
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Project Accounting – Introduction and Value
In the world of accounting, project accounting is a subset of financial accounting. Many folks believe it is a form of cost accounting and it is not.
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Bank Reconciliations – Fundamentals
The bank reconciliation is a daily accounting function for every small business. In order to fully appreciate its value, the small business owner needs to understand the fundamentals of how bank reconciliations are performed. In addition, there are some higher level types of transactions that affect the cash position.
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Point of Sale System – Introduction
Almost all retail based operations require a Point of Sale (POS) System to properly record the customer and product activity. What is a Point of Sale System?
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Chart of Accounts – Layout
The goal of accounting is to record the economic activity of the business. This is achieved by entering each economic transaction into a set of books. The books are formatted to reflect the balance sheet and income statement items. The chart of accounts is designed to present the information in the prescribed format.
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Effective Internal Controls for Cash
All businesses should have internal controls to deter fraud, detect theft, and preserve assets. Effective internal controls for cash prevent the proverbial hand in the cookie jar.
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Operating Control Reports in Business
A part of any information feedback loop is the operating control reports in business.
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Create a File Structure for Accounting
Creating a file structure for accounting is critical for the overall success of the business. If properly structured, data retrieval and information access add to the overall value of the company.
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Choose The Right Accounting Software
One of the more complicated aspects of running a business operation is the function of accounting. The selection of the correct software to use can make all the difference in the success of the business operation.