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Understanding how to calculate profit is crucial for any business owner. Profitability is not just an indicator of business success; it’s essential for survival. This blog post will guide you through the process of calculating profit, discuss the different types of profit you might assess, and offer practical tips to help you maximize your business’s…

Understanding the accounting cycle is fundamental for anyone involved in financial management, whether you’re running a small business, managing a large corporation, or just starting out in the field of accounting. The accounting cycle is a structured process used by organizations to record and manage their financial transactions. From identifying transactions to reporting and analysis,…

Choose QuickBooks Enterprise or Advanced As businesses grow and evolve, their needs change. One ongoing challenging decision is selecting the right accounting system. Numerous factors come into play, including readiness for upgrades or switches, and determining the most suitable configuration for your industry. To help you decide what would be the best fit for your…

Effective bookkeeping is the backbone of successful business management, providing clarity and control over financial health. In our latest blog post, we explore the 10 advantages of ongoing bookkeeping services, highlighting how they can transform your business operations. From enhancing financial analysis and decision-making to ensuring compliance and improving cash flow management, regular bookkeeping offers…

Navigating the myriad costs associated with running a small business can be daunting, from overheads like rent and equipment to the variable costs of office supplies. A significant and often complex aspect of these expenditures is payroll. The addition of each new team member not only increases the workforce but also the payroll expenses. But…

Cash flow is essential for any construction business. Poor cash flow can lead to a lack of resources and can even put a business into bankruptcy. This is why it is essential for construction companies to manage and improve their cash flow. Here are 10 ways to manage and improve cash flow in the construction…

The QuickBooks 2021 Discontinuation is near! For many seasoned users, we know it is that time of the year. For those of you who have just started using QuickBooks Desktop, you may be wondering what this means to you, especially if you are using version 21 or earlier. Put simply: anyone who is still using version any…

Don’t wait until tax season to clean up your books. The purpose of keeping clean books isn’t to just do your taxes. Your books need to be done — but more importantly, they need to be done right. That means your balances need to tie out, your loan principal and interest need to be separated,…

Year-End Guide for Financial Success Year-end is here, and it’s time to get your QuickBooks year-end checklist ready! While it may seem like it came out of nowhere, it’s essential to be prepared. Many businesses find themselves overwhelmed with financial tasks and time management at this time of year. However, leaving year-end preparations until the…

Growing businesses already face a myriad of challenges, and recent data adds another concern: According to the Association of Certified Fraud Examiners (ACFE), in the past few years, small enterprises with less than 100 employees have suffered greater financial losses due to fraud compared to large corporations with over 10,000 employees. The primary culprits? Many…

In a dynamic business landscape where only the most adaptable thrive, our journey over the past year has been nothing short of spectacular. Charting a trajectory marked by strategic acquisitions and fueled by relentless dedication, Out of the Box Technology has not only expanded its footprint but also proudly clinched a coveted spot on the…

Gaining a solid grasp of cash flow is fundamental to ensuring the long-term sustainability of your business finances. Cash flow represents the inflow and outflow of money within your company over a specified period. When the money coming in exceeds the money going out, you enjoy a positive cash flow, signifying a robust financial state….