Blogs

The Accario Blog

Find information and resources on everything accounting.
From FinTech, changes in the industry and helpful bits.
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Franchising: What You Need to Know

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For many entrepreneurs, franchising provides a unique opportunity to get involved in a proven business model with the support of an experienced franchisor. For franchisors, it’s a way to expand their business quickly and efficiently. Here, we will outline what franchising is, the benefits and disadvantages, and tips for success.

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AI in Accounting and Bookkeeping: The Benefits of Automation

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When it comes to implementing AI in your business, the possibilities are endless, and the bottom line is that if you’re not already using AI, you’re lagging behind your competitors. Start investigating AI platforms today and see how they can help your business grow.

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Why accounting firms should outsource?

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Don’t let the global skills shortage hold your accounting business back. Consider outsourcing to take advantage of a worldwide pool of talent. Outsourcing can be an excellent solution for accounting firms who want to improve their efficiency and bottom line.

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The top 16 Accounting KPIs to measure your financial success

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The types of KPIs that will be of most value to your business will depend on your business goals, your industry, operational processes, and your business model. We outline the top accounting KPIs used by businesses, and these KPIs can be used alongside many other KPIs to meet the specific needs of your business.

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Preparing your small business for EOFY 2022

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The end of the financial year is just around the corner, so it’s time to start getting your small business ready! By being organised and prepared, you can ensure that your business complies with all tax requirements and minimise stress come EOFY time. We will discuss some key things you can do to prepare your business for EOFY.

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Planning for the Future: Create an Exit Strategy for Your Business

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Creating an exit strategy is a complex process with many factors to consider. We will discuss the benefits of having an exit strategy, ways to exit your business, steps involved in developing an exit strategy, and when to seek professional help.

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Planning for the Future: Create a Succession Plan for Your Business

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No one knows what the future holds, but one thing is for sure – it’s essential to plan for it. Business owners often underestimate the importance of having a succession plan. Succession planning is an essential strategy for a business to manage its risk. It ensures that critical skills, knowledge, and work practices are passed on to the next generation of leaders and key employees.

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Planning for the Future: Your Business Continuity Plan

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What would you do if your computer system crashed, a natural disaster struck your area, or you were a victim of a cyber-attack? If you don’t have a business continuity plan in place, these disasters can quickly lead to business chaos, loss of revenue, client attrition and damage to your brand.

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Franchisors: How to find the right franchisees for your business

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When you’re looking to expand your business through franchising, it’s essential to take the time to find the right franchisees. Not just anyone will do – you need individuals who have the skills and experience necessary to run a franchise and the drive and ambition to make it a success.

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The most common bookkeeping mistakes business owners need to avoid

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With the increase complexity of accounting, compliance and bookkeeping processes, business owners juggle to keep their business profitable. During these challenging times especially, it’s easy to understand where some small and medium business owners will make mistakes with the financial aspects of their business.

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Motivational Stories To Push You Forward In Life

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To thrive in the times as we face different challenges and the demands in everyday life, we need lessons and inspiration from others. Here are a few success stories of Olympians to transform our behaviour and improve our businesses, professional, family, and personal lives.

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What are control accounts?

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Control accounts are commonly used for accounts payable and account receivable, which typically experience a high volume of transactions. Control accounts may also be used with other accounts such as inventory, cash, fixed assets, or any other accounts that experiences a larger volume of transactions.

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7 Ways Outsourced Bookkeeping Can Benefit Your Business

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Although bookkeeping is critical to the success of any business given the payroll costs, recruitment and training costs, costs associated with office space and resources, and disruption caused by staff turnover, illness, and holidays, it can be time-consuming and tedious and take time away from other tasks vital to the growth and success of your company.

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What is a Virtual CFO and Why You Need One

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Traditionally, CFOs have been employed by companies in a full-time in-house capacity. However, this is often not viable for small or medium-sized companies that do not have the budget to engage an in-house CFO and may not require full-time services. That’s where virtual CFOs come in!

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7 Ways to Improve Your Client’s Financial Forecasts

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Financial forecasting is the process of estimating the future financial performance of a business by using past financial data, current trends, and economic conditions, and combining this with financial modelling to determine predictions for the future revenue and expenses of a business.

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Data Security for Accounting Firms

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Accounting firms are considered as a prime target for cybercriminals as they are responsible for keeping clients’ confidential information safe. Extra precautions must be taken to safeguard this data and there are several ways accounting firms can reduce their data risk and manage their security.

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Top 5 Accounting Trends

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With the recent developments in the accounting industry and exciting advances in technology are reforming accountants’ roles. They are creating opportunities for accountants to add high-value insights, spend time focusing more on strategic, and advisory roles to aid in decision-making, and improve the bottom line for business.

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Top 5 Accounting Skills for The Future

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Employers find it increasingly difficult to attract the right talent and skills set to achieve long-term common goals. Evolution in technology is paving the way for new and improved accounting tools, shifting the way businesses operate, and implementing new business models to stay competitive making it even harder for employers to handle the skills shortage.

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Advantages and Disadvantages of a Self-Managed Super Fund (SMSF)

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An SMSF is a popular way of saving for retirement for those interested in being highly involved in planning their superannuation and retirement. It allows members control over the choice of assets and insurance, responsibility for investment decisions, and compliance with tax and superannuation laws.

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Budgeting for Cyber Security

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Businesses run on data and therefore, cyber security is now a major concern more than ever! Have you thought about having a budget for cyber security, and do you know what things to be considered when you’re making a budget for cyber security for your business?

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Creative Accountants are in demand!

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Creativity is being increasingly recognized as a valuable workplace skill. The 2020 Future of jobs report by the World Economic Forum has reported that creativity is expected to be increasingly in demand until 2025 and is among the top 5 skills growing in importance and demand.

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The Entrepreneurial Mindset

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An entrepreneurial mindset is one of the most important aspects of being an entrepreneur and is often overlooked. See top 10 characteristics of the right mindset which enables an entrepreneur to be driven to overcome challenges, make tough decisions, take calculated risks and learn from mistakes to ensure their future success.

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How small businesses thrive during Christmas and New Year

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The festive period can be challenging and disruptive to small businesses with juggling staff absences, cash flow and problems with suppliers due to shutdowns. Whatever the challenges your businesses face during this time, here are 5 tips to help prevent any unnecessary financial stress and ensure you have a stress-free break.

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5 simple steps to making a small business budget

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Budget plays a key role in understanding your financial position and facilitating better financial decisions. Many small businesses fail to prepare a budget, and without a budget, they run the risk of overspending, leading to financial difficulties or even the collapse of the business. A business may also miss valuable opportunities by not utilising surplus money to reinvest and grow.

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Overcoming financial challenges facing franchises during the global pandemic

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Franchises that adapted their business models have coped better during the global pandemic, and some have shown improved performance. However, due to the nature of the franchise structure, which requires uniformity, a franchisees ability to adapt is limited. Franchisors must collaborate with franchisees and lead with an adapted operating model to enable quick and efficient changes.

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Seven benefits of Cloud Accounting

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Cloud-based accounting is the ability to outsource the accounting and payroll functions while focusing on the core functions of your business. Outsourcing to qualified accountants and bookkeepers will remove the pressure of back-office processes and complex regulatory compliance while still having the financial information at your fingertips.

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6 ways to better manage cash flow for your business.

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Cash flow forecasting is vital to the health of a business. It involves estimating future sales, other cash inflows, and expenses which gives a clear picture of when cash is coming in and how much is going out every month. A cash forecast will highlight trends and provide clarity to plan for outcomes, future growth and making informed business decisions.

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How accountants are helping entrepreneurs kickstart their business to success

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It is essential to have a business plan that will outline its vision and strategy with short, medium, and long-term goals. A clear business plan with comprehensive financial planning may be the difference between landing finance or struggling to find the funds needed to make their vision a reality.

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Accounting for Cryptocurrency: How to treat these digital assets in our books

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In a nutshell, cryptocurrencies are digital tokens protected with cryptography (a complex set of algorithms). Cryptocurrency works on blockchain technology. The blockchain is a collection of shared records on a publicly distributed ledger, making it very secure and impossible to counterfeit.

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5 benefits of having a dedicated accountant for your small business

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Accounting plays a critical role in running a business because it helps you track income and expenses, ensure regulatory compliance, and provide quantitative financial information to investors, managers and government that you can use to make business decisions.

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Why Accario should be part of your Business Plan

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Long before covid took over our lives and newsfeeds, the astute business owner knew the importance of solid business continuity planning to ensure the company’s ability to overcome any risk.

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RPA and its trends to look out for in 2021

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Robotic Process Automation (RPA) allows anyone to configure computer software by combining artificial intelligence and human interactions within the digital system. Performing daily tasks like calculations, transactions and maintaining records is made easier.

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Remote Working the New Normal

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It wasn’t that long ago that managing employees from a central workplace was the traditional way to operate a business. Covid 19 has forced the world to see that not only is remote working efficient and manageable, it comes with practical cost savings and advantages to both staff and employees that will make it hard to justify a return to full-time onsite working.

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Linking Sri Lankan Talent And Outsourcing

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One of the biggest risks is privacy or security of data can be compromised if lost, copied or bought out by a competitor. The data theft happens either by hacking from a remote place or information is stolen by an employee.

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How Accario Helped a Hair Extensions Brand

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Stephanie Ann Mason, Owner and Founder of Showpony Hair Extensions, on her experience with Accario.

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What Matters the Most in the Business

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One of the biggest risks to privacy or security of data which can be compromised if lost, coped or bought by a competitor. The data theft happens either by hacking from a remote place or information is stolen by an employee.

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Leadership During Covid-19

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The lovely Tima Elhajj interviewed Accario’s Director of Stakeholder Relations, Kat Izzard, on how Accario has been taking care of our employees during the pandemic.

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Managing Eye Health and Screen Time

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Optometrist Terry Izzard, on Managing Eye Health and Screen Time whilst working from home.

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Coping with Crisis – Jenny Makros

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It’s important to recognise the seriousness of the public health challenges facing our community and be mindful that reacting from a place of panic and fear is usually unhelpful, especially in the long-term.

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Payment Terms

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Have you ever wondered what some of these payment terms mean?

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The Age of AI and Businesses

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AI is slowly shaping business, helping business owners automate repetitive tasks free from human error

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