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Checklist for Small Business Startups

SMB Accounting and Consulting

Per the Small Entity Compliance Guide published by the Financial Crimes Enforcement Network, companies created or registered to do business before January 1, 2024, will have until January 1, 2025 to file their initial BOI reports. Invoicing and Accounts Receivable Create an effective invoicing system to bill consumers quickly.

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Staying on top of GST due dates in 2024

Xero

Late filing: if you’re late to file your GST, the penalty is $50 if you’re on the payments basis, and $250 if you’re on the invoice or hybrid basis Late payments: if you’re late to pay the amount you owe by one day, you’ll receive a penalty charge of 1% of the GST amount owed. Depending on the reason, the fines can be steep.

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A short guide to Making Tax Digital for hospitality

Xero

If your business is a general partnership, you won’t need to follow MTD rules until April 2025. Set up recurring invoices for regular suppliers to cut down on monthly admin. If you earn below the £10,000 threshold , you can continue using the existing HMRC system to submit your self assessment tax returns.

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Five tech trends for small businesses to watch in 2023

Xero

Responsible data use By 2025, individuals and companies around the world will produce an estimated 463 exabytes of data each day. Almost every digital interaction produces data: sending an email, downloading an invoice, searching for local suppliers, posting a status update — even turning on your connected car.

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Financial Services M&As Call for Digital Upskilling

AvidXchange

Finance Functions Evolve with Technology Some bank and credit union accounts payable (AP) departments have seen invoices double as the result of a merger or acquisition. Gartner says 40% of finance roles will be new or significantly reshaped by 2025 due to technology.

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Driving Digital Skills for Real Estate Finance Staff 

AvidXchange

Gartner says 40% of finance roles will be new or significantly reshaped by 2025 due to technology. Real estate businesses have become reliant on complex data to inform decision-making and strategic planning, especially as the commercial real estate sector continues to feel the effects of the pandemic and residential sales decline.

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Transforming Enterprise Accounts Payable Workflows with Intelligent Automation

SAP Accounts Payable

As businesses measure their growth based on revenue and expense cycles, accounts payable’s invoice payment activities can have a large impact on these cycles. Invoice processing is a key part of the procure-to-pay life cycle that makes up a company’s expenditure cycle. of invoices have serious errors.