June, 2018

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Best Practices for Requisition and Purchase Order Management

AvidXchange

Due to increasing pressure from investors, boards and compliance officers, the CFO must have a hand (or two) in every aspect of business operations. Utilizing purchase order software allows you to more efficiently manage and control purchasing and ensure both employee and vendor compliance throughout the procure-to-pay process. This means that you will free up your time for more strategic buying while also empowering your managers to make smart spending decisions using purchase order best pract

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Online sales tax SCOTUS ruling ramifications for accountants & business owners

Cloud Accounting Podcast

Questions asked in this episode: Does the decision affect sales of services online across state borders in addition to goods? Are there any strategies businesses can use to avoid sales or quantity thresholds for collecting sales tax? Will we see an increase in states taxing services? What process or technology should we look at for tracking sales by jurisdiction?

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Delivering Even More Value in Serverless

CloudZero

All Your Reasons Belong to Serverless. At CloudZero, we love working with Serverless Systems for all the reasons, including but not limited to focus on business value, ease of responsibility segregation, and shift in engineering focus. When I’m ready to write and execute code in a Serverless System, I reach for a FaaS platform like AWS Lambda. Tools like Serverless Framework and AWS SAM CLI help prime the pump 1 , but I’m still not immediately writing business value code.

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The Pros and Cons of Doing Your Own Bookkeeping

Billah and Associates

Managing the accounts and doing the bookkeeping are good practices, especially if you have a good knowledge of the accounts. The decision of handling accounts on your own is good and favorable for the new business owners when the complications are not that high. However, varying out the responsibilities further can be a risk as to the engagements of the business owners’ increase quite significantly.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Why Educational Institutions Need to Embrace Innovative eProcurement Solutions

AvidXchange

Recent publications have recommended that educational institutions and schools embrace creative business solutions to achieve operations savings and funnel more dollars towards stellar academic programs for our students. Modern eProcurement solutions with expense reporting will eliminate business process inefficiencies and help educators to buy from preferred vendors and receive pre-eapproval for expenses, generating dramatic cost savings.

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Why Your eProcurement Solution Should Include Vendor Contract Management

AvidXchange

Think of any famous pair and, then, imagine that one of them was simply plucked from the pages of history. Would Fred Astaire be as successful without Ginger Rogers, Serena without Venus or Garfunkel without Simon? Some people just pack more of a punch when they come in twos—and the same could be said for eProcurement and vendor contract management.

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Increased Spending on AP Automation

AvidXchange

Today, growing organizations like yours are dramatically increasing the percentage of total spend to secure marketing, IT, HR or accounting data with software solutions and service providers (such as AP automation ). To manage the purchase and payment of services, the accounts payable team and specific departments need to receive an invoice, track the spending against a contract or service agreement, and check the negotiated pricing, payment terms and budget before payment.

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Best Practices for Requisition and Purchase Order Management

AvidXchange

Due to increasing pressure from investors, boards and compliance officers, the CFO must have a hand (or two) in every aspect of business operations. Utilizing purchase order software allows you to more efficiently manage and control purchasing and ensure both employee and vendor compliance throughout the procure-to-pay process. This means that you will free up your time for more strategic buying while also empowering your managers to make smart spending decisions using purchase order best pract

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Best Practices for Nonprofit Financial Management

AvidXchange

Southwest Key Programs: A national nonprofit organization dedicated to keeping children with families and out of institutions, the Southwest Key Programs produces programming in the following key areas: 1) programs related to youth justice, 2) housing for immigrant children, and 3) education programs. Capturing and associating expense details with the right program or grant and quickly approving these expenses were consistent challenges before using our solutions.

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The IRS Announces New Mileage Reimbursement Rates

AvidXchange

For organizations that offer services, e.g. consulting or healthcare-related services, and require employees to be on the road frequently, solutions provide an easy way to automatically calculate their mileage reimbursement rates. With a simple import of the new rates for 2016, employees can enter their expense reports without making manual calculations each time and their organization can ensure that these calculations are 100% accurate.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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Cloud accounting survey results, IRS budgets upgrades, & lawyers dropping the billable hour

Cloud Accounting Podcast

Stories in this episode: IRS budgets $291M on technology for tax reform — Accounting Today — The Internal Revenue Service plans to spend close to $300 million to implement the new tax law, including approximately $20 million for an estimated 450 new forms, instructions and publications. Cloud Technology Advances the Accounting Profession: A Survey of Accounting and Finance Professionals — FloQast — 85% of accounting organizations face challenges hiring and retaining their talent.

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Cloud M&A, get paid to move to Vermont to work remotely, & app updates galore

Cloud Accounting Podcast

Stories in this episode: Aprio to acquire HPC — Accounting Today — Aprio LLP, a Top 100 Firm, has signed an agreement to acquire HPC , a cloud-based accounting firm that services its clients online. Top 10 Accounting Firm IT Survey Surprises — CPA Practice Advisor — An IT survey reports that more than half of midsize and large accounting firms (51%) have outsourced their entire IT infrastructure to the cloud.

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How to Make or Break Your Invoice Approval Process

AvidXchange

The dreaded antiquated approvals process. It’s filled with a seemingly never-ending paper trail and many hours spent handling each approval with care. The biggest fear for most finance departments is letting one quick “go-ahead” lead to an invoice that shouldn’t be paid. But that’s what often happens with manual approval workflows that offer little control and visibility.

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Time bandits, Slack actions, Intuit grows, and more

Cloud Accounting Podcast

Stories in this episode: The Indicator - Time Bandits [Podcast] - Take a listen to Planet Money’s new daily podcast. This episode features time tracking software and how some employers’ policies are potentially causing “wage theft” by shorting employees on their paid breaks and rounding down to the quarter hour increment. Business Insider - Slack's latest product update proves that vendor lock-in is over, but you may never want to leave Slack again - A new feature in Slack allows developers to b

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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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AP Manager Problems and How to Solve Them

AvidXchange

The roles and responsibilities of the AP manager are constantly changing. As businesses set more ambitious goals, every second of the workday counts. AP managers tend to have one objective in mind—to pay vendors as quickly and safely as possible—but their manual, paper-based tasks get in the way of achieving that goal. AP managers spend endless hours handling accounts payable duties, including invoice approvals, payment cycles, and paper-based processes.

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Tips for Multi-Company, Multi-Entity Accounts Payable

AvidXchange

If you need to log in and out to process accounts payable invoices or payments for more than one company, then your accounting software is not multi-entity aware or designed for today’s modern organization – where a consolidated view of finances should be at your fingertips. Just as the old grain silos in wheat fields were designed to isolate and protect their content, your accounting software database may be designed for processing accounts payable transactions one company at time.