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One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis. This is the simplest form as your books match your bank account.
The acceleration of [digital sales] growth can be explained almost entirely by an influx of first-time buyers.”. When consumers fled to online shopping options in Q2, many businesses weren’t set up for digital-first commerce, but quickly figured it out. There’s a cautious optimism now as SMBs, in particular, discover that going digital itself has gotten easier.
Gary Shamis, Principal at Winding River Consulting, has had an accomplished career in accounting, developing his dad’s bookkeeping firm from $225,000 to roughly $100 million. He built the 37th biggest CPA firm in the country before merging SS&G, Inc. with BDO USA, LLC in 2014. Tune in and hear Gary talk about why execution is more important than strategy, the importance of developing a niche (or two), and why scooping up talent is critical to success. .
If you have employees who travel for work, you might offer them per diem pay to reimburse them for travel-related expenses. Per diem rates can vary based on the state and city your employee travels to. Read on to learn about different state per diem rates, including a state-by-state breakdown of each state’s average rates. […]. The post Your Go-to Guide on State Per Diem Rates appeared first on Patriot Software.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis. This is the simplest form as your books match your bank account.
“Organizations may have had to engage in relaxation strategies, which could inversely impact their fraud appetite, as they had to let more transactions through without reviewing them. The risk is real.”. Spikes in cybercrime are making headlines daily, and people are getting burned. Preparedness often decides the outcome. “In our experience, clients running machine learning models haven’t had to change thresholds,” said Nuno Sebastião , co-founder and CEO at Feedzai.
The COVID-19 crisis has presented economic and operational challenges to many businesses, including buy-here pay-here (BHPH) dealerships. BHPH dealers have commonly sought relief through the Paycheck Protection Program (PPP) and through lease concessions from their landlords. While each has provided cash relief, they present unique accounting considerations.
The COVID-19 crisis has presented economic and operational challenges to many businesses, including buy-here pay-here (BHPH) dealerships. BHPH dealers have commonly sought relief through the Paycheck Protection Program (PPP) and through lease concessions from their landlords. While each has provided cash relief, they present unique accounting considerations.
LSL Partner Ron Stumpf Talks with Matt Davis, President of Southland Economic Development Corporation (EDC) Business lending over the next several months Ron: We’ve been getting a lot of questions from our clients who are curious about business lending in this uncertain economy. What can you tell us? Matt: […]. The post WHAT’S CHANGED in Business Lending Since COVID-19?
Democracy is in peril because people don’t know what to believe anymore, and because they don’t know what to believe, they accept whatever’s presented to and convenient for them. That means we don’t have an understanding of common truth and fact, and democracies cannot exist unless the populace agrees 1+1=2. Given all this, if I could start a movement it would be to educate people on how to think holistically, and then validate facts so that people could make better informed decisions both for
As the United States experiences a coin shortage due to the pandemic, some brick-and-mortar retailers are forcing consumers to tell cashiers to “keep the change.”. Kroger is the largest chain so far to do so, temporarily refusing to give coins out as change. Customers can either round up their bills to the nearest dollar and give the excess to charity or get their change stored on loyalty cards. “The Federal Reserve is experiencing a significant coin shortage that is impacting our store op
Transit system operators were already thinking about making at least a partial switch to contactless payments long before a global pandemic disrupted any and every element of how people moved between Point A and Point B. Mary Kay Bowman , Visa ’s head of seller solutions, told Karen Webster in a recent conversation that some operators had contactless payments already partially available in segments of the public transportation system, while others had it earmarked for a project several years in
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
A $20 billion federal initiative to provide emergency funding to small businesses is out of cash. The U.S. Small Business Administration (SBA) announced in a press release the end of the Economic Injury Disaster Loan (EIDL) Advance program. The EIDL was crafted to provide economic relief from $1,000 to $10,000 to businesses and nonprofits that experienced a temporary loss of revenue during the pandemic.
Before the pandemic hit, the global freelancing economy was expected to experience significant proliferation. Today, while shutdowns have led many businesses to temporarily halt non-essential spending, many in the market actually expect the expansion of the freelancing community to accelerate as a result of market volatility. One factor behind that thinking is certainly the sudden jolt of job losses, guiding many professionals once reliant on hourly or salaried employment to step into the world
In 1946, the then-61 members of the World Health Organization (WHO) saw the need for a consistent yet comprehensive definition of “health.” They felt strongly that any definition had to acknowledge that a person’s good health was more than not being sick or disabled, but instead should reflect “a state of complete physical, mental and social well-being.
American Express has launched a new automated accounts payable solution, American Express One AP, to help businesses digitize B2B payment processing, according to a press release. The service, built with the technology American Express acquired with its purchase of acompay in 2019, will aim to help businesses process supplier payments in a more efficient, modern digital way, working seamlessly with the systems they already have in place, according to the release.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
There’s an old saying that sunlight is the best disinfectant. Shedding some light on just what the bad guys want — and why and how they are angling to get it — means that the financial services ecosystem can effectively head them off at the pass. Mari Anne Bayliss , senior director of solution management at CyberSource , told Karen Webster that simply relying on machine learning as a weapon against fraud is not enough — not in an age where managing fraud risk during the great digital shift
Apple Card — the iPhone-based credit product launched last summer by Goldman Sachs , Apple and Mastercard — is expected to be a hot topic on Goldman’s earnings call Wednesday (July 15). A look at recent activity around the card shows a good deal of innovation and a fair amount of concern over rejection rates for both the card and its mobile wallet cousin, Apple Pay.
Migrating to the cloud is an imperative part of traditional financial institutions’ (FIs’) ability to compete with digital-native FinTechs. The technology lays the foundation for modern, agile products and services, with enough flexibility to evolve as market conditions and customer demands change. Yet the transformation is a lofty — and certainly intimidating — initiative for banks.
“As consumer and business digital adoption has catapulted over the last 12 weeks, when it comes to payments, there are certain status quos we will no longer accept.”. Modernizing payments is work that never ends, but the end game is a world of connected commerce and consumer preference. “For disbursements specifically, the opportunity is also for a more modern solution,” said Drew Edwards , CEO at Ingo Money.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
“Careem” is an Arabic word meaning, in part, “noble, admirable and praiseworthy.”. In the case of Dubai-based ride-hailing and delivery platform Careem and its efforts to modernize payments in the Middle East North Africa (MENA) region, add “timely” to the list. The platform’s deal with Visa to bring enhanced payments together with financial management tools in-app for consumers and Careem Captains — the gig workers who comprise its indie workforce — is another win, after being acquired by Uber
“Sustained business success is dependent on business readiness to adapt to the changes in the market conditions, including the evolving needs of customers.”. Most people are utterly stunned and surprised by sudden disruptions like COVID-19. Others know that pandemics and crises come and go. The most resilient companies are always future-proofing. “If nothing else, this crisis reinforces that the future is and always will be uncertain,” said Amir Wain , founder and CEO of i2c.
The pandemic has presented financial challenges for consumers and businesses alike. It has revealed at the same time the value of the subscription model in a whole new light by allowing consumers to get steady supplies of their favorite goods and services direct to their homes without braving store aisles only to find limited inventory. Certain segments of the market have surged, with millions of new subscribers for movie and TV streaming platforms, meal kits and other product boxes.
“Just as changing consumer behaviors are accelerating the adoption of digital commerce, they are also creating a greater demand for digital payout methods.”. Money movement has gone further, faster in the past four months than in as many years. That’s progress — and not a moment too soon. “The digital disbursement of funds enables businesses to move money with the same flexibility, convenience and positive experiences created by digital commerce — while enabling contactless interactions and inst
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
European FinTech Revolut, which recently debuted in the U.S. with an app and debit card, is expanding its range of services into the realm of cryptocurrency trading with a big assist from Paxos. In a Wednesday (July 15) press release, Paxos Trust Co. said Revolut is its first customer for its new product, the Paxos Crypto Brokerage. According to New York-based Paxos, the API-based solution is designed to enable companies to “integrate cryptocurrency buying, selling, holding and sending capabilit
One of the unnamed jailed executives in the Wirecard scandal has reportedly admitted guilt to the multi-billion-dollar fraud and money laundering case, according to Reuters. The executive was the CEO of CardSystems Middle East, the largest unit under Wirecard’s command. Nicolas Fruehsorger, a defense lawyer for the executive, said his client “has voluntarily given himself up for the proceedings and — in contrast to others — takes individual responsibility,” according to Reuters.
Visa , in response to the rising demand for safer ways to travel, has expanded its partnership with Cubic Transportation Systems to offer contactless payments for public transportation services in over 500 cities, according to a press release. Visa and Cubic have already launched contactless systems in cities around the world, including London, Miami, New York, Sydney and Vancouver.
If the U.S. is serious about fixing the cost of healthcare , then it’s time to focus on one of the root causes of its spiraling costs: the roughly 20 percent of U.S. patients who have chronic conditions drive about 85 percent of America’s total annual medical spend. So says Tim Barry , co-founder and CEO of VillageMD , which through its subsidiary, Village Medical, provides value-based primary care services by 2,800 physicians in 9 states including New Hampshire, Texas, Florida and Illinois.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
FinTech funding had already seen a dip in Q1 this year, but the pandemic may be further suppressing investor appetite. A new report provided by Buy Shares found global FinTech funding was less than $4 billion during Q2, compared to about $5.8 billion raised in the Q1, according to Forrester. Several B2B FinTechs topped the list in Q2, however, including commercial card startup Brex, which raised $150 million, as well as global business account service provider Airwallex with $160 million and sma
“Digital transformation is inevitable, and the companies that can protect the entire customer journey while delivering exceptional experiences will have the advantage.”. As transaction volumes soared and millions were onboarded remotely during the lockdowns, cybercriminals had a field day. And they still are having one. Financial institutions and merchants that are hypervigilant with security will be rewarded with loyalty.
The greatest health crisis in a generation is poised to accelerate innovation at the intersection of healthcare , technology and payments as never before. From telehealth to new financing options for patient treatments to big retailers like Walmart , Walgreens and CVS mashing up retail with healthcare, everyone from startups to incumbents are using the pandemic as an opportunity to disrupt — and reinvent — healthcare.
Two Nigerian scammers known for allegedly defrauding American companies for tens of millions of dollars that they transferred into bitcoin were extradited to the U.S. from Dubai, Cointelegraph reported. The suspects were Olalekan Jacob Ponle, who used the alias “Mr. Woodbery,” and “Mark Kain,” and Ramon Olorunwa Abbas, who called himself “Ray Hushpuppi” and “Hush.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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