Top Technology for Small Business Accounting

The great thing about modern technology for small business accounting is that there are so many options. But the bad thing about technology for small business accounting is that there

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How to Create a Chart of Accounts For Your Professional Service Firm

A Professional Services (PS) firm’s chart of accounts is more than a bookkeeping tool. It’s a resource. It provides a top-down view of financial performance. Where should professional service firms

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Bookkeeping Service Fees: Should You Pay $250 Per Month?

Remote bookkeeping is in the midst of a boom. In a bad way. It seems like new providers pop up every week. They have rock-bottom bookkeeping service fees and make

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How to Increase Contribution Margin: A Small Business Owner’s Guide

In part 2 of our series on contribution margin, we’ll be looking at how business owners can increase contribution margin percentages by using three key inputs: Price Cost of Goods

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How to Calculate Contribution Margin: A Small Business Owner’s Guide

Do you know how to calculate contribution margin? Are you currently tracking this crucial business metric? Your company’s contribution margin is a simple calculation of how profitable a product or

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The Power of the Labor Value Multiple as a Performance Metric

Of all the metrics governing financial performance, we need to put a spotlight on one in particular: your Labor Value Multiple (LVM), sometimes also referred to as the labor efficiency

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How to Manage Overhead Cost Before It Gets Up to Your Neck

As a metric, overhead refers to any costs that aren’t directly needed to service a client. Employee utilization and pricing are directly tied to overhead cost. Essential and Nonessential Overhead

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The Impact of Customer Acquisition Cost on Profitability

One constant in running a professional services organization is the constant need to acquire new business. Whether a professional services firm’s revenue is project-based, recurring monthly, or something in-between, the

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The Emperor’s New Clothes: A Tale of AI for Bookkeeping and Accounting

What’s with all this talk of Artificial Intelligence (AI) in Bookkeeping and Accounting? For the most part it is just that – talk. AI, machine learning, bots and automation are

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How Pricing Might Be at the Root of Your Financial Challenges

Does your firm have an efficient pricing model? Are the full spectrum of industry conditions being assessed in your firm’s pricing calculations? And is each team member’s talent being fully

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