5 Project Accounting Best Practices: Keep The Numbers Clean

By: Corey Philip | Updated: January 6, 2023

Managing a project can be a very stressful activity. Your responsibility is to complete the project of the desired quality to the client's satisfaction timeously. On top of this, you must ensure that the project is completed within budget. The purpose of any project is to make a profit, after all. You might wonder if there are any best practices to follow to keep the numbers clean.There are five project accounting best practices that, when implemented, would assist the project management team in keeping the numbers clean. These best practices include compiling a realistic budget,

5 Bank Reconciliation Best Practices that will Make the Process Less Tedious

By: Corey Philip | Updated: December 4, 2022

Bank reconciliation is a critical internal tool to detect and prevent fraudulent activities. Most companies globally use bank reconciliation to identify any banking or accounting errors. It explains the differences between the bank balance position and internal accounting cash balance records. Despite the process being tedious traditionally, modern technology has disrupted the industry.Bank reconciliation is not tedious if the correct systems are implemented and followed. The best bank reconciliation practices include maintaining all documents and records, performing triple reconciliations, analyzing the bank statements monthly, and identifying discrepancies.It is essential for all companies globally to perform

5 Accounting Control Best Practices: Don’t Let Money Walk Away

By: Corey Philip | Updated: November 21, 2022

Running a business can be tricky and stressful. A business manager focuses on meeting sales targets and keeping costs as low as possible to ensure that the business remains profitable. Many feel it is almost impossible to keep track of the money in the company. But, adequate financial controls are vital to ensure business profitability, and profitability is essential to ensuring the sustainability of the business. Whatever the size of the company and its turnover, no business can afford to lose track of its money. So, what are the best practices for accounting control they

Accurate & Routine: 7 Payroll Processing Best Practices

By: Corey Philip | Updated: November 20, 2022

Payroll processing is one of the most critical aspects of the global accounting and business fields. It's also something that has to be done tediously every week and with accuracy as your employee's lives depend on it. The main purpose of payroll processing is to fairly and accurately compensate all employees for their work. There are various ways to accurately and routinely process monthly payrolls; however, which procedure would be best for your business? To ensure accuracy and reliability during monthly payrolls, you should track deadlines, create written policies, maintain records, enhance time and

5 Things a Fractional CFO Should Do to Add Value to Your Business

By: Corey Philip | Updated: November 20, 2022

Does your business require the financial expertise of a CFO but cannot afford to appoint one full-time? You may have the vision to grow your business or restructure. This is where a Fractional CFO would help. Fractional CFOs are experienced CFOs who offer their services part-time or on contract to companies that need it. But what should they do to add value to your business? There are five services that a Fractional CFO should provide to your business to add value. These five services include strategic financial planning, budgeting and forecasting, obtaining funding, optimizing business

5 Small Business Accounting Best Practices to Keep the Books Tidy

By: Corey Philip | Updated: November 13, 2022

I can't tell you how many hours I've spent with an accountant at year end looking at the records and thinking "damn, how did I get into this mess". The reality is that while operating a growing business and dealing with the headaches of such (like your 3 employees that decided they needed a day off in the middle of the week), sorting out transactions is just a low priority. BUT as it did, in my case, it all catches up to you in the end! Paying a CPA hourly to sit with you and

Best Project Accounting Practices to Stay on Budget

By: Corey Philip | Updated: November 13, 2022

Being a project manager can be very stressful. You must ensure that the project is completed without unnecessary delays, which could be stressful enough. However, sticking to the budget adds to the project manager's worries. So project managers often want to know what the project accounting best practices are to help them stay on budget. There are several best practices in project accounting, but implementing just five of them would help your project stay on budget. These include budgeting, using a Project Accountant and Project Accounting software, identifying critical areas to focus on, and regular reviews