As we all know, two things are certain in life, death and taxes. I personally enjoy doing my taxes but like everyone else I don’t enjoy paying them. In business, it is critical that you know all the deductions that are available to you when it comes to keeping your bottom line healthy and yourContinue reading “Top 10 Business Tax Shelters You Should Know”
Category Archives: General Accounting
Lean Wednesday Tip: Accounts Payable Performance
“By encouraging your A/P team to report and make critical department KPI metrics visual, such as, process cycle time, activity lead times, and cost per invoice with industry and competitor comparisons you realize the opportunity to reduce costs, increase productivity and streamline processes.”
How to stop Freight Charges from eating away at profits
The shipping and delivery cycle time race amongst valuable brands like Amazon and Walmart is a fierce one. Many parcel companies like UPS and FedEx may offer discounted rates for delivering on time but the real question is, “Are they actually delivering on time?” By implementing effective visual internal controls, your company’s accounts payable teamContinue reading “How to stop Freight Charges from eating away at profits”
Lean Wednesday Tip
“To run an efficient accounting department opt for a chart of accounts with less than 180 accounts for improved productivity and financial planning.”
Reduce A/P and A/R Errors with Standardized Work
Per my previous article, “Taking a Visual Management Approach to Accounts Payable”, I touched upon a Lean Six Sigma technique, called, Standardized Work. “Standardized work is often referred as standard operating procedures to refer to the activities that must happen in order to complete a process. Essentially, everyone doing the job does it exactly theContinue reading “Reduce A/P and A/R Errors with Standardized Work”
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