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Critical Chart of Accounts Best Practices

Although some accounting gurus jump at the chance to improve their existing Chart of Accounts, others don’t even know how to start. Whether you’ve been down this road before or you’re a total novice, the task takes time, effort and intelligent planning. Here’s everything you need to know to engineer a chart of accounts that scales with your organization and helps you succeed. What makes an impactful COA? Organizational leaders, procurement managers and accountants have different definitions of best practices. Most agree, however, that augmenting standard accounting principles with enterprise-specific items is key. Try to establish parity between your chart […]

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What is Account Based Selling and How It Can Help Your Sales Team

Account based selling is nothing new. We practically saw it every week back when the series “Mad Men” ran. Remember how ‘cool’ it was for Don Draper to get personal and talk his way into big deals? That’s at the core of account based selling (ABS): it’s personal, focused and multi-touch. It can also lead to bigger revenues. In fact, according to Sales Hacker, account based selling can generate higher win rates and bigger deals within shorter sales cycle, as well as improve sales productivity and team efficiency. There is renewed interest in ABS in recent years. In 2016, it […]

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Saving Money and Preventing Fraud with 3-Way Matching

How to Use 3-Way Matching If you run a business or work in accounts payable, keeping accurate records is vital if you don’t want to lose money. No matter how hard you try, remembering each purchase that you make and the items that you have received won’t always be easy, and you can make costly mistakes when you least expect it. You could pay for one order twice, pay for items that you did not buy or lose money to fraud. If you want to avoid those traps and safeguard your finances, it’s time to review the benefits of 3-way […]

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Five Benefits of Purchase Orders

If you run a small business and want to improve your productivity, it’s time to consider the benefits of purchase orders. In the past, you had to put in a lot of time and effort to craft purchase orders, which turned a lot of people away from the concept. But with the latest advances in technology, you can use software to automatically generate and store purchase orders, saving you a lot of time and energy. 1. Efficient Operations Unless you use purchase orders to track the items that you want to buy, ensuring that you have received your items will […]

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Top 7 Things to Consider When Choosing a Cloud-based Purchase Order Solution

As companies of all sizes have begun embracing cloud technology, the number of enterprise cloud-based services has grown exponentially. Such services provide an immense variety of options for IT control and support, which can make the cloud marketplace seem intimidating to newcomers. With new software and platforms popping up every day, how are business leaders to know if they are choosing a reliable cloud-based purchase order solution? Obviously, there’s no one-size-fits all solution; that’s why there are so many options. Business leaders must look inwardly to determine which cloud-based purchase order solution would be the best fit for their IT […]

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Digital Purchase Order Integration with Intuit QuickBooks

Digital Purchase Order (DPO) is pleased to announce the QuickBooks Purchase Order Integration with QuickBooks Online. The new integration enables our clients to save time and reduce repetitive data entry through a seamless process. Digital Purchase Order previously offered a default CSV report with the option to download all data from DPO. This included the PO book name, departments, purchase order ID’s, the PO line items, and time stamps for purchase order requests, approvals, or amendments. Additionally, this DPO export included supplier data and information about received invoices. Recently, DPO added a budget control feature, which is also part of the […]

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Five Benefits of Cloud Accounting

The Cloud is one of the most innovative breakthroughs in computing technology. By using remote servers, people can use Cloud computing to store and access data via the Internet. This has many applications for general file-sharing, but the Cloud is revolutionizing the practice of accounting. Cloud accounting offers many benefits to businesspersons and finance professionals who rely on the accuracy and timely updates. Remote Access Cloud accounting grants people the ability to access records from any location with an Internet connection. Data is stored on the accounting service’s off-site Cloud server, so users simply need to request their files with […]

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Self Purchase Order Facts

Self Purchase Orders are generated when someone other than the responsible party for purchasing through a company creates a Purchase Order. This usually happens when an employee requires some sort of product for his or her own needs, and instead of going through the proper purchasing channels, they create their own Purchase Order. Most companies that allow their employees to create Self Purchase Orders require very little in the way of approval metrics. Generally, the immediate superior of an employee will be able to issue approval for a Self Purchase Order. After the employee is given approval, the employee personally […]

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Three Important Answers About PO Documents

When someone is planning to purchase products or services, they will often use a PO document to make their intentions known. This document is sent from the intended buyer to the one with the item for sale. While PO documents are a fantastic and important part of business life, some people doubt their usefulness. Listed below are three questions and answers about using a PO document. 1. Is the Document Necessary or Simply the PO Number? Frequently, buyers will only provide the seller with a PO number. While this is often enough, providing the entire PO document is best. As […]

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Purchase Order Financing: How Does It Work And Who Benefits From It?

Invoice factoring is provided for companies that provide services or products for customers and have a need for added cash flow. Purchase Order Financing is provided to eligible customers who meet a certain set of criteria. The factoring process accelerates the accounts receivable process, so that companies have immediate access to the necessary funding. Loan terms are developed according to projected cash receipts. Companies with a profit margin of at least 25 percent benefit from Purchase Order Financing. Why would a company benefit from purchase order financing? Purchase order financing contracts are available for companies that want to increase their […]

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