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Building Blocks of Modern Accounting: Internal Auditing and Artificial Intelligence

Transactions are the most vital part of every business, it is the focal point of every communication whether it is concerning business to customer exchange or business to business trade. Trades mean investments, and investments mean business decisions. In corporate relations, business leaders want assurance that a transaction is cross-checked, well accounted, and original. This may mean handling unique personal details such as financial information, proof of purchases, legal documents and the like, which only happens following a business presentation that has communicated trustworthiness during the process. In a traditional workflow of exchange, transaction happens only after trust building which includes exchanging significant documents that assure both parties of its entire uniqueness. However, in this generation of continuously developing technology, how can assurance be digitized? Nowadays, we call it the “blockchain”.

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The Benefits of OCR Technology in Finance and Accounting

The world has already embraced the benefits of digitized processes and products. Smartphones are most individuals’ tools for everything from grabbing a ride, paying bills, sending work documents, to daily communication. Government offices schedule appointments and have applications done on their websites.

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Understanding Non-GAAP Accounting

A company owned by more than one person whether a publicly traded company or a privately held company, a business looking for funding or even a charitable organization are all required to report quarterly or annual financial statements that accurately represent their performance.

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5 Ways to Manage Your Accounts Receivable More Efficiently | Infinit Accounting

Managing the accounts receivable is extremely crucial for any business, as day-to-day operations greatly depend on it. It’s where you have to draw money to pay your employees, finance your company’s daily expenses, and grow the business, which is why payments must be collected on a timely basis.

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4 Benefits of Outsourcing Mortgage Processing You May Not Know About | Infinit Accounting

The mortgage industry has seen a lot of changes brought about by the biggest economic downturn in recent years. Mortgage companies are now facing tougher challenges related to price wars, new CFBP regulations that are adding penalty risks for non-compliance as well as increase in loan demand.

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Leveraging the Benefits of Outsourcing Accounts Payable For Businesses

The AP function is the most frequently outsourced process in the finance and accounting departments of organizations. While it is an essential part of operations, it is a non-core business activity that requires extensive and expensive work. This is why outsourcing this part of an organization’s operations will be not only a tactical move but a strategic one.

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5 Ways Customer Service Training Can Help the Finance and Accounting Team | Infinit Accounting

The finance and accounting department typically focus on getting the numbers right, often at the expense of soft skills training. This is understandable, since properly crunching numbers is, of course, their utmost priority. These math professionals are hired because of their specialized skills and in return, receive commendations for their ability to fill out the books in an efficient manner, since nobody would want ledger books riddled with mistakes and careless oversights.

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10 Invoicing and Accounting Tools for Businesses - Infinit Accounting

Businesses usually fail not because the business wasn’t making any profit but because of poor accounting. Accounting should be a business priority, from the small, repetitive tasks such as invoicing and bookkeeping to balancing books. It doesn’t necessarily mean that one needs to invest a big amount of money towards accounting, especially since it’s not part of one’s core business. That’s the reason why most small to mid-sized businesses, especially startups, choose to do accounting outsourcing. Even if you decide to outsource your accounting needs, you still need to find a tool that fits your business’ accounting and invoicing needs.

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Explained: Management Accounting VS Financial Accounting

Accounting is an essential tool for any business. However, one must differentiate between financial and managerial accounting because they provide different types of information and serve different objectives. Below are the 5 ways that show how different they are.

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Difference Between Accounts Payable and Accounts Receivable - Infinit Accounting

When one thinks of how successful or unsuccessful a business is doing, it's natural to lean towards the strategic elements of an organization that ensure profits come in: investments, funding decisions and risk management. While these elements are important, the success of a business, especially how it runs its day to day operations, is highly dependent on the effective management of operational cash (or commonly called cash flow or cash on hand). This comes in the form of accounts payable (A/P) and accounts receivable (A/R).

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