Management InSites

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  • Best Practices for Tax Preparation

    Accurate tax reporting is a key component to the health and well-being of any company. While the accountants and bookkeepers in your company may not actually process your company tax returns, they still have an essential job in the tax preparation process.

    October 5, 2020
  • Order Entry – It’s All in the Details

    When processing a high volume of customer orders, it is not uncommon to go on autopilot. But autopilot is the exact opposite of what is needed when it comes to delivering a high-quality service to your client.

    September 23, 2020
  • Are You Using American Measurements in Your Literature?

    As you work to set up your U.S. subsidiary, don’t forget to take a look at your marketing materials and ensure they will engage your potential customers. It can be easy to forget how essential appropriate brochures and other collateral can be for your U.S. market entry success.

    September 14, 2020
  • International Business Travel in the Time of COVID

    While the pandemic is far from over, the world has had to learn to proceed with business in this new state of normal. That has meant increasing precautions, sanitizing more, social distancing, working remotely, and managing new restrictions put in place by authorities.

    September 3, 2020
How can we help you?
Contact us or submit a business inquiry online.

Basic Best Practices for Accounting and Bookkeeping

When it comes to accounting and bookkeeping, there isn’t much room for error. Keeping sloppy books is not only bad business, but it can also be expensive in the event of an audit. There are some missteps, though, of which even a good bookkeeper can be guilty. Here are some to keep in mind when reviewing your accounting practices:

Source documents

Paperwork, such as purchase orders, invoices, remittance details, shipping documentation, bills of lading, and proof of delivery are vital to keep filed. These items prove that the transaction occurred, that you and your vendor have agreed on terms, and they also protect you in case of a dispute. If a problem arises, you can always go back to the source documents for backup. While it might be tedious to get source documents from everyone involved, the effort is well worth it. This small step can keep things flowing smoothly.

Your chart of accounts is important

When entering information into your software, make sure you’re coding your transactions correctly. This is essential because it ties back to your tax return and how your expenses are handled. This detail will determine what you may be able to write off down the line.

Monthly reconciliation

In order to catch common mistakes, a monthly reconciliation is extremely important. This will account for unrecorded transactions and will catch errors. Do it monthly so the errors don’t snowball. This is especially vital for accurate cash flow.

Read more
  • Best Practices for Tax Preparation

    Accurate tax reporting is a key component to the health and well-being of any company. While the accountants and bookkeepers in your company may not actually process your company tax returns, they still have an essential job in the tax preparation process.

    October 5, 2020
  • Order Entry – It’s All in the Details

    When processing a high volume of customer orders, it is not uncommon to go on autopilot. But autopilot is the exact opposite of what is needed when it comes to delivering a high-quality service to your client.

    September 23, 2020
  • Are You Using American Measurements in Your Literature?

    As you work to set up your U.S. subsidiary, don’t forget to take a look at your marketing materials and ensure they will engage your potential customers. It can be easy to forget how essential appropriate brochures and other collateral can be for your U.S. market entry success.

    September 14, 2020
  • International Business Travel in the Time of COVID

    While the pandemic is far from over, the world has had to learn to proceed with business in this new state of normal. That has meant increasing precautions, sanitizing more, social distancing, working remotely, and managing new restrictions put in place by authorities.

    September 3, 2020
How can we help you?
Contact us or submit a business inquiry online.

Basic Best Practices for Accounting and Bookkeeping

In our previous post on the topic, we covered some important things to remember when setting up your company in the U.S. market. Beyond operations, sales, and marketing, a manager would be remiss not to focus on how cultural differences might impact the success of a subsidiary.

The U.S. is not homogenous

Unlike several other countries, the U.S. is vast – and not just in its size. Americans tend to break up the country into its East and West coasts, and the Midwest. But there are even more segments, like the South, Pacific Northwest, the Northeast, Florida, and Texas – all of which differ greatly from each other. There are several big cities, countless medium-sized markets, and even more rural or suburban areas. Interacting with people living in big cities will differ greatly from interacting with people in smaller towns. While it would be unwise to generalize, it is best to understand the culture of the part of the U.S. in which you are doing business before having expectations.

Patience is not always a strength among Americans

When in negotiations or conducting business, Americans tend to want to just get the deal done. While many other cultures take their time, get to know everyone involved, and move along at a comfortable pace, those in the U.S. do not always see a need to drag things out. Get ready for what looks like impatience, when in reality it is just a desire to be efficient and effective.

Don’t plan on in-person meetings 

At least not all the time. The tendency for Europeans and Asians to conduct most business in person is not the same in the U.S. Phone calls, emails, and now even video conference calls are the norm. Businesspeople like to work efficiently, and don’t gather in person unless it is necessary. First meetings, larger negotiations, and important topics are generally discussed in-person. Otherwise, don’t be offended or surprised if many of your interactions are taking place remotely.

Open-minded over traditions

A positive aspect of Americans in general is their ability to have an open mind. Many other cultures rely heavily on traditions, and act in certain ways because history dictates that they should. That is not the case in the U.S. Americans tend to welcome new ideas and concepts perhaps more freely than their foreign counterparts.

That being said, Europeans tend to rely on strongly forged bonds in which trust is paramount. Loyalty is key. Americans tend to be looser and more pragmatic when it comes to doing business. They don’t necessarily need to have known someone for years to begin working with them. At the end of the day, it’s about getting the deal done.