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Tell us if this doesn’t feel familiar…. Frequently, it feels as though everyone in their field of profession is berating you for doing something the “wrong way”. The “wrong way” – according to them. You’re “wrong” because you don’t utilize a specific type of accounting software, you’re “wrong” because you do your own bookeeping, etc....

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To a certain extent, you understand that maintaining accuracy with your businesses finances is important. Working alongside businesses and their financials for over twenty years, our MCDA CCG team have witnessed how a single, slight rounding error can ensue internal chaos. These small mistakes can result in devastating consequences, such as job loss, stakeholder penalization,...

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There are two options when purchasing assets with a useful life of greater than one year. 1) Expense 2) Capitalize Capitalized assets are referred to as fixed assets and represent tangible property and equipment with a useful life of more than a year (except collection items and assets held for investment purposes) that meet or...

While strong, dependable financial practices remain a predominant key to the current and future success of your business, too many businesses fail to implement them. Despite recognizing that poor and inconsistent financial management excels in causing weak business performance and growth, most business owners still fail to carry out the necessary financial tasks to keep...

Constantly evolving with the change of company processes, your chart of accounts should be reviewed on an annual basis. Having an organized chart of accounts provides an accurate snapshot of how your business is spending and receiving money. While reviewing, it is crucial to find the balance between having enough accounts that your financials are...