Small Business Shared Interest Group

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Small Business Needs

  • 1.  Small Business Needs

    Posted 07-01-2024 02:26 PM

    Management accounts are vital for small businesses, providing valuable insights that result in better decisions that create new sources of sustainable growth. Financial reporting, improving cash flow, and complying with regulations are crucial for small business owners and their employees.

    With this Small Business SIG, let's share effective accounting practices, discover cost-saving opportunities, and assist with sustainability ideas.  We can learn from each other, even if we are working in another industry.  We can create a path on how to set attainable goals and performance benchmarks.

    This will help to empower small businesses we work with, introducing our recommendations, so that we may act on opportunities to expand, respond to market changes, and use our abilities and skills to overcome uncertainties with confidence.

    Small businesses need new core accounting systems that are driven by accountants (not software companies), because we need to provide to stakeholders, relevant and useful information that can be quickly verified and effectively put into place.  May we take the great things that we utilize in our current situation and together develop newer, better designed small business accounting systems for the future?



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    Mark Freudenberg CMA, CSCA, CPA, CGMA
    Controller
    Dublin OH
    United States
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  • 2.  RE: Small Business Needs

    Posted 07-01-2024 02:42 PM

    Thank you for your post @Mark Freudenberg

    Let's begin collaborating!

    #SmallBusiness



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    Ilya Ilienko CMA, CPA
    Director/Manager
    Florence SC
    United States
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  • 3.  RE: Small Business Needs

    Posted 07-01-2024 03:38 PM

    Well said, Mark.  Thank you for posting, we look forward to working with you to attain these goals!



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    Amanda Bernard CMA,CPA,CFE
    Director/Manager
    Douglassville PA
    United States
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  • 4.  RE: Small Business Needs

    Posted 07-01-2024 04:50 PM

    Great post, Mark. 
    We hear a lot about talent shortages in accounting and financing creating constraints and risks for companies of all sizes, and I would think this issue impacts small businesses in a meaningful way. It would be helpful to understand how SB are managing through these challenges. What tactics are working well? 



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    Michael DePrisco
    Executive Officer
    West Chester PA
    United States
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  • 5.  RE: Small Business Needs

    Posted 07-02-2024 01:21 AM

    Wonderful insights Mark.

    We are in an era where the abundance of ideas can pose a challenge in determining which ones are best suited for small businesses. As you mentioned, it is crucial to have a productive discussion about the accounting systems needed by small businesses for a better future.  



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    Chandrakanth Ananda CMA
    Accountant
    Doha
    Qatar
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  • 6.  RE: Small Business Needs

    Posted 07-02-2024 07:08 AM

    Chandrakanth, we are testing Microsoft's co-pilot as a tool to help us with numerous tasks with our organization. I anticipate that we will glean a number of use cases that we can share. Are you using any systems currently that you find helpful? 



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    Michael DePrisco
    Executive Officer
    West Chester PA
    United States
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  • 7.  RE: Small Business Needs

    Posted 07-02-2024 09:38 AM

    Michael, it's fantastic to utilize the latest technologies, especially GPT models. We've tested some for our reporting with clients, but only to a limited extent due to concerns about data privacy. I'm eager to learn about your use cases to see how we might also implement them.



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    Chandrakanth Ananda, CMA
    Senior Accountant
    JTC
    Doha
    Qatar
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  • 8.  RE: Small Business Needs

    Posted 07-02-2024 11:00 AM

    My experience with small businesses has been that the current "Controller" is really just an accounting novice.  Additionally, that person also handles several other job duties (HR, for example).  Fractional CFOs (disclaimer: that's what I do) fill this "gap".  Once a business surpasses approx $15m annual revenue, they definitely should have a full time CFO on staff.  Until then, they only pay for the time they use with a fractional.

    Of course, it doesn't end there.  My firm and I specialize in Exit Planning. It's a terrible phrase, imho.  What it really means is to collaborate with the legal and wealth pieces of the puzzle for the business owners.  They are busy doing [whatever they got into business for in the first place].

    Their circle of trusted confidants is small.  We can help.



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    Jason Sellnow CMA, CSCA
    Chief Executive Officer
    Hartford WI
    United States
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  • 9.  RE: Small Business Needs

    Posted 07-02-2024 12:03 PM

    Thanks Mark

    Today, many tools facilitate management reporting by integrating dashboards with accounting systems to provide up-to-date results. However, the challenge lies in complying with government rules and regulations. Each government has its own taxation and reporting requirements.

    i would like to buy a friendly accounting tools that combine payroll, book keeping accounting, invoicing, if any recommendation i will be glad



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    Karine Kamareddine CMA
    CFO
    Bluering SAL
    Beirut
    Lebanon
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  • 10.  RE: Small Business Needs

    Posted 07-03-2024 01:41 PM

    There is a saying that comes to my mind when seeing your request for an all-in-one package. "Jack of All Trades, Master of None." I have found that when a software tries to do everything, it provides mediocre service overall or the cost is too much for most of my clients. I look for the best value for my clients when recommending software. I would rather have 2 or 3 Masters at a slightly higher price while providing greater value in terms of less time spent overall when doing tasks.



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    David Belnap, CMA, CSCA, CPA
    Belnap Accounting
    Hollywood FL
    United States
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  • 11.  RE: Small Business Needs

    Posted 07-03-2024 02:17 PM
    QuickBooks online if its a simple enough and straightforward business. 
    For example if you are doing volume selling online everywhere and revenue allowed it, then you may need Avalara for tax compliance for example, but, like David said "Jack of All Trades, Master of None."
    Avalara is a Master at tax, but tax mostly. SalesForce can help. They are all on the expensive side and are more tailored toward robust transaction making operations.
    QB is simple for a simple business.
    I was a lead for ERP system implementations - Sage Intacct, QB online enterprise desktop, CRM systems Zoho, and I oversaw integrations between platforms such as Bill.com for paying bills and Sage.
    Happy to give you feedback if you have concrete Qs.

    Great convo you guys!
    ilya ilienko, CMA, CPA





  • 12.  RE: Small Business Needs

    Posted 07-03-2024 02:24 PM

    QuickBooks is good for the price.

    I preferred Peachtree, but that has been bought out by Sage.

    Sage is a bit more robust on the accounting side - it handles project cost accounting better than QBs in my opinion.

    I prefer my payroll outside of the system (ie, Paychex, ADP, Inova, Patriot, etc); QBs doesn't import the entries very well...(I've never figured out how to do it.  Supposedly, it is possible - I've never had the time to figure it out)



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    Jason Sellnow CMA, CSCA
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  • 13.  RE: Small Business Needs

    Posted 07-03-2024 02:35 PM

    Yes, Jason I like the way you think. Yes for ADP for example externally or Paychex, yes.

    It really depends on the operation of the person who asked the Q. If its simple enough, for example few employees, basic business, then a system like QB can suffice, even with payroll - just not that much hassle.

    But, like Jason said, otherwise maybe an add-on could be useful.



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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  • 14.  RE: Small Business Needs

    Posted 07-03-2024 02:49 PM

    That's because some payroll companies make it easy and some don't. It all depends on how much they have invested into the API to transfer data to the appropriate accounting software. Integrating technology and accounting is what I do best so I can help with this if anyone needs it.



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    David Belnap, CMA, CSCA, CPA
    Belnap Accounting
    Hollywood FL
    United States
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  • 15.  RE: Small Business Needs

    Posted 07-03-2024 04:08 PM
    It does sound David like we understand each other here . . . I like your rationale 
    I am sure integrations will come into discussions on these forums shortly





  • 16.  RE: Small Business Needs

    Posted 07-06-2024 07:34 AM

    hello thank you

    do you have a contact for Peachtree? i was contacted by odoo, do you have any idea about this software?



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    Karine Kamareddine CMA
    CFO
    Bluering SAL
    Beirut
    Lebanon
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  • 17.  RE: Small Business Needs

    Posted 08-27-2024 03:35 PM

    @Mark Freudenberg, you’ve highlighted the importance for small businesses, and it's clear that custom accounting practices can lead to significant growth and efficiency - at least per this thread. πŸ’‘πŸ“ˆ YEY!!!!

    @Michael DePrisco, you raised a great point about talent shortages in the accounting field. How are small businesses adapting to these constraints, and what innovative strategies are proving effective? πŸ€”βœ¨

    @Chandrakanth Ananda, I agree that navigating through a plethora of ideas can be overwhelming. Could we consider developing a more streamlined approach to integrating these ideas into workable efficient accounting systems? πŸ› οΈπŸš€

    @Jason Sellnow, the role of fractional CFOs is indeed transformative for small businesses. What are some key considerations for businesses deciding between a fractional CFO and a full-time CFO? πŸ€“πŸ’Ό

    @Karine Kamareddine, integrating tools can simplify management reporting, but regulatory compliance remains a challenge. What are your top recommends for user-friendly accounting tools that handle both compliance / accuracy and day-to-day operations / smoothness effectively? πŸŒπŸ“Š

    @David Belnap, your point about the "Jack of All Trades, Master of None" is spot on. How can businesses find the right balance between comprehensive solutions and specialized tools? πŸ› οΈβš–οΈ

    @Amanda Bernard thank you for promoting convos, Championing and Leading and Chairing our Small Bus SIG!    

    Looking forward to diving deeper into these topics and exploring how we can leverage new technologies, like ( @Ahmad JumahAI, to enhance our accounting practices and support small business growth. πŸš€πŸ’‘

    #SmallBusiness #Accounting #FinancialManagement #AI #TechInnovation #BusinessGrowth #Compliance #FractionsCFO #AccountingTools



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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