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The Eisenhower Matrix: Enhancing Productivity
The Eisenhower Box is an effective decision-making tool that helps prioritise tasks based on their urgency and importance. The matrix is comprised of four quadrants: Urgent and Important (Do first): Tasks that necessitate prompt attention and carry substantial consequences if not addressed in a timely manner. Important, but Not Urgent (Schedule): Tasks that are important but do…
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3M: Muda, Mura , Muri in Bookkeeping and Accounting
Muda – Waste 1. Errors – These minor yet significant mistakes represent some of the most frequently encountered accounting errors. Data entry errors often arise when an employee inadvertently mistypes figures or assigns a transaction to the wrong account. The likelihood of such errors increases, especially in scenarios involving high-volume accounts payable invoices. 2. Delays – Delays…
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Beyond the Numbers: Smart Strategies for Bookkeepers to Stay Organized
Recognize the Effects of Cognitive Overload Cognitive overload refers to the overwhelming presence of thoughts, concerns, and mental tasks that can occupy one’s mind at the same time. For bookkeepers, this may lead to diminished concentration, heightened stress levels, and an increased risk of errors. Acknowledging the signs of cognitive overload is a crucial initial…
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Strategies for Revising Your Business Plan
Consider your business plan as a strategic roadmap that guides you toward your current objectives, while recognizing that your final destination may evolve over time. In a dynamic and successful business environment, it is essential to adapt to ongoing changes. Factors such as market fluctuations, emerging competitors, staffing adjustments, or shifts in sales performance may…
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Detecting Invoice Fraud: Techniques for Recognizing Suspicious Invoices
Instances of deception and financial malfeasance are concerning for every accounts payable department. While ensuring accurate financial records and timely payments is part of our responsibility, detecting and addressing fraudulent activities is crucial. Unfortunately, fraudulent invoices have become increasingly prevalent in many AP departments. An invoice scam commonly involves a deceptive party posing as a…
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Differences Between Employees and Contractors
As an employer, it is important to determine whether your worker’s status is classified as an employee or an independent contractor. What are the distinctions between the two options? Here are some points to consider. What are the duties and obligations that come with being the owner of the business?If your worker is considered as…