Hiring Tentho vs. in-house finance team.

As the administrator of a private school, you know that every dollar counts when it comes to maintaining a balanced budget. You need to be able to trust that your school’s financial needs are being managed by a team of professionals who have your best interests at heart. But you often wonder, is it a better choice to outsource your financial needs to a team of professionals, or hire that team in-house?

Here are the top 4 reasons why outsourcing to Tentho is a smart choice for your private school:

5 Tips to Help Your E-commerce Business Prepare for the Holiday Shopping Season

Every year, businesses in the e-commerce world, face heightened sales during the final months of the year. With holiday-related gift-giving in full swing, this is a great time for many businesses to earn a large bulk of their revenue. Part of having a successful Q4 is planning ahead to utilize end-of-the-year accounting strategies and tactics that can help your company to have a prosperous holiday season. This post will highlight five best practices e-commerce companies can utilize to make the influx of holiday consumer purchases easier to navigate from an accounting perspective. 

Hurricane Recovery: A How-To Guide for Small Business Owners

Hurricane Recovery: A How-To Guide for Small Business Owners

If you’re a small business owner in the state of Florida who has been impacted by hurricane Ian, this post is for you. Here, we’ll provide guidance, advice, and resources on how to organize your recovery effort from the storm and get your business back up and running. As a Miami-based business, we are committed to supporting local hurricane recovery for small business owners. This is one of the ways in which we hope to do so.

How To Create a Budget and a Cash Flow Analysis for Businesses of All Sizes

There’s no getting around budgeting and cash flow forecasting if you want your business to succeed. Whether you’re just getting started or have been in business for many years, budgeting and cash flow forecasting are essential tools to help you understand your past performance, set realistic goals for the future, and make better decisions about how to allocate resources. Regardless of your company size or stage of development, budgeting is a critical exercise for proper financial and operational planning. In this blog post, we’ll discuss the benefits of budgeting for businesses of all sizes – from pre-revenue startups to rapidly growing small businesses to those preparing for an exit.

Recruiting and Staffing

Within weeks of coming on board, the books were brought completely up to date. Payroll related issues and inquiries were reduced by 75%, outstanding accounts receivables balances were reduced by more than 50%, and financial statements were prepared consistently and on-time. Even more surprising, the business now has a team of experts working with them daily who are responsive and professional when dealing with their internal staff and clients! Costs for managing their accounting operations were reduced by 20%.

Law Firm

The business model provides for counseling and intervention services all over the country through a network of independent specialists. Payments to contractors were inconsistently managed and did not provide for a reliable way to account for expenses incurred by the counselors. The business owner had a bookkeeper who worked part-time on the weekends but was never available when needed during the week. Questions were often left unanswered, and the financial statements were unreliable due to a lack of follow through.

Event Production

Once the changes were implemented, the client was able to analyze their financial information to make significant decisions about pricing for their services. Profitability increased, and the client was able to secure investors to continue to grow and expand their business.

Restaurant

The operations manager was able to save more than 30 hours of time per month, and the financial statements are now produced on-time to give the restaurant owner the ability to make better decisions. Through financial reports created by Tentho the restaurant owner was able to identify overspends in inventory and was able to make adjustments which saved over $20,000.

How Bookkeeping and Accounting Can Benefit Your Business

Experiencing steady, consistent growth is the goal of every company. Businesses plan annually to make strides toward scaling up operations, hiring new employees, and earning more revenue. However, one aspect that often gets overlooked as companies expand is the need for accurate financial planning in order to make the most of the strategies they put …

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How to Use Performance Data to Create a Business Budget

As your business grows, the metrics needed to successfully run operations change significantly. While it can be easy to singularly focus on driving profit, many owners overlook the simple fact that as business expands, there is more data being generated with valuable information and metrics that let you know what’s happening. This can be complicated …

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A Guide to Outsourced CFO Advisory Services

Throughout the past few years, a large shift has occurred with more business owners searching for ways to competitively grow without significantly increasing expenses. This shift, combined with the increased availability of cloud-based data and information management systems, has created the opportunity for many small and medium-sized businesses to grow in a leaner fashion. Several …

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4 Emerging Trends in AP Integration to Watch in 2022

Staying abreast of the latest trends in accounting can feel like a full-time job for any seasoned professional. That’s why it’s always important to revisit new ways to implement industry-proven advice and strategic best practices into your company’s financial strategies on a regular basis. As the technologies surrounding the sophisticated world of AP continue to …

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5 Ways to Use AI to Enhance Your AP Processing to Help with Nonprofit Accounting

While it may sound like the backdrop for a science fiction novel, machines are getting better at helping businesses manage their accounting needs. In today’s technological landscape, there are a plethora of apps that integrate with popular accounting software to help expedite difficult processes that can get bottlenecked by humans. Based on the versatility of …

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5 Tips for Creating a Budget That Aligns with the Business Strategy

As businesses grow, so do their budget requirements. This is one of the most pragmatic financial truths that business owners should strive to incorporate into their financial strategy. As your business expands, it’s important to also have a solid roadmap in place to align your budget with your growth. After all, if you don’t have a …

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7 Tips to Recession-Proof Your Business

Many business owners don’t realize that our economy has natural cycles of expansion and decline. For this reason, businesses would do well to prioritize being prepared year-round should the market take a turn for the worse. In the event of a financial downturn or a recession, circumstances can change suddenly and unexpectedly, leaving business owners wondering what to do next. Fortunately, maintaining some fundamentals as a business before a difficult situation emerges can make it much easier for owners to ride the natural waves of the economy. In this article, we’ll discuss some best practices on how to prepare for a recession.

The Fundamentals of Nonprofit Accounting

Working or volunteering in a nonprofit organization can be a rewarding opportunity for many. Whether you are excited by the prospect of creating new positive change, or simply contributing to an established organization’s mission in the world, nonprofits offer a lot of promise to do something meaningful. Whether one is making a career switch from …

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5 Tips for Creating a Business Budget

Budgeting can be a complex challenge for any business. Whether you are just starting out, or your company is more established and planning major changes such as expanding into new markets, creating a business budget comes with several tough choices and strategic considerations. In order for SMBs to create a functional budget, they will need …

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What You Need to Know About Cryptocurrency

One of the hottest topics of innovation in the financial world today is decentralized cryptocurrency housed on the blockchain. In light of the shifting financial forecast brought on by COVID-19, many public companies are holding Bitcoin (BTC) and other cryptocurrencies as a percentage of corporate treasury. (For non-savvy cryptocurrency newbies, Bitcoin is the first and …

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The Tax Preparations You Need to Know for 2021

In 2020, there were drastic changes in operations for small and medium-sized businesses. These unprecedented obstacles have created several new considerations for tax preparation for not only the 2020 tax year, but also for filing your 2021 return next year. With added complexities due to Covid-19 in several key areas, many business owners are questioning the …

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Complex Issues Facing Accounting Departments

Understanding the financial impact brought on by the global pandemic has proved challenging for many accounting departments in the past year. A host of complex problems has surfaced as a result of operational struggles during uncertain markets and constant fluctuations in an onslaught of new, unexpected business needs.  Luckily, it’s never too soon to start scenario …

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