Small Business Shared Interest Group

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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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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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
------------------------------

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
------------------------------

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
------------------------------

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
------------------------------

Original Message:
Sent: 07-02-2024 01:21 AM
From: Chandrakanth Ananda
Subject: Small Business Needs

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
------------------------------

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
------------------------------

Original Message:
Sent: 07-02-2024 07:07 AM
From: Michael DePrisco
Subject: Small Business Needs

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? 

------------------------------
Michael DePrisco
Executive Officer
West Chester PA
United States
------------------------------


Original Message:
Sent: 07-02-2024 01:21 AM
From: Chandrakanth Ananda
Subject: Small Business Needs

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.  

------------------------------
Chandrakanth Ananda CMA
Accountant
Doha
Qatar

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
------------------------------

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
------------------------------

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
------------------------------

Original Message:
Sent: 07-02-2024 12:03 PM
From: Karine Kamareddine
Subject: Small Business Needs

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

------------------------------
Karine Kamareddine CMA
CFO
Bluering SAL
Beirut
Lebanon
------------------------------

Original Message:
Sent: 7/3/2024 1:41:00 PM
From: David Belnap
Subject: RE: Small Business Needs

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.

------------------------------
David Belnap, CMA, CSCA, CPA
Belnap Accounting
Hollywood FL
United States
------------------------------

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)

------------------------------
Jason Sellnow CMA, CSCA
------------------------------

Original Message:
Sent: 07-02-2024 12:03 PM
From: Karine Kamareddine
Subject: Small Business Needs

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

------------------------------
Karine Kamareddine CMA
CFO
Bluering SAL
Beirut
Lebanon
------------------------------

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
------------------------------

Original Message:
Sent: 07-03-2024 02:23 PM
From: Jason Sellnow
Subject: Small Business Needs

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)

------------------------------
Jason Sellnow CMA, CSCA
------------------------------


Original Message:
Sent: 07-02-2024 12:03 PM
From: Karine Kamareddine
Subject: Small Business Needs

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

------------------------------
Karine Kamareddine CMA
CFO
Bluering SAL
Beirut
Lebanon

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.

------------------------------
David Belnap, CMA, CSCA, CPA
Belnap Accounting
Hollywood FL
United States
------------------------------

Original Message:
Sent: 07-03-2024 02:23 PM
From: Jason Sellnow
Subject: Small Business Needs

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)

------------------------------
Jason Sellnow CMA, CSCA
------------------------------


Original Message:
Sent: 07-02-2024 12:03 PM
From: Karine Kamareddine
Subject: Small Business Needs

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

------------------------------
Karine Kamareddine CMA
CFO
Bluering SAL
Beirut
Lebanon

Original Message:
Sent: 7/3/2024 2:49:00 PM
From: David Belnap
Subject: RE: Small Business Needs

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.

------------------------------
David Belnap, CMA, CSCA, CPA
Belnap Accounting
Hollywood FL
United States
------------------------------


Original Message:
Sent: 07-03-2024 02:23 PM
From: Jason Sellnow
Subject: Small Business Needs

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)

------------------------------
Jason Sellnow CMA, CSCA
------------------------------

hello thank you

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

------------------------------
Karine Kamareddine CMA
CFO
Bluering SAL
Beirut
Lebanon
------------------------------

Original Message:
Sent: 07-03-2024 02:23 PM
From: Jason Sellnow
Subject: Small Business Needs

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)

------------------------------
Jason Sellnow CMA, CSCA
------------------------------


Original Message:
Sent: 07-02-2024 12:03 PM
From: Karine Kamareddine
Subject: Small Business Needs

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

------------------------------
Karine Kamareddine CMA
CFO
Bluering SAL
Beirut
Lebanon

@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. 💡📈 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? 🤔✨

@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? 🛠️🚀

@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? 🤓💼

@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? 🌍📊

@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? 🛠️⚖️

@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 Jumah )  AI, to enhance our accounting practices and support small business growth. 🚀💡

#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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