Small businesses are the lifeblood of the United States economy because of their ability to innovate their industry landscapes. However, it's not uncommon for small business owners to feel overwhelmed due to the number of problems they have to face on a daily basis. Below we've listed the 3 biggest accounting problems small businesses face.

1. Hiring the Right Accountant

There are millions of accountants out there that are ready and willing to help manage the bookkeeping of your company but that's not the problem. Many small business owners struggle with finding the right accountant for the job. Choose an accountant who understands your industry. The right person should be able to address your business needs and offer workflow improvement insight.

2. Using the Best Accounting Software

Similar to accountants, there are thousands of different accounting software solutions out there that all cater to different management and industry needs. To combat this challenge you need to determine the right software based off of the key features that your company needs the most. This is where hiring the right accountant comes to mind, work with them to make sure that you are choosing the right solution and are setting it up correctly.

3. Staying on Top of Cash Flow

It's simple, companies that are not successful in managing their cash flow will not be in business for very long. It's extremely important that your business manages its cash flow to the best of its abilities. However, if you've hired the right accountant and purchased the right accounting software solution, staying on top of your cash flow should be much easier.

At Etactics, we provide a premier automated A/R solution that we tailor to our clients' specific needs. We make choosing the best accounting software solution easier by streamlining the process and offering features that are based on what the majority of our clients request.

Jan 31, 2018

4 Steps To Improve Self-Pay Collections

Jan 31, 2018

If your patients can't pay their statements, your accounts receivables days go up, cash flow slows down, bad debt mounts and revenue shortfalls are inevitable.

Self-pay is an additional burden for hospitals that are already struggling to reduce costs and increase revenue. Increasing efforts toward collecting past due medical debts on is a necessary process that many hospitals who have limited resources cannot afford to do on their own. Luckily, there are is a plethora of affordable outside services that can aid in this process, many of which are cloud-based.

Jan 31, 2018

Jan 11, 2018

5 Cloud-Based Accounting Trends for 2018

Jan 11, 2018

2018 is upon us and as many accounting businesses prepare for the new year, it's important to understand some of the biggest industry trends. If you take a look back at the accounting trends in 2017, the majority of them were surrounding cloud-based and automated solutions. So, what are some of the changes that we can expect to see in 2018? Have the trends changed much? Well, the short answer is no. But continue reading if you'd like to know the accounting trends for 2018.

Jan 11, 2018

Nov 29, 2017

CFO's are The New Cloud Software Champions

Nov 29, 2017

Cloud computing and cloud-based solutions aren't the next best thing, they are already here and this movement is largely being driven by end users and tech shops. This has created a micro-management mess for many companies. In a large study, Symantec found that the average number of cloud apps in use in various industries was 926. As more cloud-based solutions become available and utilized, companies need to implement streamlined processes that make the integration and implementation phase easier. Defining this process has now largely fallen in the hands of the CFO largely because of how these solutions effect OpEx and CapEx.

Nov 29, 2017

Nov 16, 2017

7 Ways To Improve Your Accounts Receivable Management

Nov 16, 2017

It's not uncommon for organizations to struggle with their accounts receivable management. Although the account helps you realize your revenue, it's hard to fully grasp its many concepts. The bottom line is that improper accounts receivable management will lead to less income. In fact, according to 43% of small businesses have customers who are more than 90 days past due on payments and that will lead to serious losses in their income. According to a study conducted by Atradisu Payment Practices Barometer found that that businesses lose as much as 53 percent of the value of their receivables if they are not paid within 90 days of their due date. It's important that you understand how vital it is for your company to stay on top of its accounts receivable, here are 7 ways to improve your accounts receivable management.

Nov 16, 2017

Nov 10, 2017

Patients are The New Payer in Healthcare

Nov 10, 2017

According to Healthcare Finance, healthcare consumers are now responsible for 30% to 35% of their healthcare bill. Since patient payment and collection practices are consistently becoming more complex, deductibles have also continued to rise. Furthermore, collection costs are much higher for patients as compared to payer collection. Both of these factors have lead to the evolution of patients being the primary payer source. Although patients are now the primary payer source, let's face it, they have a lot going on and paying their bill is not a top priority.

Nov 10, 2017

Oct 10, 2017

How to Detect if Self-Pay Patients have Hidden Health Coverage

Oct 10, 2017

Hospitals, pharmacies, and other healthcare providers are constantly searching for new ways to decrease bad debt and maximize their reimbursement. As they continue this process, it's imperative that they can identify which patients are true self-pay and which patients are self-pay after insurance. If they are self-pay after insurance they will have a high-deductible plan and still owe a large sum of money after coverage.

Oct 10, 2017

Oct 4, 2017

Surviving The Self-Pay Patient Landscape

Oct 4, 2017

The healthcare industry is in the midst of a huge change with its patient collection programs. This change is causing strides towards designing sophisticated and patient-friendly programs that increase transparency, improve user experience, and minimize pressure from the IRS. These programs help hospitals, pharmacies, and other healthcare providers offer easy-to-understand patient statements and front-end eligibility help. Furthermore, the real-time analytics that these solutions provide make it easier to comprehend entire portfolios from the click of a button. However, if an organization fails to realize this trend they will fall behind. Below we've listed ways that healthcare organizations can survive the changing self-pay patient landscape.

Oct 4, 2017

Oct 2, 2017

[FREE WEBINAR] Recovering Self-Pay Patient Balances in the Pharmacy Space

Oct 2, 2017

An average of 32% of practices’ revenue stream comes from patient responsibilities. This means that recovering on your self-pay patient balances is more important now than it has ever been in the past and it shows no signs of slowing in importance. In fact, 33% of respondent hospitals, receivables are growing faster than patient revenue. How can organizations, specifically those that work within the pharmaceutical industry, manage their recovery process without losing an excessive amount of employee effort?

Oct 2, 2017

Sep 21, 2017

Millennial Business Owners Need Help Managing Their Cash Flow

Sep 21, 2017

In case you didn't know, Millennials are classified as the age group that was born between 1980 and early 2000s. As they have started to enter the workforce, many Millennials have already established successful businesses, and 67% of the generation cohort want to start their own business. But, like most small business owners, Millennials are starting to run into a few major challenges that are inevitable.

Sep 21, 2017

Sep 13, 2017

The 3 Biggest Accounting Problems for Small Businesses

Sep 13, 2017