Accurate, timely accounts are not only important, they can mean the difference between success and failure in the business world.

Four out of five new businesses fail within the first five years, and of those 60 percent are profitable, according to the Professional Association of Small Business Accountants. One of the main reasons is “payment terms”–the time between when a service is provided or a liability incurred and when money is actually exchanged, the association says.

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Are you ready to sell?

Business owners must have their affairs in order to attract a potential buyer. The combination of our recent economic recovery and the long-term investor portfolio shift to business acquisitions puts the owners of well run businesses in a good position to earn a premium over previous historical trends for selling businesses.

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Today, almost every organization is trying to leverage data for improving its business performance using artificial intelligence (AI) and machine learning (ML) techniques. Fundamentally, data has the potential to improve the company’s revenue, reduce expenses and mitigate risk. While data can be a valuable business asset by offering tangible business results, it has some serious limitations and can become a huge liability if not managed well. How can an intangible asset like data become a liability for business? There are four common scenarios.

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Many companies begin performance improvement initiatives with 5S, a Lean tool that involves workplace organization. 5S reduces clutter in offices, warehouses and manufacturing floors and creates quick, visible improvements to jump start employee engagement in the process.

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Top executives should be thinking about the direction and strategy of their company. Many executives spend an inordinate amount of time on the details of their business and often don’t put sufficient focus on results. Jack Welch once said that the two key roles of a CEO are to develop a vision and to find the people to implement it. Are you paying attention to the four dimensions of executive thought?

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