It is very crucial to measure the financial performance of your business especially when you have to manage your expenses and scale the profitability as well. To monitor the success rate of the business there are so many different measures of profitability available that it becomes overwhelming for the business owner to select one. All…
The concept of outsourcing is very straightforward. According to the dictionary, it means “contracting a segment of work that a company needs to perform on a daily basis to anyone who doesn’t belong to the company”. Outsourcing is a very vast subject and it comes in all kinds of shapes and sizes. More and more…
“Capital isn’t this pile of money sitting somewhere; it’s an accounting construct.” Accounting has always been a key part of a business. But it’s a fact that like everything else in the world, businesses, especially accounts-related operations were overly affected by the harrowing shadows of the Coronavirus pandemic. Financial operations which were carried out in…
Back office services don’t directly impact revenue and often get tossed to the back burner. Some ignore them to focus more on so-called essentials – sales. However, it is almost impossible to make a business function rightly without back office services. No matter how small or large the venture, you need some folks behind the…
Payables, receivables, depreciations, ledgers, and remittances… have you ever googled fancy terms you find on a balance sheet? Not every business owner has a background in accounting and neither is it mandatory. As a business owner, your job is to manage, delegate, and supervise. So, you don’t have to be a finance expert to build…
Not many businesses can claim that their payroll is free from errors or discrepancies. In reality, the payroll problem is a common issue many employers face. However, most don’t care much about it. As a result, employees get disengaged and lose the motivation to give their best to the employer. So, what can you do?…
Record keeping is a must-do for every small business. Keeping & maintaining records help you stay on top of your finances and make timely and informed business decisions. More so, up-to-date business records help file return and ensure your business stays tax-compliant. Here are ten best practices for small business record keeping you must start…
A bookkeeping spreadsheet is more than a document with numbers; it is a magic mirror to see where the business stands, how far it has come, and where it ought to be. As you may have heard, you can’t judge a book by its cover, but you can certainly judge a business by its books….
For one reason or another, there is a chance you may get hit with an unexpected tax penalty. Taxpayers often get penalized for falling behind on their taxes and failing to file or pay returns on time. Regardless of the cause, these penalties worsen your tax burden, and you ultimately have to pay more than…
Financial reports lie at the core of business plans and help business owners create growth strategies for the future. Typically, chief financial officers or CFOs make the all-important financial reports aptly called ‘CFO reports.’ CFO reporting helps business owners assess where their business stands, how far it has come, and where it needs to be….
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