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…
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….
Most businesses use the accrual-based accounting technique for its manifold benefits and industry-wide acceptance. All its perks aside, accrual accounting makes it a tad bit difficult to manage finances as it counts income as soon as the invoice comes and factors expenses once the bill is received days, months, and sometimes years before cash changes…
As the business expands, it gets tougher to manage day-to-day finances while ensuring forward motion. Without a cash management strategy, a startup heads into trouble sooner or later. With that, it’s time to explore ten things you must know about cash management strategies. 1. Don’t Let Late Payments Become A Habit Late payments are…
In interviews, people often get asked, ‘where do you see yourself in X years?’ A similar question makes rounds in the business world, ‘’how much money will your business generate in X years? The answer to this question dictates your chances of procuring the investment or capital needed to launch your startup. Small and medium…
More than a quarter of small businesses fail due to cash flow problems. Calculating the cash flow may appear unimportant to some, yet it’s a task of high importance. To move forward without a hitch and keep your business financially stable, you need to master how to calculate cash flow. Luckily, it is not too…
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