Many fintech service providers are developing and licensing off-the-shelf accounting and financial management systems to startups, thus seeking high-scale growth. They can now tap into a larger pool of customers by rapidly expanding their offerings and building a strong brand image. Even tech giants like Google and Apple seek to gain a bigger foothold in…
Benjamin Franklin once said, “in this world, nothing is certain except death and taxes.”. Whether you are employed, self-employed, or operate your own business, you will need to meet your federal, state, and local tax obligations. Tax is any amount of money, resources, or tradable commodity that is taken up to the ruling power or…
The bottom line on a company’s income statement is often the best way to gauge its financial health and foresee a profitable future – if any. The net income indicates whether your company is on track, and heading towards better prospects and long-term viability. To know whether your business is making a profit or incurring…
In accounting, the terms “debits” and “credits” might get confusing at times. This gets even trickier if you are a small business owner with no prior accounting experience and are tasked with managing your books as well. Even if you have an in-house bookkeeper, it is important to understand the basics of accounting so that…
One of the frequently asked questions with regard to business spending is whether the Cost of Goods Sold (COGS) and operating expenses are the same thing. The short answer is: No. How are they different and what impact does it have on your operational efficiency? Let’s take a closer look to identify the key differences…
A healthcare chief financial officer (CFO),just like in any other industry or business, oversees all financial operations of the healthcare organization. From preparing financial statements and creating budgets to forecasting and formulating strategies for boosting revenue, a CFO’s role typically incorporates a wide range of finance management activities to help the organization maintain financial stability. ….
If you’ve just launched or are about to launch your online store, congratulations! It takes uncommon passion and perseverance to get to where you are today. However, as you know, business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you’ll need to get on top of the…
No business owner starts their company without having a thorough plan for its execution and management. Understandably so, a business can never achieve its purpose if there isn’t a robust strategy backing it up that dictates every move and financial transaction. Financial planning is inherently related to the core processes of any business. It is…
If you are a business owner, you will probably be aware that there are four financial statements you need to prepare for your company. These four financial statements provide you complete information regarding your business activities and can aid you, your investors, or other stakeholders in understanding the financial health of your business. What Are…
The controller versus CFO debate is a relatively new yet puzzling one. Some companies choose to have both a CFO and a controller in their workplace, while some prefer only having one. Although both roles are responsible for overseeing a company’s financial aspects, the difference in their day-to-day obligations isn’t very clear. If you are a business owner and have been pondering over this…
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