No other profession in the world requires the level of accuracy often expected from an accountant. Yet there are times when transactions can’t be fully revealed or classified immediately. This is where a suspense account comes in to avoid major issues relating to accuracy. However, recording suspense account entries is not the final step. It…
Everyone loves seeing that profit climb each year, but no one really likes to spend hours deep diving into all their entries from last year. As e-commerce enthusiasts, we love to wear multiple hats, but bookkeeping may be one that just won’t fit! However, that doesn’t mean efficient bookkeeping for e-commerce isn’t valuable. Love to…
Startup financing can often feel like a maze that new business owners attempt to navigate all the time. With the variety of instruments available for funding, it can be hard to keep track. One such option is the safe note, which is often preferred for its simplicity and investor-friendly attributes. If you keep asking the…
Do I need a CFO? What does a CFO do? Should I hire a CFO? Questions like these are common among startup owners and entrepreneurs who know how to start a business but don’t know how to make it a success. The majority believe the best way forward is DIY – Do It Yourself. In…
We already detailed in a previous blog here, what NetSuite is all about. In short, it is a cloud-based suite of management tools that, on a single platform, caters to several business management functions and operations, all on the cloud. This means that as long as you’re connected to the internet, you can plan the…
It’s common corporate courtesy to present your clients with gifts every now and then, such as on Christmas or New Years and so on. Buying gifts for your customers and business partners or associates comes with many benefits, such as maintaining goodwill and pleasant relationships, professional networking, or even just a plain thank you as…
Construction business owners often wonder about the key responsibilities of their controller or full charge bookkeeper. They understand the basics, such as creating income statements, handling bills, managing payroll, and overseeing various accounting tasks. But what more should they expect? Beyond the routine financial tasks, business owners seek added value from their accounting team. They…
Managing your business finances involves various aspects. You must handle bill payments, clear debts, and ensure timely employee payment. There are instances where you may need to write or receive a check for transactions. However, dealing with physical checks poses a challenge – keeping track of their whereabouts. They can easily be misplaced or accidentally…
Net working capital is like a financial health checkup for a company. It tells us if a business has enough money to handle its daily expenses and to invest in its future. This number can reveal how smart a company is with its money for growth. In this blog, we will dive into net working…
The Real Difference Between Contribution Margin and Gross Margin Occasionally, investors and company leaders might mix up gross profit or margin with contribution margin. Big mistake! It’s absolutely important to understand that an organization’s gross profit is not the same as its contribution margin. Why, you ask? Because the purpose of each is different. So…
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