When a company is venturing out into the market, many thought processes go behind closed doors. It is up to the company to consider an accounting system that is best suitable according to the business model. The company can go for a traditional accounting method or a cloud-based method. The traditional accounting system is still…
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…
“The enterprise that does not innovate ages and declines, and in a period of rapid change such as the present, the decline will be fast” – Peter Drucker Nobody can deny the importance of technology in today’s fast pace world. The business world is no exception. Accounting back office functions are the key…
With great success comes greater responsibilities. This is precisely the case scenario when it comes to business. When a business surpasses the initial stages of experimentation and develops into a full-fledged enterprise, it becomes time-consuming for the company to curate the day-to-day operations on its own. The company might consider outsourcing its back office operations…
“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…
Though the charm of saving money by not hiring a small business CPA is high, the consequences are highly horrid too. A smooth business is by no means necessarily a healthy business. Your sales and profits may be high, but until you have an authoritative command over your finances you don’t get to enter the…
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…
Small and medium businesses have limited resources. Often the owners have to do a million things at once. Besides running day-to-day business operations, they even have to do their own bookkeeping. What’s the harm in it? Put simply, it steals your focus from things that need your utmost attention. Managing books isn’t the most complicated…
Among the three most pivotal financial statements, an income statement or the profit & loss (P&L) statement entails all essential details about your revenues and profits over a fiscal year. Coupled with a Cash Flow Statement and Balance Sheet, it provides investors, stakeholders, and executives with a complete 360 view of a business’s financial health,…
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…
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