NOTE: This post originally appeared on forbes.com. On a breezy evening in spring, John and Kevin, two handsome young men, graduated from the same medical college. Twenty-five years later, these two doctors visited their alma mater for a reunion. A distinction between them became apparent. John was not living up to his potential. He managed…
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….
A single thread that ties all business departments is accounting & finance. The finance department records and reports every business financial activity to executives and stakeholders, helping the decision-makers make timely and informed decisions, mitigate risks, and stay compliant. What is Financial Reporting? Financial reporting is an unavoidable chore every business must do to…
R&D activities frequently occur in small and medium businesses that use innovation to create space and impact in the industry. More than 30 million small businesses in the USA use innovation to boost efficiency and get the winning edge. However, the majority fails to capitalize on the startup R&D tax credit on offer by the…
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…
Construction accounting is not just tracking accounts payable, receivable, and payroll. Unlike other businesses, construction companies have to manage other anomalies like job costing, retention, progress billings, change orders, and customer deposits. These extras make CIP or construction in progress accounting relatively more complicated than regular business accounting. What Accounting Method Do Construction Companies…
Are you a business owner chasing a dream? Are you a CEO fed up with slip-ups caused by ill-informed decision-making? Are you a startup owner struggling to find the right way forward? If so, you direly need a CFO – A finance expert who can help you make informed decisions, find the best way forward,…
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