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…
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…
People hardly co-relate accounting with the healthcare industry. As a matter of fact, the accounting department is an integral part of any organization or practice setup where transactions are involved in terms of collections and expenses. Like in any other industry, revenue cycle is the lifeblood of a healthcare setting as well. Hospitals and clinics…
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…
Bookkeeping and accounting are normally used interchangeably, but they are quite different. While their processes are much different, they both work to support a business throughout various stages of its financial cycle. For one, bookkeeping covers the transactional and administrative side of business finances than accounting. Bookkeeping involves recording financial transactions daily and making sure…
There is no doubt that accounting is one of the most time-consuming and complex operations in business management. Not only do you need to record all transactions accurately in the correct ledgers, but even the slightest errors can cost you significantly in terms of time and money when trying to fix it retrospectively. 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…
Get the Cash Flowing For many small business owners, accounting for ecommerce is undoubtedly one of the hardest parts of the online business experience, but it is also extremely important. Proper ecommerce accounting management is the make-or-break factor for any ecommerce business. As your business grows, your finances will ultimately get more complicated to manage. From sales…
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