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. ….
Now, more than ever, small business owners find computing payroll taxes increasingly challenging. Having to look after the intricacies of their business, and strategize for growth, they are left with little to no time to let the complicated IRS tax code test their ability to handle everything from soup to nuts. Besides, keeping your eye…
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…
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…
Bookkeeping is undoubtedly, one of the most critical business functions that help drive a business towards success. This is one of the reasons why hiring an in-house bookkeeper may prove to be a costly investment, especially for small businesses, as they are highly specialized professionals. Nowadays, most startups and small and medium sized enterprises, SMEs,…
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