Have you struggled to find the accurate amount of a transaction to close out the month? Maybe your team scrambled around to recognize what went wrong in the reporting cycle, or tried to identify how you achieved stronger sales last quarter. Problems like workflow issue solutions, significant accounting errors, and budget assessments can all be…
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When you are running a company, there are some accounting basics you need to be clear about before you indulge in complicated transactions. Transactions can be difficult and to ensure that all is in place, bank reconciliation is necessary. If this prompts questions to pop into your head, further down is a full summary of…
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As an entrepreneur running a SaaS company for over a decade, I’ve learned that building software from scratch isn’t always the smartest move. In fact, after 12+ years of running ProfitBooks, I’ve seen firsthand how white label solutions can be a game-changer for businesses looking to expand their offerings without the massive development overhead. Here’s…
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Inventory is the collection of goods a company has in its stock. This includes raw materials, unfinished goods, and goods that are ready to be sold. Generally, inventory refers to the finished goods. This can also include the raw materials required for the production of finished goods called work in progress. Inventory turnover is…
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After running ProfitBooks for over 12 years, I’ve had a front-row seat to how white-label accounting software can transform accounting firms. But I’ve also watched plenty of firms make costly mistakes when choosing the wrong solutions. Let me share the hard-earned lessons I’ve gathered while building and providing white-label accounting software to hundreds of accounting…
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One of the best investments a small business owner can make is in people–both employees and customers. And you can easily serve your people with simple customer relationship management (CRM) software. The vast majority of companies have systems to handle data about product management. However, plenty of data and analysis is out there and received…
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Being GST compliant isn’t a one-time checkbox — it’s a system you build and maintain every single month. And honestly, most small businesses don’t fail at compliance because they’re negligent. They fail because the rules shift faster than anyone can track, and no one tells you about the friction until you’re already stuck. This guide…
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Unless youre a bookkeeper or accountant by profession, you rarely dont spend time thinking about the two (but hey, no shame if you do). Similarly, you probably dont know that theres a distinction between bookkeeping and accounting. That is because, for most of you, bookkeeping and accounting are the samewell, not entirely wrong. Indeed,…
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Small business owners make up for a majority of the working class around the world. Here are some numbers to support this claim: Small business units form close to 58% of the total employment. This number goes considerably up in low and middle-income countries. It might come as a surprise, but in countries that…
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