Understanding what your expenses are is the first step in establishing a business that has a solid foundation. While its true that counting your expenses can be a lot less exciting than counting the profits of what your business provides, it still is an important part of how you can fully understand how the…
All businesses or organizations have two indispensable financial flows: Expenses and Revenue. Let’s have a quick understanding of the mentioned terms. In simple words, revenue refers to the money coming in, and expenses refer to the money going out. The money coming in (revenue) is responsible for meeting the requirements and helping to run the…
It takes a long time and a lot of effort to get to where you can finally start your business. But the hard work doesn’t stop, once you begin running your firm. You will face a slew of other milestones and obstacles, accounting being one of them. Accounting is critical as you start your…
Have you ever wondered how investors and other interested parties assess the financial position of companies before they become shareholders? Alternatively, how do shareholders make informed decisions regarding a company? Parties interested in a company carry out a financial statement analysis to make these decisions. An analysis of financial statements would include a study…
According to the Bureau of Labor Statistics, about half of all businesses will close in their first five years of operations, and one of the most common reasons for closure is mishandling funds and running out of money. Rather than malicious fraud or disastrously low sales, what usually leads to financial crisis comes down…
For startups and small businesses, bookkeeping can be a real challenge. As an owner or manager, you encounter these three options for accounting: do it yourself, hire an employee to do it, or let a third party take care of it. All of these options have drawbacks. With your spread-thin time, doing it yourself eats…
Let’s outsource the accounting department. Now this sounds like a sweet plot for a fun Americans sit com show, but its actually a very effective way to handle your book, especially as a small business owner. Most of the young entrepreneurs tend to make mistakes such as improper team management, lack of multi-domain experience,…
The digital age has brought endless possibilities to start online businesses of all shapes and sizes, so there’s something out there for all types of people. If you’ve got a knack for numbers and a good head for organization, starting a bookkeeping business might just be the right choice for you. It’s also a…
If youve been running a small business for a few years, its likely that your questions have evolved from the earlier days of How do I attract more customers ? to questions more along the lines of How can I utilize my time better? and What questions dont I know to ask that could grow my business faster? You might…
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…