Effective decision making is important for businesses to thrive in this highly competitive landscape. Decision making is an important skill for managers that can both impede and drive the success of a company. According to a report by McKinsey research, making inefficient decisions by managers results in up to $250 million worth wasted labor cost […]
Professional Accounting 101: How to Become a Certified Public Accountant (CPA)?
A certified public accountant (CPA) is a professional accountant that offers accounting and financial services for a fee. The primary duties of an accountant include preparing tax returns and financial statements. The accountant also performs audits and advises clients that include company executives and business owners on effective financial decisions. Want to know how to become a professional CPA? […]
How External Factors Impact Business Cash Flow?
Effective cash flow management is important to achieve strategic business goals. Companies that don’t plan limited cash resources cannot survive for long. Cash is the life blood for any business. As a business owner, you need to understand the external forces that affect the cash flow position of your company. Various factors can impact the […]
The Challenges of Complying with Accounting Standards
Financial Accounting Standard (FASB) is responsible for creating standards that must be followed by all US companies. The accounting body creates generally accepted accounting principles that guide bookkeepers and accountants when recording transactions. A private company, FASB, is responsible for setting rules for creating financial statements. All companies registered with the Securities and Exchange Commission must […]
Small Business Accounting 101: Tips to Understand IRS Tax Codes
The United States tax code consists of tax-related rules enacted by the government. The tax code that is officially known as the Internal Revenue Code (IRC) needs to be followed by every individual and business in the country. A tax code is enforceable by law on individuals, businesses, and transactions such as the sale of properties. […]
Accounting and Ethics: What Every Business Owner Should Know?
Businesses have the ethical responsibility to ensure that the accounting statements reflect the accurate financial position of a company. Ethical accounting involves reliable outsourced bookkeeping services. The transactions must be honestly recorded in the books of a company. Certified public accountants (CPAs) are required to prepare accounting statements in compliance with the accounting rules and […]
Finance and Accounting Tools for High-growth Companies
Manual accounting is not realistic anymore due to the increasing demand of businesses. Growing businesses need financial and accounting tools to help them effectively manage their finances. The tools mentioned below can help in financial planning, filing taxes, and much more. Let’s take a look at the 7 best accounting and financial tools that are perfect […]
Make Tax Season Easier Through These Tips
Tax season is a tense time for businesses and individuals alike. It is important to do it right the first time around. Mistakes in filing taxes can end up being costly. You can significantly reduce the chances of making errors in filing taxes by paying attention to detail. Accounting and finance skills are essential if you […]
The Dangers of Inaccurate Reporting of Accounting Information
Accounting reports are critical for all sorts of companies. The information in these reports allows business owners, investors, and other stakeholders to know about the financial condition of the company. Glancing at these reports allows users to know about the current cash flow position. It allows them to know about the sources and uses of funds. In other […]
Should Accounting Information be Kept Confidential?
Today’s business landscape is hyper competitive. Businesses must look for ways to improve sales and gain market share without investing all of their available resources. The risks presented due to the online nature of the business environment add to the complexity of running a business. Business owners need to keep company information confidential. It is important to prevent […]