Let’s face it. Bookkeeping is no fun for most business owners. It requires a lot of patience and effort. And, mistakes can be costly. Business creditors can come after your personal assets. Checks can bounce. Financial reports can be misleading. Taxes can be overpaid or underpaid. You get the picture. So, what are the most […]
A Guide to Successful Financial Audit of Small Businesses
Audits provide invaluable information to a company. When the activity is carried out properly, it helps business owners to discover accounting issues related to the business. A proper audit ensures that the accounting information is accurate and without any errors. Businesses of all sizes can benefit from an accounting audit. A thorough audit can help […]
Internal Control for Effective Operations in Public Sector Companies
Internal controls are important for businesses to ensure efficient operations. Effective controls help organizations to achieve established goals. Control measures lead to better accountability among employees. It ensures compliance with relevant regulations, thereby preventing fines and other problems. Good internal controls are particularly important for public sector firms. Here we will discuss in depth how […]
9 Best Inventory Management Practices in Small Businesses
Effective inventory management is important for cost control purposes. Startups and established businesses should focus on effective inventory management to ensure that they continue to thrive in the competitive landscape. Company management should implement controls for effective tracking of inventory. Safe stock levels must be set to ensure operations continue without any breaks. In this […]
5 Accounting Tips for Solopreneurs to Manage Business Effectively
Solopreneur is a term for business owners who run the business on their own. The business is a one-man show with the owner managing and running the business from a home office. If you are a solopreneur, you need to get familiar with the dos and don’ts of balancing the books. Here are some tips that can […]
Why is Big Data Information So Important for Accountants?
Big data refers to the collection of a large amount of data that pertains to the company. A large amount of data can represent critical information regarding the performance of the company. This data needs to be recorded, verified, and most importantly secured before it can be used to inform business decisions. Accounting data for businesses with different […]
What are the Common Ethical Dilemmas in Accounting?
Accounting professionals have the responsibility to objectively record all types of business transactions. They must make sure that the company books present an accurate record of the financial position of the company. But sometimes accountants have to face the ethical dilemma of altering the books to paint a certain position of a company. They are forced […]
Strategies to Make Organizational Finances Transparent
Transparency is important for a company when it comes to accounting and financial reporting. IT is important that a company disclose all information that is necessary for investors and creditors to make informed decisions. Accounting reports of a company should be clear and reliable. Transparency is important so that investors are not misled about the true financial […]
Reasons Businesses Should Conform to GAAP Accounting Standards
Generally accepted accounting principles (GAAP) is the cornerstone of bookkeeping and accounting. These accounting standards aim to create a transparent and consistent method that will help in comparing financial performance. Companies that hire professional outsourced bookkeeping firms won’t have to worry about GAAP compliance. These expert professionals will record the expenses in compliance with the accounting rules. […]
Importance of Using the Latest Accounting Software for Keeping Records
Before the era of modern accounting software, it was the norm to use manual accounting procedures to record different types of business transactions. Accountants recorded revenues, expenses, receivables, payables, and inventory in books. This was a laborious and difficult process that took a lot of time from accountants. Accounting software improved bookkeeping processes that resulted in accurate and timely […]