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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]