Offshore accounting is becoming increasingly popular for businesses to cut costs and access skilled workers. A study found that about 40% of US companies outsource some accounting functions to other countries. What is Offshore Accounting? Offshore accounting is a professional service in which financial records and statements are managed and maintained by an accounting firm
04
Jan
Jan
Liabilities in accounting can be thought of as a company’s financial baggage. They represent debts or obligations that the company owes to others. Some liabilities are short-term while others are long-term. By understanding and managing their liabilities, companies can manage their load and move forward with a clear financial path. What Are Liabilities in Accounting?
01
Jan
Jan
The manufacturing industry is expected to rise in the U.S. in the next coming years. According to Statista, the manufacturing industry added 2.56tr USD of real value to the U.S. GDP. Despite the rising interest rates, year after year, factories in the U.S. keep pumping out product after product to meet the infinite demands of
26
Dec
Dec
Accounts payable refers to a business’ short-term obligations, i.e., the money owed to the vendors for purchases made on credit. AP optimization has an important role in a company’s financial/cash flow management, as timely and accurate payment of such obligations helps with maintaining cordial working ties with the suppliers. As we move into 2025, there
14
Dec
Dec
Accounting is the least of medical students’ worries as they work their way to becoming full-fledged medical practitioners. Nevertheless, accounting remains a critical part of their life as these new doctors start up their own medical practices. A medical practice such as a clinic is no different from other businesses, and as such, a working
13
Dec
Dec
In an earlier article titled “6 Essential Benefits to Outsource Accounting Operations!”, EA highlighted the many benefits businesses can reap by opting to hire an accounting firm to handle their accounting needs. Hiring an accounting firm is a major step for a business. It signifies that the business has now grown into something far greater
02
Dec
Dec
Accounting is a tedious yet integral function in a business. For small businesses, the popular approach most entrepreneurs take is to get all the accounting work done themselves. While this is a viable strategy when starting out, it is unsustainable in the long run and can actually create long-term problems for the business. Is hiring
21
Nov
Nov
Bookkeeping is the process by which a company records its financial transactions on a day-to-day basis. It can be a daunting task for business owners who may be occupied with the overall management and strategic decision-making of the business. Thus, business owners can consider streamlining and automating their bookkeeping so that they can have accurate
15
Nov
Nov
As of 2022, E-commerce has become the fastest-growing industry worldwide. In fact, in its article titled “Global E-Commerce Market to Expand by $1 Trillion By 2025”. Forbes reports that projections indicate that half of the absolute value growth for. The global retail sector over the 2020-2025 period will be digital. This is largely due to
08
Nov
Nov
In the US, skilled professional accounting resources are in high demand with a relatively short supply in 2022. In the aftermath of the Covid-19 pandemic. Businesses worldwide are left with numerous job openings without the talent to fill them. Combine this predicament with today’s highly dynamic business trends. It requires businesses to have skilled talent