Handling business money can be a tricky ordeal. Many business owners ask, “Do I need a bookkeeper or a CPA?” Making the wrong choice can lead to errors, lost tax savings, or legal issues. Bookkeepers vs. CPAs, what’s the difference? is quite a common question in the business landscape. But let us first be clear on who is a bookkeeper and a CPA? A bookkeeper keeps a check of a business’s cash, like recording expenditures, sales, and payroll. They ensure
Inventory Management has been a topic of much interest in business management discourse in the aftermath of the Covid-19 pandemic. With major supply chain delays and surging demand, businesses saw their inventory management functions struggle to cope with the sudden influx of demand with limited supply. A post-coronavirus 2020 survey by Statista on the matter indicates that roughly one-fifth of businesses planned to revamp their inventory management process and strategy to better prepare for such scenarios. Going into 2023, businesses
The world is being digitized at a rapid rate today. Projections by Forbes show a staggering 25% of jobs in North America shifting to the Work-From-Home (WFH) model. WFH model came into significant popularity after the Covid-19 pandemic. Thus, it appears that the future of many desk jobs such as accounting and IT will be shifting to a virtual setting. Businesses must adapt to this trend shift to remain competitive. There is no dearth of businesses in the competitive landscape
Let’s imagine some years into the future when we find ourselves having a similar conversation with a chatbot financial advisor: Chatbot: Good afternoon, how can I assist you today? Human Client: Hi Good morning, I was wondering if you could help me plan for my retirement. Chatbot: Of course, I’d be happy to help. Have you thought about when you would like to retire and how much income you’ll need in retirement? Client: I was thinking of retiring in about
According to Statista, New York City is the second most ideal location to set up a start-up in 2022. Indeed, with a pro-business government and a flood of investments, NYC does seem to be a wonderful spot to establish the foundations of your business. However, entrepreneurs must not simply act based on one statistic! One must evaluate the city based on how compatible it is with its particular business model. For example, housing prices are currently through the roof in
The Ultimate Guide to Real Estate Accounting In a prior publication titled “5 Bookkeeping Mistakes To Avoid In The Real Estate Industry!”, EA experts explained the common bookkeeping mistakes entrepreneurs make in the real estate sector. Following up on that train of thought, let’s discuss the broader subject of real estate accounting and everything it entails. The Importance of Real Estate Accounting Real estate accounting can be a complex and time-consuming task, but it is also essential for the success of
Trade promotion management leveraging staff augmentation services is a novel concept successfully implemented by Expertise Accelerated CEO Haroon Jafree – a Connecticut-based CPA – leveraging his decades of US CPG industry experience and niche expertise revolving around trade promotion management, business process reengineering, and cost optimization. Defining Trade Promotions Companies’ investment in price discounts, seasonal promotions, and retailer merchandising initiatives, is referred to as the Trade Promotion Spend. As consumers, most of us have come across promotions in one or
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 outside a client’s home country. The services provided include bookkeeping, tax preparation, financial statement preparation, budgeting, and other financial management services. Offshoring accounting has potential
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? Liabilities in accounting is a debt or obligation that a company or individual owes to another party. Liabilities are typically recorded on the balance sheet,
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 the consumers. The growth in the manufacturing industry means an increased need for manufacturing business accounting. Why Manufacturing Business Accounting Matters? Manufacturing business accounting is