The Covid-19 pandemic left the entire world in disarray. The sudden emergence of a global pandemic at an unprecedented scale caught the world by surprise, and the business landscape flipped upside down in a matter of weeks. The pandemic was the trigger that sent the global economy into a recessionary spell. While many industries and
In the tumultuous business climate that has persisted since the beginning of the decade, now more than ever businesses need ways to cut down costs and maximize revenue to stay standing. With consistent external roadblocks such as Covid-19 and the tense geopolitical situation in different parts of the world plunging the global economy into recession,
Compared to the ideas and practices that have dominated the discourse in business management and methodology for decades, international outsourcing is still conceptually in its infancy. Simply put, there is an air of skepticism in the business community regarding the viability and value of outsourcing functions of a business to an external agency. In his
Bookkeeping refers to the process of regularly tracking and recording the financial data of a business in the books of accounts. Bookkeeping is an essential responsibility when running a business, it is virtually impossible to run a business without a proper bookkeeping system in place. A bookkeeper is a person responsible for managing a business’
Staff augmentation refers to the process by which a company hires contractors, consultants, or third-party service providers whose primary function is to supplement the client’s existing workforce. They are typically engaged when the firm is unable to obtain or retain permanent staff, or when it needs specialized skills. Thus, the contractors function as members of
What are Financial Statements? Financial statements are indeed crucial documents for any business, offering a picture of its financial health and performance over a specific period. They serve as a formal record, detailing essential financial aspects such as assets, liabilities, income, and expenses. These statements provide business owners and finance executives with invaluable insights into
Bookkeeping is a necessity for any business today. Business owners can either opt to do it themselves, hire an in-house bookkeeper or delegate the responsibility to an outsourcing firm, and depending on the business requirements, any of these can be sufficient. However, as the business grows, there will eventually come a time when outsourcing becomes
Bookkeeping is the process of recording the company’s 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 and up-to-date financial
What is an Audit? In a nutshell, an audit is an official inspection of a business’s operations, processes, or financial records. There are two types of audits, namely internal and external. While both share similarities in how they are approached and conducted, they are quite different in terms of their objectives, scope, methodologies, and outcomes.
When first venturing into the business world, entrepreneurs must make some tough decisions. One such decision that greatly impacts the future of the business is deciding what accounting method to adopt. In the business world, there are two accepted methods of accounting available to businesses. These are accrual-based accounting and cash-based accounting. What Is Accrual