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.
In general accounting, Accrual and cash accounting are two methods of recording and recognizing income and expenses in accounting. Each method shapes finances in very different ways. Cash accounting records revenues when cash is actually received and expenses when they are actually paid. Accrual accounting records revenues when they are earned and expenses when they
In 2024, a start-up’s success depends on the marketing strategies its owners implement to attract an industry-relevant audience to their firm and its service portfolio. Marketing for accountants loosely refers to the strategies and resources that accounting practitioners and accounting firms use for consistently landing high-quality leads. An experienced team of accountants, deeply familiar with
Accounting over the years has experienced tremendous evolution. To the layman, the services an accountant can provide may seem limited to bookkeeping, mundane data management, and paper filing. This could not be further from the truth. But, the fact is that accountants today are qualified professionals capable of undertaking a range of complex roles, including
Every business has to address the need of reducing operating costs. Many business owners have wrestled with this problem to figure out a workable solution. However, this is easier said than done. Small incremental steps can help business owners reduce operating cost. The following ten simple tips can serve as useful building blocks for operating