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 are incurred, regardless of when cash changes hands. In short, there two different methods of accounting for business transactions. This guide covers How accrual and

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 their industry and clientele, strategically identifies their ideal clients and consistently directs their efforts toward reaching out to them. Employing a variety of tactics such

Innovation in the 21st century is at an all-time high. One simple look around us speaks volumes to the progress humanity has made in the last two decades. With technological advancement embedded into every facet of life, the accounting profession is no exemption. Accounting has undergone a drastic change over the past decade, thanks to the evolving technology and methodology, with innovations like paperless bookkeeping entering the fray. This leads to a big question: What is the future of the

Bookkeepers are a necessity for any business today, and prudent business owners consider hiring one when their company reaches a certain size. There are a host of benefits to hiring a bookkeeper, but it can be difficult to know exactly what kind of person and service you should be looking for. These 5 fundamental questions can help alleviate these concerns and provide a good starting point for the hiring process. Let’s first see what a bookkeeper is. What is a

With the advent of technology, business practices have changed significantly. Today, even a small business can have employees worldwide, all working as a well-oiled machine. To somebody from just 20 years ago, this would be a life-changing revelation. This ability to have talent from all around the world pitch into your business is exactly what outsourcing is all about. In other words, even SMEs today can have globally distributed teams. What is Outsourcing? Outsourcing refers to delegating part of your

Remote work and remote staffing are not novel concepts – not at least in the United States that represents a centuries-long history of multi-ethnic struggle to build an economic and technological infrastructure that remains unprecedented and unwitnessed to date. What Is Remote Work? According to Gartner, remote work, which is also referred to as work from home (WFH) or telework, is a flexible work arrangement in which the employee performs or may choose to perform official chores at a place

The saying “The customer is always right” still holds weight today. However, its true meaning has long been lost. Businesses in 2022 have become obsessed with the idea of trying to please their customers. They neglect basic customer etiquette in favor of trying to charm customers with free coupons or giveaways and end up losing them altogether. This rush to charm customers rather than to connect and help them first can be detrimental. When we ask how we can “Wow