You might be wondering “Why can’t suppliers just submit the purchase orders to receive payment?” Since a sales order is an approval of the payment that is supposed to be made for the goods and services, then why do companies take an extra step of sending the invoices. These invoices need to be processed and
John Hall, a senior contributor at Forbes writes, “If You’re Serious About Scaling Your Business, Get Serious About Sales Order Automation”. By now, you, as an entrepreneur, might have a glimpse of what sales order automation is all about. However, have you truly grasped how it can benefit your business operations? In business, it is
At a time when the world is in turmoil, the role of CFOs is being celebrated for their careful and steady approach. Thus highlighting the importance of financial prudence in uncertain times. As companies, especially SMEs, seek flexible financial expertise without the commitment of a full-time hire, two models have emerged as popular solutions: virtual
Imagine transforming your accounting processes with a single decision- Accounts payable automation (AP Automation) While the potential loss of crucial data and the high initial cost of software might seem daunting, the long-term benefits far outweigh these challenges. In recent years, the demand for accounts payable automation has risen significantly. According to a recent report
Are you a startup owner wanting to carefully manage your funds but cannot afford a full-time CFO? A Virtual CFO can help you. In today’s times, experienced CFOs demand very high salaries and rightly so but some startups cannot accommodate them because of low budgets. A virtual CFO might be the solution any startup needs.
Are you thinking of long-term success for your small business? Financial planning can help you achieve business objectives. Achieving long-term business success depends on good preparation, and the most important part of this preparation is an informed financial plan. This plan outlines a business’s short—and long-term financial goals and how to reach them. It is useful for company
As an entrepreneur, you may want a cash basis in your accrual—the best of both worlds. Fortunately, this is possible because there is a third method of accounting called hybrid accounting. One of the main reasons many small businesses use hybrid accounting is to simplify their bookkeeping while still gaining insights from accrual accounting for larger
How to Grow an Accounting Firm Despite the Ongoing Staffing Shortage. Are you as an accounting firm dealing with the increasing difficulty of finding enough staff? Hiring and keeping employees has become really hard, leading to a shortage of accountants across the industry. Several things are responsible for this issue. The accounting profession is growing
Making a choice between in-house versus outsourced accounting is crucial. It can make a big difference on the firm’s financial stability and operational efficiency. Small business communities stand to gain significantly from this discussion, particularly in the context of shifting to a WFH model for roles that can easily adapt to it. Accounting is a
CFOs and controllers are senior accounting roles that drive a business’s finance function. In 2024, the finance function will become one of the most relevant parts of a business. Interest rates are soaring, and the economy seems primed for an inevitable upset. If businesses are not prepared, they may face catastrophic damage should the worst