Attention start-up owners! You need to hire a bookkeeper today or risk losing it all to the whims of the economy. 2024 looks rough for startups, with the long-anticipated recession on the horizon as the unemployment rate crosses the recession threshold. Everyone is holding their breath waiting to see which way the pendulum swings, but
Can you revamp your startup’s financial game with outsourced accounting services? Startups make our world a better place. There’s something amazing how startups unlock human potential…achieving extraordinary things. Yet 90% of startups fail. According to the Bureau of Labor Statistics, as of 2021, approximately 20% of start-ups fail in the first year. Behind this staggering
Internal Audit Outsourcing: The Perfect Solution for Small Businesses Do you know: Internal audits are a business’ first line of defense against financial errors or misconduct? But can outsourcing internal audits truly benefit your small business compared to handling them in-house? An internal audit is a systematic review of the business’ financial dealings over a
The age of automation is upon us. The rise of AI and mass adoption of automation technology has brought about a workforce revolution in the past decade. Much like the great replacement that happened when automation entered factories, the office is now due for a change. Accounts Payable, or AP automation is among the biggest
SaaS Accounting in 2024: Best Strategies for Financial Success The SaaS industry has blossomed into an incredible business landscape filled with opportunity. Shrewd entrepreneurs have already made their mark in the industry, and everyone hopes to become the next Intuit. If you are looking to dip your toes into SaaS, you must see beyond the
Firms must understand the pros and cons of outsourcing accounting services to thrive. Amid the soaring inflation, SMEs have faced challenges in the accounting department, which involve high salary demands, inexperienced resources, and training costs. This can result in outdated financial records, errors in financial records, and unforeseen expenses. This is where accounting outsourcing comes
According to Statista, the cloud technology market is projected to expand to $138 billion US dollars by 2025, compared to the $31 billion US dollars expected for traditional accounting. The stats are unsurprising as businesses worldwide increasingly adopt cloud accounting due to its many benefits over traditional accounting. This blog post aims to identify the
Cloud accounting has been at the forefront of accounting conversations since the pandemic. With work-from-home and remote work increasingly popular, business interest and investment in cloud accounting have risen dramatically. Cloud accounting has seen major growth, with AI integration and sophisticated automation technology trailblazing a financial revolution. Before discussing what’s new in cloud accounting, let’s
Offshoring vs. Outsourcing Explained: Major Differences and Key Benefits The debate of offshoring vs outsourcing might seem redundant to the average business owner. However, these two distinct processes are often conflated with one another despite not being the same. The main reason for this misunderstanding is that many outsourcing is done through offshore firms. However,
AI in business analysis is evolving. In 2024, it shattered the foundations on which many modern business functions were built. We are currently in an age of change, where everything is experimental. Business analysis lies at the core of this rebuilding effort. Every action a business takes today must be considerate of AI. Business analysis