Record keeping implies the system of maintaining business records and documents. This helps in quick and easy retrieval of the same for accounting use. Good record keeping is essential for the health of your business. It is also mandatory by law to maintain accurate financial records. Every business must endeavor to have good record keeping […]
Are you struggling to keep up with your company’s bookkeeping chores? Is your staff unable to cope? Are you feeling the need to employ more and better qualified financial hands to keep up with the tasks? Then it is time that you considered outsourcing your bookkeeping department. You can get the benefits of full-time accountants […]
A company has two records of its financial transactions – one is its bank statement and the other is the bank balance as per the company’s accounting records. Sometimes, you will find that these two statements may not match. A bank reconciliation statement attempts to clarify and support the difference between the above by giving […]
Most businesses in their infancy try to concentrate on their core business activity. Hence financial and accounting activities often get pushed to the periphery. Most times owners take on the onus of accounting and even tax-related responsibilities and may hire a person or two to assist them. As the business grows, the number of employees […]
As the business expands, so do the accounting processes. Your bookkeeping systems and financial processes may need to evolve as you add more products, services and employees. Often business owners do not have accounting on their radar when they scale up their operations. It is possible to slip up and make accounting errors that can […]
It is never too early to plan for simplifying your taxes. Whether you are an individual or a company, it is often seen that there is a mad rush as soon as the tax deadlines approach to achieve last-minute compliance. Putting good systems in place to ensure that you don’t have to contend with heaps […]
Every company faces this dilemma no matter how big or small. There is always a cost involved when it comes to hiring new people, and we are not talking only about pay and perks here. While companies these days consider the option of independent contractors and remote outsourcing, they must also understand where they stand […]
Remote bookkeeping is a sensible option for companies of any size to outsource specialized financial tasks to offshore firms that offer quality services at reasonably low costs. With the world getting smaller and increasingly better connected, new technologies have offered businesses a way to have cutting edge services at their disposal despite the geographical distances. […]
Bookkeeping is one of the most important financial processes when you run your business. It is a job for the specialists. Yet, as a business owner, there are best practices that you must commit to following as a matter of good financial policy. Many businesses fold up due to poor financial management. And the business […]
Most organizations that handle their bookkeeping and accounting tasks in-house have a small work force that takes care of operations. This workforce is normally comprised of a supervisor assisted by a few employees. Bookkeeping daily activities involve: accounts payables and receivables, billing, payroll, expense reports generation, and General ledger management. These are generally handled along […]