Have you struggled to find the accurate amount of a transaction to close out the month? Maybe your team scrambled around to recognize what went wrong in the reporting cycle; or tried to identify how you achieved stronger sales last quarter. Problems like workflow issue solutions, significant accounting errors, and budget assessments can all…
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When you are running a company or managing accounting, there are some basics you need to be clear about before you indulge in complicated transactions. Transactions can be difficult and, in order to ensure that all is in place, bank reconciliation is necessary. If this prompts questions to pop in your head, further down is…
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Inventory is the collection of goods a company has in its stock. This includes raw materials, unfinished goods, and goods that are ready to be sold. Generally, inventory refers to the finished goods. This can also include the raw materials required for the production of finished goods called work in progress. Inventory turnover is…
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One of the best investments a small business owner can make is in people–both employees and customers. And you can easily serve your people with simple customer relationship management (CRM) software. The vast majority of companies have systems to handle data about product management. However, plenty of data and analysis is out there and received…
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The most awaited and new tax system in India came into existence on 1st July 2017. After this, most of the businesses were able to continue smoothly as they adopted GST Compliance. But there are many businesses still that are not very sure about various compliances which can lead to heavy fines and penalties. Rules…
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Unless youre a bookkeeper or accountant by profession, you rarely dont spend time thinking about the two (but hey, no shame if you do). Similarly, you probably dont know that theres a distinction between bookkeeping and accounting. That is because, for most of you, bookkeeping and accounting are the samewell, not entirely wrong. Indeed,…
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Small business owners make up for a majority of the working class around the world. Here are some numbers to support this claim: Small business units form close to 58% of the total employment. This number goes considerably up in low and middle-income countries. It might come as a surprise, but in countries that…
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Why You Should Consider Starting an Online Business During the Pandemic For most niches, a business cannot continue as usual. Brick and mortar stores will feel the pinch that comes with behaving responsibly amid a global pandemic. Existing enterprises have an advantage over nascent ones, but they’re still struggling. Yet, according to the Wall Street…
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It is the duty of every company, regardless of size, to accurately track and report the money flowing in and out of its accounts by way of sales, expenses, and payrolls, but many entrepreneurs lack the knowledge and experience necessary to make this happen. Proper bookkeeping management is not only a necessity for complying with…
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