A Comprehensive Checklist for Effective Accounts Receivable
A report says that about 4,00,000 businesses open each year, but shut down within 5 years. 82% of businesses claim cash flow as the top issue for their failure. For accounting firms, especially the small ones, the balancing act of keeping track of the cash flow, streamlining, and ensuring that it is all happening on […]
Efficient AR Reporting With Outsourcing
For any accounting firm, accounts receivable is one of the biggest assets on the balance sheet. Think about it for a moment. Whether you are a small, medium, or large firm, a steady cash flow is a need everywhere. For most businesses, they do not have a streamlined process to collect the credit when due. […]
How To Take The Stress Away For Late Payments In Accounts Receivable With Outsourcing?
Accounts Receivable is not only a business process, it is a way of ensuring steady cash flow within a business. Across all industries, the need to ensure that you keep track of the money you are about to receive and receive in due time is key to the success of the business. So what is […]
Top Accounting Challenges Small Businesses Face
According to a study by [APS], a staggering 82% of small businesses in India consider accounting a major challenge. This isn’t surprising – juggling finances, keeping accurate records, and complying with tax regulations can be a daunting task for any entrepreneur. But fear not! By understanding the common accounting pitfalls, you can equip yourself with […]
Client Apprehension About Language And Culture In Outsourcing
Outsourcing initially was restricted to the bigger companies. As times have changed and accounting firms realized the benefits that they can reap from partnering with them, outsourcing has become a popular business model. It is, now, a global trend. Besides their cost benefits, access to a global pool of talent, and better efficiency of the […]
Offshore Accounting: Resolving Employee Apprehensions and Managing Confidence
Businesses and corporations continuously strive to expand and stay ahead in diverse markets. Offshoring is a strategic move to enhance competitiveness and reduce production costs. However, offshoring critical functions like accounting can raise employee concerns. It is essential to address these concerns early to manage the process effectively and foster employee confidence. Understanding the Concerns […]
Is ‘Offshore Accounting Services’ a Good Idea for My CPA Firm?
In recent years, India has become a major hub for offshore accounting services. Many CPA and accounting firms in Europe, the US, and other countries outsource their accounting and bookkeeping work to India. Evidently, India is the future of Offshore Accounting due to factors like its ability to adapt quickly to the changing requirements of […]
How To Stay Safe And Secure When Outsourcing Your Accounting Needs
As a business owner, there are numerous responsibilities to manage. You must ensure your employees are well-trained and productive, keep your customers satisfied, and maintain healthy finances. Outsourcing accounting tasks is an excellent strategy for small businesses to cut costs while maintaining an efficient record-keeping system. Whether you need assistance with payroll processing or comprehensive […]
Money-Wasting Business Accounting Mistakes You Must Avoid
While companies always strive for higher sales and profits, there are times when losses occur for various reasons. As a diligent business owner, you might overlook a minor production or supply chain flaw and accept a small loss. However, you cannot afford to lose money due to accounting mistakes and poor financial decision-making. Effective accounts […]
Top Accounts Payable Trends for 2024 and Beyond
In today’s fast-paced business environment, traditional accounts payable processes pose significant challenges. Manual systems are often inefficient, leading to errors, delays, and increased operational costs. As the 2023 recession loomed, businesses turned to new technologies to redefine their workflows. Automation, artificial intelligence (AI), and blockchain are transforming how businesses manage their payables. These innovations streamline […]