Accounting processes take up a lot of time, effort, and resources—more so than any other business process. The scope of modern accountancy is no longer confined to just bookkeeping. As a small business, you need to make use of your accounting data to generate meaningful insights. Accounting data tells you about where you stand compared […]
Employees put in dedication, effort, and extra hours to help your business achieve its organizational goals. What do they demand in return? To be treated and compensated fairly. When it comes to compensating employees, you need to give them their fair share of benefits, appraisals, promotions, rewards, and above all—a market-competitive salary. What you pay […]
Of all the types of competitive advantages a business can have, cost-efficiency is the most lucrative. Your organization could be manufacturing top-quality products but will still not outperform competitors if you have no control over costs. Costs define profits more than sales do. Period. To reduce business expenses, you need an accurately-recorded income statement to […]
No matter the size and scale of your business, you’d always need a solid model to record and manage financial transactions. Accounting not only helps you organize your financial data in a meaningful way but also uses it to make important managerial decisions. Accurate financial data processes lead to more relevant decision-making and, subsequently, higher […]
Every business that’s based in the US needs to comply with Generally Accepted Accounting Principles. These are a set of commonly used business accounting principles that are recommended by the Financial Accounting Standards Board (FASB). Businesses are expected to comply with these rules so there can be general consistency, clarity, and easy comparability between financial information from […]
With each passing day, more and more Americans are switching to working from home. In 2017, around eight million Americans worked from home. This figure increased by 5% compared to 2016. And since then, the trend has only seen upward growth. But what about more specialized roles, such as an accountant? Can accountants follow suit and […]
