Understanding Payroll Management

Payroll is part of the business accounting process that deals with paying remuneration to employees for the services they render to the company. Payroll management takes into consideration all the accounting regulations that dictate how and when to pay the employees. The payroll team is responsible for defining pay components, collection of payroll inputs, calculation of gross and net salary, …

3 Important Financial Statements for Budgeting

Budgeting is a critical aspect of business planning. It entails preparing financially for what lies ahead. A well-thought-out budget plan is a foundation for creating a successful action plan for the business. Budgeting enables businesses to control their finances which can be better utilized to fund current commitments or future projects. It also empowers businesses to meet their strategic objectives …

3 Reasons You Need an External Bookkeeper

Small and medium business owners often choose to keep all accounting and bookkeeping activities in-house to keep costs low. With the multitude of other business functions to take care, these activities are most often carried out hastily or left to be done “another day”. While it can be beneficial to carry on these activities in-house when the business is in …

4 Indicators It’s Time to Outsource Your Accounting & Bookkeeping

In the initial stages of starting a business, most owners find it exciting to do all the work themselves. Later, when the client base expands, they do not find the time, or are short on resources to take care of accounting and bookkeeping in-house. In fact, most of them consider it a cumbersome process that uses much of their daily …

8 Simple Tips for Personal Financial Planning

Personal financial planning is the first step towards gaining economic freedom. It is the process of assessing your current financial situation, planning for expenses, and securing your future by investing money in the right places (such as mutual funds, stocks, real estate, etc.). This wealth building exercise is done by working out daily or monthly budgets, banking, tax planning, retirement …

The Top 10 Accounting Indicators For Your Business

Building a successful business is like a marathon. You need to thoroughly analyze your accounting indicators on a regular basis to see if the parameters are on track. If you want to achieve sustainable growth every year, you need to monitor the accounting indicators that can help you design your growth strategy year on year. They also help ascertain if …

What Goes Into the General Ledger

Maintaining a general ledger is one of the most important tasks of bookkeeping. The general ledger is a complete record of a company’s financial transactions, since its inception. It plays the role of a tracker, helping managers to keep accurate financial records and prepare tax sheets. It is useful to track a company’s assets, liabilities, equity accounts, and other financials …

Smart Strategies for SMBs to Maximize the Efficiency of Accounting & Bookkeeping

Accounting and bookkeeping are important tasks that business owners need to carry out, irrespective of company size. It comprises processes that record a business’s financial activity and is usually carried out on a fixed schedule to avoid an IRS tax audit. When done accurately and efficiently, they help save time and reduce costs. Some of the financial statements that need …