Restaurant accounting can be a tough task to master even for the most seasoned restaurateurs due to the inherent complexity, greater need for accuracy and efficiency, slim margins and ultra-high competition in the field. Even the restaurants with a well-setup accounting system need to periodically update their accounting standards and improve their expertise to improve […]
‘You can’t improve what you can’t measure’ is the adage that rings true for every accounting function, even more so for the Accounts Payable. Most businesses see Accounts Payable only as a payment function & cost centre and focus on decreasing the cost per invoice as much as possible which though helps, is the unprofitable […]
Automation of Accounts Payable has been our rallying cry at Outsourced Bookkeeping due to its tangible benefits and guess what? These benefits get better and better every day with the arrival of new technologies which increases the pace and productivity of an accounting process. Take artificial intelligence for example. While automation is the first step, […]
Financial mismanagement is often the most common reason why even the most promising start-ups fail to take off and eventually de-rail. In fact, to a research study that is conducted to know the reasons for the failure of start-ups, guess what came on the top – cash flow problems. The bigger their idea, the heavier […]
Unoptimized working capital management can pin down the free cash flow and impede the business growth even with thriving sales and revenue. Small and medium business who often multi-task theirs out of accounting look at every potential cause of this working capital problem except where it truly matters – Accounts Payable. It is 2021 and […]
Accounts Payable is a simple process – said no one ever. It can be intensive and taxing when not managed well, especially for small and medium businesses. Even businesses with well-established AP process make mistakes which overtime can corrode their accounting process. And this why an AP specialist must watch-out for mistakes that can creep-in […]
Accounting is how your business organizes and analyses the vast amount of financial information that is recorded, to help you understand the current financial position – profit losses, cash flow, current assets, liabilities and more. Efficient and accurate accounting is the backbone of the business strategy and management – it is not only crucial for […]
Outsourced bookkeeping and accounting services have been a game-changer for small and medium business that look for accurate, streamlined and efficient bookkeeping and accounting services without having to set-up a dedicated accounting department of their own. Outsourced accounting services save time, money and give flexibility to scale-up or scale-down based on the accounting requirements while […]
Every business small, medium or large business runs into its own set of Accounts Payable challenges, especially as the volume of transactions increases and business grows or during the adoption of new technological advances or AP methods. These challenges in the early stages reduce the efficiency of the AP process, make it difficult to […]
Reconciling the bank and credit card records with internal ledger entries is the standard procedure for cash management in any business. It is not only complex but also is arduous and is time taking process that requires focussed efforts since accuracy is paramount in this process. If you are a small business owner who is […]
