Accounting automation is quickly becoming an essential part of successful financial management. By automating accounts payable and accounts receivable processes, businesses can reduce costs, decrease errors, and improve the accuracy of their financial reporting. In this guide, we will explore the potential impacts of accounting automation, the benefits it can offer to organizations of any […]
ChatGPT is an artificial intelligence-driven chatbot developed by OpenAI based on the GPT-3.5 architecture. ChatGPT was released to the public in October 2022, and has taken the world by storm. Using ChatGPT for finance and accounting can have both pros and cons. On one hand, ChatGPT provides accurate responses to complex financial and accounting questions swiftly. […]
Today, technology is revolutionizing the way businesses handle their payroll management and bookkeeping responsibilities. Employers can now take advantage of outsourced bookkeeping services, use cloud-based accounting software, and leverage AI to automate time-consuming tasks. In this article, we will discuss how technology is changing the landscape of payroll management and how businesses can benefit from these advances. […]
Every business operation requires an essential aspect known as the order-to-cash cycle. It is a process that initiates with an order received from a customer and ends with the successful collection of payment from them. Accounts receivable management and payment collection from customers are crucial steps in this cycle. To increase business efficiency and enhance […]
Restaurants operate in a highly-competitive and ever-changing market. Add this to staffing challenges, ever-shifting food trends, customer preferences and daunting regulatory environment – a restaurant could be the most dynamic among all the business. Even when all the above challenges are successfully overcome, a restaurant owner may still fin fit difficult to successfully run the […]
CPA firms are essential providers of professional accounting services to governments, businesses, and individuals. They provide services such as financial reporting, taxation, auditing, and advisory services. Despite their significance, CPA firms face challenges in their day-to-day operations. Top 5 Challenges Today’s CPA Firms Face and Ways To Overcome Them These challenges stem from changes in […]
An unsteady cash flow is a sign of inefficient Accounts Receivable. But when one experiences the heat of cash flow problems, most business owners wouldn’t have time or leisure to fix the Accounts Receivable. This is also why 80% of small and medium businesses fail due to cash flow problems. 5 Signs Your Accounts Receivable […]
As the tax season of 2023 is approaching, taxpayers must be aware of common errors that they may make when filing their tax returns, which can lead to penalties and unwanted troubles. Filing taxes can seem overwhelming, and errors are common. Therefore, it’s crucial to be cautious and vigilant to avoid making such mistakes. Below […]
KPIs and Metrics are real-time scorecards that give you visibility over the progress and assessment of performance. Tracking the right KPIs helps you know your current status and enables you to steer your ship towards the right destination. The more complex & comprehensive the process higher is the need for identifying and tracking the right […]
Accounts payable outsourcing is the process of entrusting accounts payable (AP) processes to a third-party provider. This can include the entire accounts payable process or just certain components such as invoice processing or vendor management. Outsourcing accounts payable frees up time for an organization’s internal staff and allows them to focus on more value-adding tasks. The […]