Often businesses increase sales by liberalizing their AR policy which leads to overgrown Accounts Receivable that are harder to collect. The longer one waits for Accounts Receivable harder it is to convert it to cash. Over time these problems grow, pile up and cause cash flow problems. As a remote accounting firm that has been […]
AP and AR automation has slowly become a norm around the globe in the last few years. The promise of benefits and affordability has led even small and medium businesses to actively consider shifting their AP and AR into a digital automation ecosystem – a welcoming sign for the accounting industry. Shift to AP Automation […]
Accounting technology is always in flux and is constantly evolving. The productivity optimization accounting technology offers, the efficiency it delivers and the money it saves are directly proportional to the sophistication of technology (and also their fit). A business that is looking to gain an edge over the competition or a CPA firm that is […]
In today’s post-covid era small and medium businesses must stabilize their ship and lay the right foundations as fast as possible to gain an edge over the competition. Maintaining a lean structure and making the most with fewer resources is the goal for any small and medium business. And outsourcing is the key that can […]
Accounting and financial services always grabbed a major share in outsourced services. However, the unprecedented COVID-19 has further increased this share as the CPA firms all around the world are benefitting from outsourced booking and accounting services more than ever. For instance, at Outsourced Bookkeeping we have registered higher growth in the pandemic years as […]
No other accounting function has as much sway on the business cash flow and bottom line as Accounts Receivable. Being the lifeblood of a business in terms of revenue Accounts Receivable is the critical aspect of business accounting that needs to be efficiently managed for smooth business operations. However, the majority of the businesses face […]
An accurate record of all the financial transactions – sales, purchases, payments, receipts. Payables and receivables in a detailed way are called bookkeeping. As dynamic as they tend to be, start-ups are not usually mindful of the cash flow and do not adequately record these transactions as the funders and personnel juggle through multiple tasks. […]
As many as 55 of the largest companies in the United States paid zero income tax for three years from 2018 to 2021. Their tax strategies even made them richer by a few million from the tax rebates a polar shift from small and medium businesses that often end up paying fines in addition to […]
As the most important event in a monthly accounting cycle, the month-end close process is where all transactions are accounted for, balances are finalized, and reports are generated to provide key insights to aid in decision making. An efficient and accurate month-end close process is key for setting up a reliable accounting system. It improves […]
One of the biggest accounting challenges faced by businesses all around the world is lack of consistent cash flow and lack of efficient Accounts Payable Process one of the major causes. However, the problems caused by inconsistent AP doesn’t end there. Problems in invoice processing and the AP problems that follow can impact the production […]