Bookkeeping errors can cost you more than you can anticipate. Generally, most businesses do not consider showing much interest in bookkeeping and try to manage it by themselves. However, they don’t understand how many mistakes can happen if they don’t keep it updated and don’t take it seriously. It is understandable that bookkeeping is a […]
Technology in accounting grew many times over but so did the sophistication of payment frauds. More than 78% of the businesses experienced an attempted or an actual B2B payment fraud in 2021 alone. And almost all of them involve fraudulent invoices. Accounts Payable – A Ripe Ground for B2B Payments: There was a time when […]
Cloud Based AP Automation is a system that facilitates the smooth management of account payable processes using cloud-based software. Cloud-Based servers are much more efficient than on-premise bookkeeping as they provide many advantages including reduced costs, computerised data importing and processing, enhanced security and data storage and backup. The cloud is transforming how organisations run. […]
If a dollar saved is a dollar earned, then many businesses are losing hundreds of dollars every month with their inefficient accounts payable processing. Just a simple look at the cost per invoice can quantify the money lost in the process. How much is your business losing every month? The average cost per invoice of […]
The economic downturn triggered by the pandemic broke the cash flow of the majority of businesses around the world. The supply chain avalanche dwindled the Accounts Receivable and pushed them into disarray. According to a study, the total unpaid invoices of small businesses rose to $825 million. More than 75% of businesses were left with […]
No other branch of accounting is as complex and as tedious as manual Accounts Payable when a business process a large volume of invoices every month. Every step of the process right from the invoice capture to payment processing is riddled with challenges that cost time, money, resources and even financial discrepancies. Fortunately, due to […]
Do you want to save the money and effort of having an entire department of accounts? But you would still need assistance, right? Outsourced CFO services are your answer. Read along and find out how you can make sure your accounts are handled by experts without having to hire a whole team full-time. What are […]
The accounting world has always been a traditional and risk-averse field. The entire process and operations always follow a measured approach with little help from technology. Having worked with hundreds of CPA firms as a remote accounting partner we know how the majority of them are still reliant on conservative methods – why not, having […]
Accounts payable is an unpleasant task that most organizations, especially larger ones, must perform to maintain healthy cash flow and vendor relationships. This is often undervalued until a company’s reputation and how quickly it fills orders become important for getting the best price. Unfortunately, AP teams must deal with a wide variety of such issues […]
The importance of taxation for cash-strapped small enterprises cannot be overstated. You must identify strategies to reduce your tax liability and reinvest the savings. There are numerous techniques to reduce taxable profits. Exemptions and tax credits are additional options to reduce taxable income. Now while going through these terms, the fundamental question of question “What […]