Client: A wine company based in United States exports wine wholesale to businesses and retail to individual customers. Accounting challenge: The wine business has been facing lot of accounting problems which seem to interfere with regular operations and financial performance of the business. Not having an adequate record of profit and loss accounts, balance sheet, scheduled […]
Bookkeeping and accounting which were associated with cabins of ledgers, reams of papers-receipts, bills and record books were transformed into an advanced paper-less process in this decade; all thanks to cloud accounting software and tools. The same cloud accounting tools also enabled the next logical step in this evolution – virtual bookkeeping and accounting. A […]
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 […]
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 […]
Be it a small, medium or large business, strategic planning is key for business growth especially when the entire world gradually making its way through the pandemic. To accurately plan for the future and take the right steps every business needs, a sense of direction which comes from understanding the past and current business is […]
Technological adoption in the accounting industry that has started in early 2019 scaled up massively in the last couple of years. Cloud-accounting, automated accounting software, agile and remote working methodologies, outsourced bookkeeping and accounting services – the pandemic necessitated remote working has brought-in many new operational efficiencies. Now the onus is on accounting firms to […]
If you are a small business owner then you are well aware of how busy year-end can be when it comes to having your books balanced. We understand you have to juggle multiple responsibilities and accounting is not exactly your top priority. But if you have been through year-ends in the past then we know […]
A business owner need not have expertise in bookkeeping and accounting but he/she must know enough to swift through these processes. And this know-how should start with understanding the basic accounting aspects and terminology involved in the day to day processes. However knowing only the accounting terms doesn’t help unless one understands the context and […]
Post COVID-19 every business’s goal is to make the right use of advanced tools to gain as much benefit as possible – especially when it comes to Accounts Payable, a vulnerable accounting process for many businesses. And outsourcing is the most simple and effective way to strengthen this vulnerable area of an accounting process. But […]