Accounting functions are the backbone of any business. If you thought you could start a business and continue carrying out accounting work by yourself, you might be badly mistaken. As a business takes off, it may go through phases of high performance and low performance. However, accounting and bookkeeping will be connected to it from

As an entrepreneur, you are probably busy chasing business development initiatives and bringing in more revenue. How then, do you manage essential tasks like accounting and bookkeeping, which are often time-consuming and detail oriented? If you do them yourself, these tasks eat into a lot of your workday whereas, as a business owner, your time

You possess the expertise and the know-how required to meet your clients’ expectations. You also recognize the importance of timeliness to your client. However, what about the growth of your own business in the meantime? Focusing on client needs often means that you put aside the needs of your own business. Going about daily operations

Most small businesses follow a budget. This budget decides business investments, purchases, hiring of resources, expenses on infrastructure, etc. However, if you are a business owner yourself, you know that it is some of the basic and back-end functions that often need the most investment. Bookkeeping and accounting are two such essential functions that need

With half of the year gone past, we are now in a position to assess whether the goals set in the beginning of the year have been achieved or not. Further, now is also a good time to review what needs to be done for areas that have not seen growth as envisioned and could

How strong a company’s finances are can be gauged from the balance sheet, which in turn is assessed on the strength of the company’s working capital, from among several other factors. Even then, it is among the concepts that can be difficult to define for a small business or a startup. This is because working

Your business’ budget can be divided into two: cash and operating budget. Your business’ cash budget will focus on expenses and revenue estimates. A cash budget usually has entries for cash transactions that took place, such as salary payments and vendor invoices. An operating budget is similar to the cash budget, only that it covers

By definition, Accounts Payable is the money that a business needs to pay to its suppliers or vendors. In accounting terms, Accounts Payable is a liability or a debt and is noted as such on the balance sheet. Each time a vendor or a supplier provides you with an invoice that has to be paid,

Managing growth is often top of mind with business owners. Healthy business growth is crucial to the company’s long term sustainability. However, often times small to mid-sized business owners reach a plateau in their ability to drive new business due to both manpower and financial resources.  The challenge for businesses in this lifecycle stage becomes

Simply put: Your company’s cash flow decides whether or not your business will continue and whether it will grow. For example, if your business creditors need money within 10 days while your invoice payment date is 20 days later, you will soon run out of money. Unless you optimize your cash flow to align the