Accounting functions are rapidly migrating to the cloud, and this is substantiated by figures released by cloud accounting software providers such as Intuit (with an increase of 41% in subscribers for QuickBooks Online, per its 2016 fiscal report) and Xero (which experienced 51% growth on its subscriber base in the year ending March 2016). With

Inevitably, it’s that time of the year again when you need to prepare to meet with your CPA to discuss taxes. You need to take stock of your investments, any financial transactions undertaken, and, most importantly, the paperwork to support these. Typically, the biggest challenge revolves around locating and compiling the relevant paperwork when it

The statistics are impressive: According to Statista, the accounting industry is expected to generate around 160 billion in revenue by 2018.  As services move online and apps influence the way consumers conduct business, including banking, embracing technology is one of the ways to grow in a digital age. According to an overview of the Accenture

Small business owners recognize that a budget is the single most important tool for managing their business. When creating a budget, keep in mind that it needs to both sustain business growth while mitigating any financial hassles. Following are five budgeting tools that are suited to small business needs: 1. Whitebirch Planning: For most small

Budget planning and implementation significantly impact the course a business will take. For small businesses, the budget determines whether the company will expand or close down. Business expenses need to be kept in check so that they do not surpass income; without a budget, cash deficits can quickly accumulate through over-spending. Consider a budget as a

Implementing cloud computing saves businesses from heavily investing in building and maintaining computer servers. Furthermore, it also reduces the need to buy or build alternate means of information storage. Cloud services also enable you to communicate and access your information from any physical location, regardless of where your office may be. Shifting to the cloud

At first glance, cloud computing and accounting seem diametrically opposite; one is a futuristic concept while the other, accounting, is an orthodox discipline that forms the bedrock for all business houses. However, cloud computing, implemented across the Internet is actually all about convenience and cost efficacy, especially for small and medium businesses. Also, several solutions

Small business owners face a multitude of challenges as they struggle to develop their business from infancy to a stabilized operating entity. One of the most critical areas to manage from the financial and operational perspective is cash flow. Following are several strategies that business owners can apply to assist with cash flow management. Almost

Small business owners sometimes mistake profitability for cash flow. Whereas a company can be profitable on paper, it can simultaneously be “cash poor” lacking the resources to pay bills, including payroll. This is the type of situation that small businesses and startups seek to avoid, as cash flow can literally make or break a business.

Financial reports provide insight into a company’s health and financial status for a particular time period. Financial reports are designed to provide data to the company’s shareholders, including potential shareholders or investors. Thus, financial reports must provide accurate and relevant data to enable decision making. Relevant financial reports should contain enough data to assist investors