Service Level Agreements, or SLAs, are crucial not just from the perspective of ensuring high quality work, but they are also significant when it comes to maintaining consistency in deliverables. Because SLAs define customer expectations better, it is crucial to draw up an SLA even when entering into strategic partnerships. In a strategic partnership, it

Strategic partnerships are an effective way for businesses to leverage existing resources to advance the business. However, the need for assistance is different for each business, varying both in terms of expertise as well as infrastructure. These levels may vary even for the same business experiencing a growth swing or a period of high growth,

The passion which kick-started a business may not be adequate to help it grow into a successful business. For starters, the founder becomes pulled into daily activities, including managing crucial accounting functions and financial tasks, such as recording transactions. This does not leave much time for business development activities or pursuing new clients or customers.

One of the most common challenges a business grapples with, on an ongoing basis, is a limited budget. By itself, this is probably one of the largest challenges because of the negative effect it has on several other factors influencing the business, including investments. Critical purchases may be stalled or deferred to preserve liquidity at

As businesses continue moving to the cloud, it is vital to assess and analyze the elements that are a requisite for cloud-based operations. It is important to remember that the cloud-based accounting software selected should provide the same benefits of traditional brick-and-mortar or paper-and-pen accounting but through hosting on remote cloud-based servers. We have compiled

Small businesses require an infrastructure that is robust and dependable. Reliability is high on the list of necessities because the failure of a single component can cause the rest of the set-up to break down. This is even more critical for a startup or a small business which cannot afford a disruption, as it can

A business, whether a startup or an established one, needs reliable bookkeeping and accounting support to sustain financial stability which eventually translates into growth. More businesses falter and sometimes cease to exist because of a lack of adequate financial support. This can be prevented with judicious financial planning. Following are several reasons why a small

Imagine doing business without the knowledge of whether the efforts and investment spent are of any use at all or not. Ratios are vital to business, to measure growth or any advancements from its starting point. Here are some ratios that are essential to a small business growing rapidly into a mid-size one: Efficiency Ratios

A metric is by itself a quantifiable measure used to assess a business process. Metrics are different across industries and roles: marketing metrics differ from sales metrics, in turn differing from those measuring consumer satisfaction, employee performance, etc. Business metrics are vital for any business from the standpoint of efficiency and performance. For any business

Both, cash and accrual methods are used for recording accounting transactions. Cash Method With the cash method, there is no record of accounts payable or accounts receivable. Instead, revenue is recorded when cash is received and expense is recorded when cash is paid out. The cash method also serves as an indication of whether there