A Comprehensive Checklist for Effective Accounts Receivable
A report says that about 4,00,000 businesses open each year, but shut down within 5 years. 82% of businesses claim cash flow as the top issue for their failure. For accounting firms, especially the small ones, the balancing act of keeping track of the cash flow, streamlining, and ensuring that it is all happening on […]
Debunking Myths About Ethics In Accounting
Ethics in accounting encompasses several aspects and perspectives. Generally, by accounting ethics we understand the integrity of financial reporting or ensure we don’t fall into a fraud trap. However, the scope of ethical accounting exceeds that. Embracing ethical principles in accounting can potentially change an accounting firm’s face value. It’s more about building a culture […]
Efficient AR Reporting With Outsourcing
For any accounting firm, accounts receivable is one of the biggest assets on the balance sheet. Think about it for a moment. Whether you are a small, medium, or large firm, a steady cash flow is a need everywhere. For most businesses, they do not have a streamlined process to collect the credit when due. […]
How To Take The Stress Away For Late Payments In Accounts Receivable With Outsourcing?
Accounts Receivable is not only a business process, it is a way of ensuring steady cash flow within a business. Across all industries, the need to ensure that you keep track of the money you are about to receive and receive in due time is key to the success of the business. So what is […]
From Compliance To Strategy – Redefining Accounting With Outsourcing
Accounting has always been viewed as a compliance-driven field. Its primary function is to ensure that the financial records are accurate and that firms adhere to the regulatory requirements. In business operations, regulatory compliance presents a significant challenge. The business landscape is changing. It is influenced by technological advancements, globalization, and a shift in business […]
Local Resources Lose Staff To Outsourcing – How True Is The Claim?
Since the beginning of time, there has been a never-ending debate on whether outsourcing is bad for business. Many claims suggest that outsourcing, as a business model, hurts the social and economic aspects of accounting businesses. While some firmly argue that this model helps in lowering costs and gaining better quality, others say that it […]
Client Apprehension About Language And Culture In Outsourcing
Outsourcing initially was restricted to the bigger companies. As times have changed and accounting firms realized the benefits that they can reap from partnering with them, outsourcing has become a popular business model. It is, now, a global trend. Besides their cost benefits, access to a global pool of talent, and better efficiency of the […]
Behavioral Insights Into Effective Tax Planning
Taxation is one of the most critical functions for any business. Tax collection is seemingly difficult for governments even in normal situations – imagine the turmoil when there is a crisis. In times of inflation and recessions, the tax revenues take a hit and the economy becomes vulnerable. It is important to understand that the […]
Addressing Common Outsourcing Apprehensions
Most accounting firms are aware of the benefits that they could reap from outsourcing their practice. But here’s the thing – no matter what the outsourcing provider tells them, they have their share of apprehensions. Being cautious of the pros and cons of outsourcing is a good thing. It helps firms create a cushion for […]
9 Economic Uncertainties In Accounting – Tips To Keep Your Business Protected
The conversation around 2024 being a year when inflation worsens is still ripe. Accounting leaders find themselves at a juncture where they have to take into consideration both rapid technological advancements and the possibilities of economic uncertainties. Leaders must not only reflect on the successes and challenges of 2023 but also enable building new opportunities […]