As a business owner, you have many things to think about. You must ensure that your employees are well-trained and productive, customers are happy with your service, and your finances are in order. Outsourcing accounting needs is one of the […]
Every business aspires to have a healthy cash flow and become profitable. There are several reasons why a company’s cash flow dips into the negative. One of the common reasons is that the accounts’ payable function is not being managed […]
Every entrepreneur wants to see their business grow. However, rapid growth also brings along significant accounting and operational challenges. If you’re not prepared, it can quickly strain your staff and resources. Below we’ve outlined the top accounting challenges of rapidly growing companies […]
Business accounting is largely considered the foundation on which the success or failure of an organization depends. Not only does it help companies classify, understand, record, and interpret their basic financial data, but it also equips them to find a […]
Accounts receivable are a company’s future revenue stream. While many top accounts receivable outsourcing companies exist, bringing order to accounts receivable is still a strategic imperative. This is where automation in accounts receivable comes in. Automation helps you improve efficiency, […]
An essential financial tool that helps accountants and business owners evaluate their organization’s finances is the accounts receivable aging report. It divides outstanding bills into age-based categories to provide a clearer picture of the company’s cash flow and detect any possible […]
As the financial year draws to a close, it might seem too early to review your accounting system as a business owner. Should you start checking your books of accounts at the end of the financial year? The answer is […]
The conclusion of the final year is undoubtedly among the most crucial periods for the finance department. The preparation of end-of-year accounts, reports, statements, and financial reporting requires finance specialists to spend days digging into the books. To make things even more demanding, […]
In modern times, technology is advancing rapidly, making it crucial for every business to automate its processes. It is no different for the accounting domain, and to survive in this competitive world, companies must automate their accounting procedures. This is […]
Accounting is an important support function for any business. Traditionally, businesses have always had an accounting department, which ensures that the books are updated every month and that the company is in great fiscal shape. Technology is shifting this reality. […]
Business process outsourcing is back in vogue today. Whether large scale or not, all companies alike are actively seeking to improve their operational efficiencies and turnaround times by hiring outsourcing partners for various business processes. In fact, in a research […]
Accounting services are important for any company since failure to adhere to government regulations can attract severe penalties. However, if accounting is not your core business, you should avail of finance and accounting outsourcing companies. These firms are specialists and […]
Accountants are important in businesses large and small. Whether you use an accounting outsourcing service or hire an in-house accountant will depend on your business needs. But choosing the right accountant for your firm should be done with utmost care. […]
Accounting forms the backbone of business health. While many accountants work diligently to ensure that errors or blunders do not happen, many businesses still believe that their accountants work reactively rather than proactively. In fact, in a study conducted by […]
Financial statements should always provide the true value of financial and operational information. The definition of true up is to level, align, and balance something. When two or more accounts are matched or reconciled, the true up process is in […]
Recently, technical improvements in the accounting sector have resulted in the introduction of the concept of CAS, or Client Accounting Services, which is quickly gaining popularity among consumers and is becoming increasingly popular. As a company flourishes and its growth […]
These days, technological advancements have seeped into the core of operations across all industries alike—and accountancy is no exception. The advent of new methodologies to carry out the functions of accounting as a service without being confined to traditional techniques […]
If accurate projections about future business growth based on your current performance are vital, creating a backup of your financial accounting data is even more critical. You might need the data to check financial transactions between your company and customers, […]
Technology has revolutionized the outsourced accounting industry in so many ways that it is becoming increasingly difficult for accounting firms to stay up with all of the most recent trends and developments. A new set of skills must be created […]
The long-term tangible pieces of property are termed fixed assets. Every company/business type requires certain fixed assets to carry out their operations smoothly and generate income through them. These may include plant, property, equipment, etc. These capital asset types play […]
Business revenues have been hit badly due to the pandemic, and businesses are still trying to adapt to the new normal. Not only have revenues come down, but the collection of revenues from customers has also been affected. Every business […]
Transportation and logistics companies play a major role in everyday commerce by moving goods from one place to another. From procurement of raw materials to the final delivery of packaged goods to the end consumer, it acts as an important […]
A budget is one of the essential parts of planning a business. Without budgeting, there is no control over the cash flow, and it cannot be known in which direction the business is moving. A budget will help you project […]
Did you know that 94% of the accountants have adopted cloud accounting? With the technological capabilities of industries advancing rapidly, the day is not far when virtual accounting services will overtake the traditional mode of doing this job. The surprising […]
Today’s business owners face great challenges in maintaining financial transparency and complying with government norms. Under such complex scenarios, it is advisable to switch to outsourcing services like auditing and accounting. By outsourcing your accounting services to professionals in the […]
Every eCommerce business, whether it’s run through Amazon, BigCommerce, Etsy, or Shopify, needs a robust accounting system in place to handle the financial aspects. Ecommerce accounting is a business’s foundation, and a solid foundation is necessary to keep a business […]
In the world of business, organizations are facing some new challenges that could create a huge impact. For most CPAs, things have changed a lot and might never be the same again. With the moving time, people have switched towards […]
Closing of books at the conclusion of each year is a traditional task, and an effective bookkeeping procedure simplifies the entire process. The closing process encompasses the year’s transactions and ensures an appropriate categorization. Newly established businesses often encounter considerable […]
The global Coronavirus pandemic has adversely impacted businesses across multiple domains. It has changed the definition of normal, and a new normal has taken over, forcing people and businesses to sustain accordingly. The nationwide shutdowns impacted a majority of industries […]
![Common Accounting Outsourcing Myths [Infographic]](https://www.outsourcinghubindia.com/wp-content/uploads/2020/09/accounting-outsourcing-myths.jpg)
Small business owners face daily challenges on many fronts, from generating customer happiness, to managing inventory, to promoting their products/services and to fighting competition. One of the most crucial ones is running an efficient accounting department. A business owner often […]
Outsourcing accounts payable process is where accounts payable of a company is managed by some third party accounts payable companies. This means, as a business, you handover your accounts payable process to a company that specializes in it. Through account […]
If you want to be a successful business owner, then you need to take care of more than just your market share. You must have details of all the accounting transactions in your business depending on the industry you belong […]
The global pandemic, COVID-19, has impacted companies of every size as they are trying their level best to contend with economic and health challenges. Companies across the globe are operating as remote firms, working virtually from their homes, in an […]
Reconciliation of your business bank account implies that you are comparing your internal financial records against the records supplied to you by your bank. A monthly bank reconciliation enables you to identify any suspicious transactions that could potentially be fraud […]
![Factors Influencing Finance & Accounting Outsourcing Success [Infographic]](https://www.outsourcinghubindia.com/wp-content/uploads/2020/06/accounting-outsourcing-success.jpeg)
Outsourcing Finance & Accounting (F&A) role has been a popular trend today. The main benefits of accounting outsourcing include cost reduction, efficient processes and accurate reporting. Aside from this, it has helps the business owners to focus on core competencies. […]
The Coronavirus pandemic has taken a heavy toll on the regular operation of almost every sector. Businesses have been adversely hit, leading to a shortage of staff and equipment, disrupted cash flow, and other anomalies. It is getting laborious for […]
QuickBooks is a best-selling suite of programs by Intuit, designed exclusively to rationalize complex financial operations that include budgeting, expense tracking, payroll, inventory, and sales. The software caters to all the financial needs of a small business firm. Some of […]
To be a successful business person, you can’t just focus on providing quality products and services to your existing customers, you also need to keep an eye on your finances. There has to be proper checks on all financial transactions […]
Small business accounting is an organized process which helps in keeping track of the financial activities of a company. Bookkeeping, on the other hand, is a systematic process of keeping a record of every single company transaction. Both the processes […]
The COVID 19 pandemic has hit the world just at the advent of a new financial year. The economy, on the whole, has been majorly affected due to this global mishap. However, our spirits are high, and humanity will bounce […]
Outsourcing has been rapidly gaining popularity in recent times and has contributed to the reshaping of many industries, both within the country and outside. With the current changes in the world market, industries and organizations are using a lot of […]
Are you losing your key suppliers due to an inadequate tracking system of recording the due dates for payments? Do you find that you are not able to avail the benefits offered by suppliers in terms of discounts offered for […]
![Bank Reconciliation Process: A Step-by-Step Guide [Infographic]](https://www.outsourcinghubindia.com/wp-content/uploads/2020/01/bank-reconciliation-process-1.jpg)
A bank reconciliation process is whereby you compare your business sales and expenses records against your bank’s records. The process verifies your accounting numbers, ensuring the balance on your books reflects those shown on your bank statement. Businesses ought to […]
The financial strength of a business can be assessed as to how quickly it can convert its current assets into liquid cash. Outstanding accounts receivable represents the crucial component of current assets. Any businessman would like to have his cash […]
The amount owed by the business for the credit purchase of any goods or services is termed accounts payable. Accounts payable is vital for any business and a blunder in the accounts payable process can incur huge losses for the […]
Liquid Cash is the backbone of every business enterprise. It is imperative to have a proper rolling of finances to keep a business stable and flourishing at all times. A good accounts receivable system contributes majorly towards business growth as […]
According to a report by Sage released recently, 67% of the accountants believe that their profession is now more competitive when compared to past years. 83% say that their clientele today has higher expectations from them if we compare to […]
The article focuses on the four aspects of bank reconciliations to help understand the best practices that should be adopted in all organizations. It is imperative that bank reconciliations be a part of your accounting practices. Businesses can follow these […]
Outsourcing is a ‘one size fits all’ remedy that seems to help with cost-cutting initiatives in major corporations to small enterprises. It was the Fortune 500 Companies that first demonstrated that organizations could focus on customer service if they outsource […]
One aspect of your business that you can’t afford to neglect is accounting. Fortunately, with the advent of technology and the rise of virtual accounting services, you now have a way to streamline your financial operations and enjoy several benefits. […]
For nearly ten years now, technology has been developing at a rapid speed. New devices, apps, and games have been developed, and social media is now used by the world’s businesses and or brands to promote products and to target […]
Congratulations on starting your startup! Not all great ideas see the light of day, but your dream has turned into a reality. You have the product, the human resources and the marketing skills to ensure that your company takes the […]
Accounts Receivables or AR can be explained as the dues from the credit customers or the clients. If you are not receiving your payments on time, then what you need is an efficient system that will help you get it […]
To achieve success in business, we have to not only ensure that our existing customers are retained but also make concerted efforts to expand our horizons to acquire new customers. The bottom line for every business is profits, and we […]
For almost all entities barring a few like financial institutions, revenue is the largest single figure in the financial statements. The figure ascertains an entity’s financial performance and position. While it might be accepted that profit is generally considered the […]
Accounting is a requirement for all companies across industries. Therefore, hiring a in-house accounts personnel is a common practice. However, there is another alternative that most companies fail to consider due to misconceptions and other priorities. Outsourcing accounting tasks is […]
If you are a restaurant owner, or a prospective accountant exploring various career avenues, you may have wondered how restaurant accounting might be different from other forms of accounting. It’s all relative and similarly structured in the full verse of […]
Every business needs to have a revenue target which they need to fulfill within a given time frame. There may be deviations from the path to achieving the objective, but eventually, we can attain the goal if we have a […]
Most entrepreneurs start their business with a passion to sell their product or service. Everything else involved in a business comes afterwards. When the firm is in its nascent stage, a company can afford to spend time on its core […]
What Is Forecasting? Forecasting is the practice of using several statistical and accounting methods and techniques to predict the future of various aspects of the company like production, revenue generation, sales and selling price to name a few. This planning […]
Accounts Payable (AP) is the amount of money which a firm is supposed to give a person or a company that provides them with goods or services. Therefore, it is quite significant to manage these accounts smoothly and efficiently, which […]
Year-end is a time for reflection. It is the time to look back and redefine your companies vision and goals. But let’s be honest, this is a little difficult to do if your accounts are not in order. Keeping this […]
In today’s fast-paced competitive world, businesses must focus on working to ensure that they maximize their revenue, translated as profits! While it is true that there will always be ancillary departments that will aid the revenue-making, growth and expansion of […]
When it comes to running a business, Small and Medium Enterprises (SMEs) have to deal with a number of activities such as executing their core functions, dealing with clients, managing accounts, etc. However, all these can get taxing on the […]
The process of accounting forms the thrust of every business functioning and is perhaps considered one of the most important finance-related administrative work that a management undertakes. Talking specifically about small and medium businesses, the accounting needs for such businesses […]
![Pros and Cons of Outsourcing Accounting [Infographic]](https://www.outsourcinghubindia.com/wp-content/uploads/2018/09/Pros-Cons-Outsourcing-Accounting.jpg)
According to recent statistics, 37% of businesses spend more than USD 5,000 for the administration of finances and 33% of these firms devote more than 81 hours on finances every year. Whether you run a real estate business, textile firm, […]
Being a small business owner isn’t easy. You have to manage everything on your own. From marketing to customer relationship and things such as accounting, management etc. A business depends a lot on its finances, and you can’t manage finances […]
How is the success or failure of a business judged? Profits. There are two main factors that affect the profits of a company the money that comes in and the money that goes out. Accounts Payable deals with the second […]
Accounting outsourcing is a trend that is on the verge of seeing a great transition. With available resources and advancement in technology, this sector will experience high demand in coming years. The outsourcing industry has seen a rise from 76.9 […]
The Financial Accounting Standards Board and the International Accounting Standards Board issued new accounting standards in 2016. The new standards that are set to take effect in January 2019 redefine how organizations will recognize lease liabilities and assets on balance […]
One common mistake that small businesses and startups make is not going for the help they can easily get. It is naturally assumed that accounting should be handled in-house, hence, unnecessarily increasing the burden and inevitable challenges. Accounting and bookkeeping […]
Handling and managing accounts payables (AP) is barely considered a core business function. Unfortunately, most real estate businesses focus more on marketing strategies and making sales than managing accounts payable properly. However, poor management of the process can ruin a […]
The business process outsourcing (BPO) industry came into existence by the end of the last century, but adoption picked up pace around a decade later with the explosion of the internet globally pushing its progress. The first generation of BPO’s […]
Managing the accounting activities of your business seems a tiresome task but it is still an important one. You can’t turn a blind eye to your financial activities as these are required to run your business efficiently. However, we not […]
Reducing the cost of operations and acquiring better talent at the same time is the aim of every company. Outsourcing has garnered fame precisely for this reason. It gives companies access to cheaper but more talented workforce. However, the accounting […]
Accounting is one of the most outsourced business functions, especially among start-ups. Businesses outsource accounting functions with the aim of getting accurate and well-formatted financial reporting at the least effort and cost possible. Outsourcing accounting processes entail hiring an independent […]
Many businesses, organizations and startups find it hard to manage their accounting such as preparing financial statements, analyzing data, preparing invoices and managing bank accounts. Even after hiring a dedicated professional, various factors come in the way of efficient execution. […]
Real Estate Accounting embraces or covers the accounting rules for any kind of real estate transactions that can be used to structure real estate deals appropriately. Real estate firms need to fully understand their current financial accounting, regulatory and compliance […]
The conventional approaches to using commercial financial reporting can be unreliable in terms of security. Multiple copies of the same file can be expensive to store and can interfere with backup systems. This is when people started looking for alternatives […]
Accounting outsourcing has emerged as one of the most rapidly growing outsourcing sectors with cost reduction as its main driver. However, finding an outsourcing partner who really understands the needs of your accounting firm and allows you to have a […]
Outsourcing has been steadily becoming main-stream even in mid-size companies over last five years driven by the successful case studies in large organization, greater awareness, the explosion of cloud computing and falling costs of communication. This article aims to be […]
In recent years business owners are under incredible pressure to trim costs of finance and accounting departments to boost productivity, increase profitability and assign strategic value to it. Accounting outsourcing is often looked as the source to achieve significant cost […]
Every outsourcing arrangement should be equipped with technology that ensures data security to maintain confidentiality of client information and other details. Thorough standardized procedures that are enforced to regulate data security within the enterprise can transform any business. Securing the […]
Specialization has become the norm of the present times. These days when it comes to the challenging business environment, specialization not only leads to effective functioning of the business but also cuts down on costs. This is the reason why […]
The e-commerce industry has transformed the competition when it comes to growth. Today, more and more consumers are moving online as they are now gaining access to levels of ease and transparency far ahead of what long-established retail set-ups can […]
For small business owners, time and money is the most precious asset. To gain maximize results, you and your employees will need to dedicate the attention to sales, marketing and raising capital so that the company can keep growing. Although […]
Accounting is vital for any organization as it contains important information about the financial dealings carried out in day-to-day activities of the company. It is an extensive and intricate work to keep the track of all the sale, purchase, payments […]
Early days in a new business are difficult. In order to succeed and grow the business it is important that the primary as well as the supporting activities of business is taken good care of. There are numeral piece that […]
Accounting is an indispensable part of running a business. For a successful business it is imperative to follow basic accounting practices. A proper accounting system is necessary because the details may be required for legal purpose, to file tax returns […]
![Common Accounts Payable Outsourcing Myths [Infographic]](https://www.outsourcinghubindia.com/wp-content/uploads/2017/01/common-accounts-payable-outsourcing-myths.jpg)
In today’s competitive business where information is required on your fingertips, Accounts Payable management is one of the most essential tasks for businesses. Lack of it will reflect poorly in vendor relationship, cash saving policies and working capital, eventually affecting […]
Finance and accounting is one of the back-office processes that companies outsource, and the practice continues to thrive. As the market is growing, firms are discovering new ideas and looking for new answers to simplify F&A processes. Companies are trying […]
Outsourcing is a common practice these days. From front desk to back office, human resource to accounting. Outsourcing comes in many different approaches – which provide a positive aspect on the cost savings front. But with the benefits of cost […]
Survey results done by a leading software firm: A mere 28% of the respondents trust the numbers reported in the month-end close 90% of the respondents are under pressure to close faster About 39% of the respondents are satisfied with […]
In general, outsourcing is a trend that has been on the rise due to several obvious advantages. The market place is a high-pressure environment. With competitors constantly cutting into your profit margins and market share, the only area that you […]
The rapidly evolving online accounting systems have now given business owners the freedom and the flexibility to choose how they manage their finances. Administrative functions can be viewed and performed on the go today contributing to the efficiency of transactions. […]
The word start-up is a trending word today! Almost every capable and aspiring entrepreneur wants to get a shot at them. What’s even better is that the stories of start-up success stories are ample which gives all of us more […]
In the present scenario, business centers are being constantly faced with a challenge to extract the maximum out of their available financial resources. In order to do so, many are resorting to cost cutting as well. However, the thing about […]
In today’s high pressure environment, there is a pressing need to optimize performance and achieve operational efficiency. With ever regulatory nuances and compliance requirements constantly changing, it is safer to entrust essential services to those who understand it. Due to […]
Well, for one reason that it means one less thing to bother about for the business! Not having to keep track of all the transactions – be it small or big – keeping the books updated is one hell of […]