Financial accounting and managerial accounting are part of the profession’s four biggest branches, along with tax accounting and auditing. Despite numerous parallels in method and usage, substantial distinctions exist, mostly around compliance, accounting standards, and target audiences.

Depreciation is a known a method of accounting that spreads the expense of a tangible or physical item over its useful life. Depreciation represents how much of an asset’s value has been depleted over time.

The ability to manage a company’s finances is critical to its success. While almost every firm must keep a close eye on its assets, liabilities, income, and cash flow, these accounting processes are essential for small to mid-sized organizations as they scale.

Payroll fraud is the leading cause of employee theft and accounting fraud, affecting 27% of all organizations. It occurs twice as frequently in small firms with less than 100 employees as in large organizations.

Benefits of Outsourcing Payroll  Payroll is the compensation a company must pay its employees for a specified period or on a specific day. It is typically administered by a company's accounting or human resources department. Payroll for a small firm may be handled...

Small and medium-sized businesses are eager to expand but frequently need help understanding the fundamental requirements. One such thing is bookkeeping, which, if addressed, will ensure your business operation is maintained. Small and medium-sized businesses are eager to expand but frequently need help understanding the fundamental requirements. One such thing is bookkeeping, which, if addressed, will ensure your business operation is maintained.

Maintaining control of your cash flow is essential to successfully managing a small business. Most of businesses fail because of poor cash management. Your company’s ability to generate cash is vital to its survival and success. With it, you can finance an expansion of your business, obtain a line of credit, pay staff, or purchase inventory. 

Accounting and bookkeeping are critical to establishing sound foundations for any organization, regardless of size or sector. You can only reasonably understand the business’s finances or where it stands in terms of tax liability if you have healthy and precise bookkeeping and accounting practices.

E-commerce accounting is recording, arranging, and managing all financial data and transactions related to an e-commerce company’s operations. Consider it a subclass of small business accounting primarily designed to meet the needs of an e-commerce supplier.

Even in well-organized accounting departments, errors still occur. Despite everyone’s best efforts, mistakes can—and often do—find their way into accounting procedures and cause all kinds of trouble. A reversed entry can result in an unnoticeable error to casual readers, whereas a transposed digit can visibly throw debits and credits out of balance. Because of this, it’s crucial to have a strategy to identify, reduce, and correct errors. 

The Importance of Bookkeeping Businesses require capital to purchase raw supplies, pay personnel, fund marketing efforts, improve technology, and do other critical things. Good bookkeepers are essential for properly managing cash flow in the organization.  Small firms...