Tracking income and expenses is essential for any business. Accounting is the key process of organizing and analyzing financial transactions to make better business decisions. If you make a mistake, it can lead to financial loss, problems with vendors, and hinder your company’s growth. Understanding the most common accounting management challenges and what you can do…
Top 4 Practices for Managing Accounts Receivable
Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Simply put, the business has sold a product to a customer, but that customer has not honored the invoice yet. Managing accounts receivable properly has a tremendous impact on…
How BI Software Helps You Accountant Get Better Insights
According to a survey conducted by OnPay in 2019, over 87% of small businesses reported that they turned to their accountant for advice on several business areas. Apart from maintaining the books and filing taxation for the company, an accountant also has the knowledge to help you choose your business structure, create your budget, process…
Common Cash Flow Problems Faced by SMEs and How to Solve them
According to official statistics by the Government of India, small and medium enterprises (SMEs) make up 95% of the total industrial units in India, with a whopping 4.25 crore industrial units that account for around 45% of the manufacturing output of the country and employ 40% of the skilled workforce. However, the hard truth is that…
Top 5 Ways to Automate Your Payment Collections Process
For every business the collection of payments can be frustrating and time-consuming. It can become a full-time job, even with making collection calls, filing paperwork, and keeping track of each outstanding account. The difficulty is that many small business owners do not have the resources to devote a full-time effort to collecting payments, and they…
Advantages of Financial Management Software for your Business
SME businesses must pay extra attention to their financial conditions, as most fail due to a lack of funds to continue operations, pay employees, and cover marketing expenses. Small business owners do not need to be financial experts to be successful entrepreneurs; however, using a business financial management software can help better their financial decisions and processes….
5 ways to manage business finances better in 2022
Creating a financial plan is essential for developing a strategy that will aid in the management of the company’s cash flow and revenue. In 2021, many small business owners faced several challenges. As we enter a new year, whatever your business goals are, strong financial management with the help of a smart business intelligence platform will be a key to your growth. Here are some smart ways that…
5 Smart Ways to Manage Your Business Finances Effectively
In this competitive business environment, owning an SME is a great experience, but it is also risky. You must deal with an endless stream of finance, tech, and administrative issues that require most of your attention. Managing your SME’s finances is one of them. You must not only save enough money to cover your expenses, but also require adequate funds and…
4 Ways to Manage the Accounts Payable Process
Accounts payable is one of the most important tasks in every modern business. Every firm must pay its debts; you cannot afford to do this wrong. It is critical to managing invoices in a timely and correct manner to maintain excellent relationships with suppliers. A strong accounts payable system guarantees that obligations are not carried on your books for…