Accounts and financial assets can be effectively managed through account receivable outsourcing. It is done by experts and experienced professionals, who have ample expertise in handling accounts and financial matters of small as well as large-sized organizations.
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Accounts Receivable
In our previous blog, we talked about the second ingredient that you, as an SMB owner, should consider when reviewing the financial reports for your business – which was ‘Tracking Expenses.’ Now in this blog, we will delve into detail about the third ingredient to consider which is, ‘Accounts Receivable.‘
By definition, accounts receivable is the amount that is owed to a company by its customers. It is the sum of unpaid invoices, and is an important line item to note on your financial reports, Accounts receivables, like cash, are considered assets. However, unlike cash, high amounts of accounts receivables are definitely not considered good. If your company’s accounts receivable balance is large, that means you have a lot of money owed to you by your customers. A sharp increase in the accounts receivable line item on a financial can certainly be a likely indicator that the company is issuing credit to riskier customers.
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3 QUESTIONS TO ASK BEFORE OUTSOURCING THE BOOKKEEPING AND PAYROLL TASKS OF YOUR BUSINESS
In today’s highly competitive business ecosystem, optimal utilization of time plays a vital role to lead the business towards sustainable growth. Bookkeeping and payroll administration are tedious and comprehensive tasks that requires undivided attention and accuracy at the same time.
Bookkeeping, processing, and reporting your own accounting and small business payroll information may save you money on professional service expenses, but is it really worth it?
You could be spending more time than necessary on all the accounting details that you have and little time doing what you should be – focus on your business. Additionally, non adherence to accounting regulations can lead to your company incurring severe penalties imposed by the Internal Revenue Service (IRS). As a result, SMB’s are now looking forward to partner with trusted service providers who can help them streamline labor intensive processes such as bookkeeping & payroll.
Tracking Expenses
In our previous blog, we talked about the first ingredient that you as an SMB owner should consider when reviewing the financial reports for your business – which was ‘Profits’. Now in this blog we will delve in detail about the second key ingredient to consider which is ‘Expenses’, and why it is important for you to keep track of the expenses in your business. As it is rightly said that:
Expenses are not something to ignore or to add-on at the end, it is something to keep a track of from the beginning!
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Profit is the Bottom Line
In our previous blog, we discussed why it is important for a business to create financial reports. We also talked about 5 important ingredients that any SMB owner should consider while preparing the financial reports for their organization. In this blog, I will delve in detail about one of the most important ingredients of a Financial Report which is Profit. As it is rightly said,
Profit is not something to add-on at the end, it is something to plan for in the beginning
There are a lot of numbers you can look at in your financial reports, but what’s the bottom line? Well the fact is that profit is the bottom line – literally at the bottom of the most important financial report – your ‘Profit & Loss Statement’, or a ‘P&L’ as some call it. Profit tells you how much money you are left with after paying all of your expenses. This is a great place to check and see how your business is performing. If you take a look right now at your profit from the last 12 months, what do you see? Is it a big number? Or a negative number?
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