A balance sheet is like a thermometer for SMB owners that provides a reading on the health of their business and ignoring it can be fatal to a business as it records all the assets, debts and shows the ‘net worth’ of the business at any given time. A company’s balance sheet gives a quick sense of the business’s health and liquidity as well as its ability to generate cash flow but it is only when the balance sheet is healthy.
So the question is, what should an SMB owner do to improve their balance sheet and make it a healthy one?
In this blog, we will highlight three helpful tips for SMBs to improve their balance sheet
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For MSPs, support and customer service is just as important as the software and tools a business uses. In fact, even more important. But unfortunately, a growing labor shortage and an expanding skills gap have left many MSPs unable to find, hire or retain the technical talent needed to support complex SMB environments. For this reason, many MSPs are turning to third-party providers and vendors who offer NOC, helpdesk and other tech support services that can expand and augment an IT provider’s existing capabilities. If done correctly, these relationships can help MSPs greatly expand the scope of their services, extend coverage hours and refocus their internal teams towards more strategic tasks.
In this blog, we will talk about how outsourcing IT helpdesk services is beneficial for MSPs
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After more than three years of debate and revision, the 20-year old reporting model for nonprofits is being replaced with a new and improved Accounting Standards Update (ASU). ASU 2016-14 presentation of financial statements of not-for-profit entities calls for big changes in the way not-for-profits report financials. It will change the way all nonprofits classify net assets and prepare financial statements.
FASB (Financial Accounting Standards Board) believes that this update will improve the financial statements of nonprofits and will provide more useful information to donors, creditors, grantors and other financial statement users.
This article lists the top 3 changes in nonprofits financial reporting that will be effective for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.
Continue reading FASB’s New Standard Aims to Improve Nonprofits Financial Reporting
Outsourcing accounts payable services not only bring effectiveness but also help in optimizing working capital. With the help of a good outsourcing company your business can enable long-term supplier management and can help you organize maximum profits in changing the economy.
Accounts Payable is becoming increasingly relevant in every business. Within the most outsourced finance and accounting aspects, accounts payable is at the top of the list. By outsourcing accounts payable, you can improve overall business performance. Through more visibility and control over various aspects of accounts payable process, you can control every other of the business department in a much better form. The accounts payable process is a way of paying back the money that the company owns to different clients. Since accounting needs technical knowledge and skills to make sure everything in the accounting department runs smoothly.
Continue reading Why is Outsourcing Accounting Aspect Important for Your Business?
Reduced production cost is a key to attain increased productivity. Outsourcing these services help identification of the root cause of under performance which in turn results in detection and recovery of lost profits which not only helps in lowering the expenditure, but also helps increasing sales.