Tag Archives: BOOKKEEPING

4 Ways to Conquer Major Accounts Receivable Challenges for SMBs

January 3, 2020blogAccounts Payable, Accounts Receivable, BOOKKEEPING, Financial Reportingadmin

Accounts receivable is perhaps the most critical process for SMBs to conquer as its improper management could lead to unhealthy cash flows. There are several challenges that SMBs encounter during their accounts receivable process cycle such as: difficulty in matching payments to invoices, receiving late payments, rising Days Sales Outstanding (DSO), invoice delivery problems, customer resistance to electronic invoice adoption, customer attempts to extend terms, very limited payment methods and inaccurate and outdated information.

These challenges can be mitigated if SMBs take control of their accounts receivable process. However, they must understand and employ the right steps in the right way. Outlined below are some suggested steps to take:

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Top Financial Issues SMBs Continue to Face and How to Fix Them

January 3, 2020blogAccounts Payable, Accounts Receivable, BOOKKEEPING, Financial Reporting, Payrolladmin

Countless unexpected issues can pop up for SMB owners that create seemingly overwhelming challenges – many of them financial in origin. The most common issues faced by SMBs are: maintaining a positive cash flow, not getting accurate reconciliation reports on a monthly basis, and securing funding for the company’s growth. Fortunately, SMBs can easily manage these issues through with a solid financial process and reporting.

In this blog, we’ll talk about the 3 biggest financial issues that SMBs face, as well as tips to help them manage these issues.

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How SMBs Can Improve Their Balance Sheet

January 3, 2020blogAccounts Payable, Accounts Receivable, BOOKKEEPING, Financial Reportingadmin

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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Profit is the Bottom Line

August 12, 2019blogAccounts Payable, Accounts Receivable, BOOKKEEPING, business profit, event planning company, financial report - Expenses, Financial Reporting, financial reports, outsourcing, Profit & Loss Statement, Small Businesses, technologyQuatrrobss

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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