As an accountant, understanding the difference between cash and accrual accounting is vital in operating a business. Due to the sheer amount of reports and accruals they deal with daily, there exists a running joke that the world they live in is a cruel one. The difference between the two lies in the timing of when […]
The growing list of complex legislative requirements puts more and more pressure on business owners to remain updated and compliant with them. The introduction of these requirements has created a need for companies to ensure that they remain compliant. Many business owners and directors now face this challenge, as failure to comply with these obligations […]
A commonly asked question is the difference between financial accounting and managerial accounting since each involves a distinctly different career path. Financial accounting and managerial accounting are two of the four largest accounting disciplines, with many similarities in their usage and approach. However, despite these similarities, there are significant differences between the two. Reporting Standards […]
“Is an accounting software worth the investment or should we use Excel only?” This is a commonly asked question when starting a company. Most Small Medium Enterprises (SMEs) prefer to start with Excel as accounting software are slightly pricey; however, that’s only feasible up to a certain point. If you want your company to grow, […]
The chart of accounts (COA) is a financial tool that provides a complete listing of every account in the general ledger, broken down into subcategories. It sorts, organises, and consolidates the different specific accounts, making things easier for tracking and logging. However, many businesses struggle to keep well-managed COAs. That disorganisation can lead to inefficient […]
It’s that time of the year again. You need to file your Annual Returns and Corporate Income Tax Returns soon. You sigh to yourself, dreading the extra workload that adds to the mountain of tasks, all of which are due soon. If this sounds familiar to you, it shouldn’t. The filing of your accounts should be […]
“I don’t need to incur any extra cost for accounting software so I’ll just stick to Excel” – said the business owner who lost hundreds of hours and thousands of unnecessary dollars. That’s what JP Morgan also thought, before they announced they had lost more than 2 billion dollars on the capital markets back in […]
If you run a non-profit organisation (NPO), your accounting responsibilities are different from those of for-profit businesses. Even though there are differences, there’s no denying the importance of understanding accounting fundamentals. In order to continue pursuing your cause and operating the organisation, it’s crucial to have an accounting structure that’s robust and a process that […]
In a small business, whoever is in charge of finance has it tough. You’re responsible for everything money-related, from bookkeeping and taxes to chasing for invoices and maybe even payroll. And chances are, you’re a key person in the company so this isn’t your only role. Which means any inefficiencies on your part can put […]
Too many small businesses are automating but not optimising. All too often, those missed chances equate to lost profits. Hopefully, you’ve already been convinced of the benefits of accounting software and having an inventory management system. But better than just hope, you can find specific areas to enhance your company’s backend the right way. Starting […]
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