The Role of Technology in Transforming Accounting and Finance Skills
Technology has ushered in a new era for accounting and finance teams, fundamentally transforming the skills required in these fields and revolutionizing business operations.
Importance of Strong Internal Controls in running a Successful Business
Internal controls are essential for any business, regardless of its size or industry. They are the checks and balances that ensure that financial transactions are accurate, reliable, and secure.
9 Accounting Tips for Start-ups and MSME
Financial management not only involves the process but also having the right team to spearhead the functions of the department. 20% of the businesses barely survive beyond the first year and only 30% of the MSME’s will be able to celebrate their 10th birthday, this is according to Bureau of Labor statistics (https://www.bls.gov/)
Budgetary control and organizational performance
Budgetary control involves comparing actual expenses and revenues to the budgeted figures and taking the necessary action to correct any variances. This enables business owners to manage and monitor spending, making it easier to stick to the budget and correct variances in good time.
Running an effective accounting and finance function
Accounting and Finance is a vital function in any organization as it has the potential to improve profitability and cash flows. Accounting is a backward-looking function responsible for recording and reporting the cash flow transactions of an organization, while finance is a forward-looking function that advises on the use and mobilization of financial resources to meet the organization’s growth objectives and to maximize shareholder return.
The need for accounting software
Did You Know? The first accounting software was developed in 1978 when Visicalc and Peachtree Software were introduced. Visicalc was the first spreadsheet software that enabled financial modeling on the computer, while Peachtree Software was an accounting software package for the early personal computer.
Working Capital Management
Working capital is a critical aspect of any business for the smooth running of its operations and is an indicator of the financial health of a business.
Guidelines for Managing Receivables
Chasing unpaid invoices can be a time-consuming, stressful and frustrating process for any business. In addition, mounting debt and unpaid customer invoices can cause cash flow constraints for the company as it will be unable to meet its working capital needs.
Optimizing Accounts Payable
Optimizing of accounts payable processes can enhance the accuracy of your cash flow forecasts, improve liquidity, mitigate potential funding gaps, and realize higher profits as it increases the efficiency and effectiveness of operations, facilitates reliable financial reporting, and ensures compliance with laws and regulations.
Finance and Accounting Tips for Your Business
Did you know: The first written text in history was done more than 5,000 years ago and is believed to have belonged to an Accountant who was making a record of supplies. It read, “A total of 29,086 measures of barley were received over the course of 37 months. Signed, Kushim.”