What Is The Concept Of The Virtual CFO?
The concept of virtual CFO, or virtual Chief Financial Officer, refers to the use of technology and remote work to provide financial expertise and guidance to businesses without the need for a full-time, in-house CFO. In this role, the virtual CFO acts as an external consultant or advisor, offering financial advice and support to the […]
What Is Accounts Receivables
Accounts receivables refers to the amount of money that a company is owed by its customers for goods or services that have been delivered but not yet paid for. This is a current asset on a company’s balance sheet, as it represents money that the company expects to receive in the short term. Companies often […]
Revenue Recognition – An Important component of Financials
Revenue recognition refers to the process of recognizing revenues when a product or service is delivered. It refers to the financial transaction between an entity (who sells products or services) and its customer. In business, both sales and revenue are often confused. But there is a difference, and it can have a big impact on […]
Cost of Goods Sold – Components and Significance
Cost of goods sold (COGS) is a company’s direct costs associated with the production of goods or services. It includes the cost of raw materials, direct labor, and manufacturing overhead costs. COGS is typically calculated on a per-unit basis and is then used to determine the gross margin. This is the difference between the selling […]
Cash Flow Projections – A Critical Tool
Cash flow projections are a critical tool for businesses of all sizes, as they help to anticipate and manage the inflow and outflow of cash over a specific period of time. By forecasting cash flows, businesses can make informed decisions about financing, expansion, and other investments that may impact their financial health and stability. In […]
Understanding the Importance of Bank Reconciliation Statement
A bank reconciliation statement is a document that compares a company’s bank account records and financial records. This is to ensure that both company records and bank statements are in agreement. It is a crucial process that helps businesses to identify and resolve any discrepancies between the two sets of records. Methodology – How Bank […]
Growing Your SME: How Finance Function Can Expand Beyond Accounting
Small and medium-sized enterprises (SMEs) typically have a range of activities in finance function. These activities manage their financial operations and support their business objectives. Some common activities of finance function in SMEs include: Team AKountSME provides a range of online Business and Finance consultancy and advisory services to your SMEs. Contact us at support@akountsme.com […]
The Top Small Business Challenges of 2025
Small and Medium Enterprises (SMEs) are the backbone of any country’s economy. They approximately employ more than half the workforce and generate nearly 80% of a country’s GDP. SMEs play a vital role in employing millions of people, but they face many challenges which can affect their growth. This article will cover some common challenges SMEs face and how professional accountants can help them overcome them.
Types of Financial Statements and their benefits to SMEs
When it comes to your business, financial statements are essential. They’re the ultimate indicator of your company’s health and reveal whether or not you’re making a profit. Here’s everything you need to know about basics of types financial statements and how they support you to get idea of the financial position of your business. Get […]
The Elements of Financial Statements – A Guide for SMEs
Financial statements are a vital tool for businesses and investors alike. They’re used to illustrate the financial health and performance of your company — but exactly what do financial statements contain? And how do they differ from one another? When looking at financial statements, you need to understand the Elements of Financial Statements. Having a […]