The Future of Accounting: How Digitalisation Is Changing The Game
The accounting industry is undergoing a digital transformation as it adopts new technologies and software to improve efficiency, accuracy, and customer service. With the help of technology, companies can automate processes and reduce the amount of time involved with bookkeeping tasks. This leads to improvements in customer service and transparency for businesses as well as […]
What can be expected from the Future Of Accountancy
As economic conditions continue to change, so does the nature of work and operations of the companies. In order for accountancy to remain relevant and occupy top tier of accounting occupations across the globe, it must adapt the changing needs and circumstances. Accountancy is a very volatile field. The skills required to be a future […]
Navigating the World of External Consultants: A Guide for SMEs
External Consultants, also known as management consultants firms, are professionals that provide advice to organizations to help them improve their operations, finances, management, or strategy. The external consultants are part of the consultancy firms, also known as management consultancy firms. These firms are typically made up of teams of experienced consultants who have expertise in […]
Understanding the Importance of Strategy and Goals for SMEs
Defining Strategy and Goals of SMEs Strategy and goals of SMEs are developed by the management in order to prepare themselves for the future. A strategy is a plan of action to achieve a specific goal or set of goals. It is a way of thinking about how to most effectively and efficiently achieve the […]
Maximize Your SME’s Growth Potential
There are a number of key strategies that can be adopted for SMEs growth. These strategies include financial, and technological strategies. Financial strategies are vital for improving the overall stability and prosperity of an enterprise. It can help you reduce risks, prevent losses and improve cash flow. In addition, it helps in maintaining good credit […]
The Changing Role Of The CFO
The Chief Financial Officer (CFO) role has undergone significant changes in recent years, with a shift from a primarily financial reporting and compliance-focused role to a strategic and operational role involving much more than just managing the finances of a company. Traditionally, the CFO was responsible for managing a company’s financial operations, including preparing financial […]
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 […]