Manually processing expense reports isn’t just time-consuming—it’s expensive. Research by GBTA reveals that manual expense report processing brings total expenses to $58 per report, while every fifth wrong report requires $52 to correct. These inefficiencies multiply into substantial drains of time and resources. Small business management depends heavily on financial tracking, yet traditional monitoring creates […]
Statistics say that in 2023 alone, the global accounts receivable automation market was valued at $3.81 billion. It is expected to grow at a rapid CAGR of 12.9% from 2024 to 2030. Managing your business Accounts receivable and payable is tough! With a number of invoices, pending payments, and a lot of reconciliations, it can […]
Financial management is particularly vital for small businesses since 61% rely on personal savings to meet their funding needs. The above statistics clearly depict how much of a requirement there is for financial management tools. Additionally, with the average loan under the SBA’s 7(a) program being approximately $479,685 in 2023, having robust financial management systems […]
What is Phantom Tax? Phantom Tax is a term used to describe income that needs to be taxed and other expenses that need to be accounted for, but the money has not been physically received. It commonly occurs in non-recognition transactions or where compensation is received in any form other than cash. In other words, […]
Introduction You have come to the correct spot if you are looking for information on creating a cash flow statement model. A cash flow statement mimics the flow of funds into and out of your business to give you a more realistic picture of your current financial situation and the possibility of future changes. Even […]
Introduction A company’s potential to grow and be profitable over the long run depends on its financial management. You must establish, manage, oversee, and monitor your financial resources to achieve your company’s goals. These eight suggestions help you reclaim control over your finances even though you may believe it difficult and perplexing. Financial management should […]
Introduction Do you always feel mixed up trying to get your team on the same track? Or are you losing valuable time and resources because of messy processes? If so, no worries. You’re not alone – many businesses face these very challenges. According to a study, only 4 out of 10 employees feel their company […]
Introduction Retained earnings are part of the businesses balance sheets, and they reveal the overall health of the business. They are retained profits that are not distributed to shareholders but are instead reserved for use in the business in the future. They speak volumes on a company’s capacity to grow and invest in its operations. […]
Introduction Many businesses find it difficult to manage their expenses and payments. Too many unpaid bills or Accounts Payable can weigh a company down and eat its profits. Studies show that almost 62% of a business’s profits can go towards paying off overdue bills that weren’t handled properly. And on average, 48% of businesses make […]
Introduction We hope that you know the importance of finance in business! “A study by the U.S. Small Business Administration says 82% of businesses fail due to poor cash flow management or a lack of financial understanding.” This startling statistic underscores just how critical financial management is to a business’s growth and survival. Finance is […]
Introduction Think about this: You are an accountant! You are back in the office, ready to start your job day! What do you see? You haven’t received payments for the invoices you generated! And what you see is a list of excuses for not getting timely payments. It’s not the first day of this happening, […]
Introduction Efficient records management in any small business is paramount as it ensures healthy cash flow. The accounts receivables and payables management records have a unique significance in the business world. Let’s dive into detailed information about Accounts Payable and Receivable Management and their importance. What is Accounts Payable? Let’s first understand, what are Accounts […]
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