Financial Management

Introduction  There is an idea that many people and companies never anticipate within the taxation context – phantom tax. This uncommon term refers to gross income reported for taxation purposes but not followed by an actual cash flow.  In other words, income is recorded on the books but does not yet exist in cash. This […]

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 Management? Let’s first understand, what are […]

What Are Sprints?  Sprints are short periods of intense work, typically lasting a few weeks. Each sprint focuses on a specific set of tasks or features. Every sprint has a well-defined goal that contributes to the overall project objective. It’s like having a mini-milestone to celebrate progress within the bigger picture. Think of sprints as […]

Introduction Entering the 21st century, it’s hard to imagine that you can still conduct transactions without physical currency. That might not be the case in the future, though, as we move toward an era when traditional forms of exchange could become less common and businesses deal exclusively with digital transactions. A society without physical currency […]

Introduction Sometimes, you want your company to make a certain amount of money. To do this, you plan actions to reach that goal. This is called profit planning. It is beneficial, especially for architecture and engineering companies. Making a profit is essential for any business. However, many companies do not plan enough for how much […]