Need Help with Accounting? These 7 YouTube Channels Have Got You Covered! YouTube offers an abundance of knowledge. It doesn’t matter who you are; the scope of learning on Youtube is unimaginable. All you need is the grit to learn and grow. Janet Evanovich said, “You no longer need to go to college because you can learn everything on YouTube.” Whether you are a commerce student looking for study material or an entrepreneur juggling basic accounting concepts, befriend YouTube. Youtube channels cater not only to the beginners but also to bookkeepers and veteran accountants to keep up with the la ..read more

How Can You Improve Your Account Receivable Turnover Ratio? “Never take your eyes off the cash flow because it’s the lifeblood of business.” — Richard Branson. Positive cash flow is the dream of every business. The primary reason behind positive cash flow is a positive Account Receivable Turnover ratio, and the positive turnover ratio is the result of valid credit policies and processes.  If your debtors pay you timely, you will likely never run out of cash. Moreover, it helps you understand how quickly you get paid so that you can pay for your company expenses and invest strategically on ..read more

Do Payroll with an Accountant or 3PL Payroll Company in 4 Easy Steps Payroll is an essential part of operations for small businesses with employees. The complex employment laws & multiple tax rules can affect various business areas. Moreover, with the growing business, you need to hire new employees, which makes the payroll process even more complex.  Employee engagement becomes fragile, and they need more tolerance for pay cheque mistakes. Moreover, 49% of workers will begin a new job search after two paycheck errors. So you can only afford an accurate and reliable payroll system.&nb ..read more

Guide to the Best 5 Accounts Receivable Software Accounts receivable software is a one-stop station for all receivable-related activities- tracking invoices, follow-up, and more accessible customer communications. As per Industry Week, paper invoice errors cost companies $53.50 to fix on average. Moreover, the cost of completing and sending a paper invoice ranges from $15 to $30. Besides this, the manual invoicing and payment-receiving process also get time-consuming. Due to these reasons, business owners are moving towards receivable software.  Beside invoice generation and distribution ..read more

6 ways to plan the Business Goals for 2023  A new year means new business goals and plans to derive organizational and individual efforts toward achieving the goals. 70% of the businesses that manage to survive for 5 years, follow a strategic business plan. Moreover, even if you are a new business aiming to raise funds, you must set goals. Around 69% of venture capitalists said they don’t invest in new companies without reviewing a business plan.  Then what are you waiting for? Sit with your team, brainstorm, and draft a strategic business plan to achieve the set business goals for 2 ..read more

Your sign to periodically run 5 accounting reports for better management In business finance, it is crucial to clarify the facts & provide accurate analysis and reports to investors, shareholders, & even employees. Small businesses are mindful of creating annual financial reports, mainly for filing (and saving) taxes and informing investors about company performance. But using these reports for internal decision-making is often overlooked. The most common challenge for the companies is to provide financial transparency in accounting reports. To overcome this challenge, accurate account ..read more

Sources of Negative Cash Flow and How to Manage it?  “Entrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. Cashflow matters most.”- Peter Drucker Cash flow shows the movement of cash in your business. It signifies the inflows and outflows of cash of a company in a given period. The firm prepares cash flow statements to report sources and usage of money over a period. When you have more incoming than outgoing cash, it is called positive cash flow and is favorable for your business. However, when cash outflows exceed the cash inflow, it is neg ..read more

How to reduce your business expenses? “Control your expenses better than your competition. This is where you can always find a competitive advantage.” – Sam Walton, an American businessman, and entrepreneur, best known for founding the retailers Walmart and Sam’s Club.  The quote implies to all businesses. Even the most minor expense is essential to interpret your business’s financial health and give you a competitive edge in the industry. Expenses are the cost that your business incurs while running its operations. It comprises wages, interest, rent, depreciation, stationery, electricity ..read more

What all you need to know about markup and markup percentage?  When was the last time a customer paid you, the total amount suggested by the retail price for something?  This situation is scarce, so setting the base price for a product is vital. So, you must adjust the price to account for the customer and situational differences. That’s where the markup comes to play. Let’s first understand what markup means.  What is markup? When you sell an item, you don’t quote the exact amount you paid in the manufacturing process. So, the gap between the cost of a product or service and it ..read more

5 Techniques to Boost your Retail Profit Margin Look for companies with high-profit margins. – Warren Buffett A company’s growth depends on its profit margin. So, a high-profit margin fascinates more stakeholders. All investors are looking for a company with a high-profit margin or the capability to make a high profit. ` So, let’s understand what profit margin is and how to improve it.   What is the retail profit margin? The retail profit margin is the percentage of total sales you can consider profit earned, and it is the revenue left after all expenses and shows how much money you make ..read more