Accounting

Differences Between Financial Accounting and Cost Accounting Business owners should be quite familiar with the term financial accounting, but some of them may wonder what cost accounting means. Financial accounting refers to the process of recording and grouping financial transactions to generate financial statements for a company. On the contrary, cost accounting refers to the …

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How Do Accountants Carry Out the Accounting Process? Have you ever wondered how the accountants carry out the accounting processes? As a business owner, you may have realised how vital accounting is towards your business. Besides letting you see your company’s performance in the past and your current financial position, the accounting will help you …

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Essential Lessons That You Might Not Have Learnt from Business Schools You can learn many great things when you study in a business school. You may also possess a world-class educational program and outstanding lecturers who will lead you throughout the process of acquiring knowledge. However, you have to accept the fact that no university …

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Skills that Every Sales Team Should Master If you wish that your sales team can make more sales, you have to make sure that they acquire the correct skills that assist in producing desirable outcomes. Implementing these skills are not too difficult. All it needs is the focus on making sure that the client’s requirements …

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Reasons to Outsource Your Payroll Payroll is crucial for every firm as it is the financial record of the wages, earnings, rewards, net pay, as well as tax reductions of a firm’s workers. Any businessmen, personnel or even accounting staffs that have handled or even processed payroll will describe the procedures as something that takes …

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Practices You Should Avoid as a Startup The adventure of starting a business is full of threats and committing errors when you run your business is unavoidable. Along your journey, you may encounter people who always say the phrase “No pain, no gain” to you repeatedly. It may sound right to you, but in fact, …

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Importance of Soft Skills in Business In a world that is swiftly changing day by day, your firm requires soft skills to hold up against the evolution of technologies which are causing massive changes to the workplace (Also see Ways Technology is Shaping the Future of Accounting). The future becomes uncertain with the presence of advanced …

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Is Opening a Business Bank Account Necessary? As a freelancer or a small entrepreneur, you may face a great deal of overlap between your personal finances as well as business finances. Apparently, having only one bank account may seem to be easier. Nevertheless, there are many reasons why you should split your business finances from …

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The Importance of Accounts Payable Process The importance of the accounts payable procedure or function should not be underestimated because it includes almost everything about an organisation’s settlements other than payroll. An entrepreneur or maybe a bookkeeper in a small company, an ordinary employee in an average-sized firm, or accounts payable unit in a big …

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How to Increase Working Capital Working capital allows a business to continue its everyday operations. Inadequate working capital might lead to interruptions in company operations. Hence, working capital is an essential part of operating a company effectively. Three Elements Of Working Capital Inventory + Receivables – Payables = Working capital Accounts receivables are cash invoices …

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