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Having a proper understanding of a company’s current financial condition is vital to the management of any organization. The accounting department is responsible for providing management with the necessary data to ensure the continued financial health of the organization. Several metrics and concepts are monitored and used for this purpose. One of the most important metrics that accountants deal withRead more

Financial statements hold the key to determining the financial health of any organization. These critical documents provide an overview of a company’s essential financial information. While this information can be complex for some, it is imperative that management learn how to read and interpret these statements to ensure their company’s continued success. WHAT ARE THE FOUR FINANCIAL STATEMENTS IN ACCOUNTING?Read more

The success of a business is often determined by its financial condition. Strategic elements that affect the profit and income such as risk management and investments are often considered in assessing the financial condition. Be that as it may, the financial success of any organization is conditional upon the effectiveness of cash flow management. This is ascertained by accounts payable

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A financial report will contain a range of metrics, numbers and ratios. For keeping the organization financially healthy, the management must be capable of understanding these reports. Of the several concepts in these reports, one of the most important is the gross margin. Knowing how to calculate margin is essential as well. What is the Gross Margin? For an organization,Read more

The accounting industry is in the midst of changes as it struggles to cope with the fallout of the global financial crisis. The crisis made a major impact on several businesses all over the world, causing them to reexamine their business processes and strategies. It has also made them look at their own accounting departments and take steps to update

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Businesses nowadays tend to fall short of their calculations and some even wallow on the idea of simply meeting the expenses all the time because their sales are barely covering the overall costs. Now, this is why you should know how to calculate the break-even point. But first, let’s learn the meaning of the break-even for a service business. WhatRead more

In any business, a chief financial officer is a vital position. The responsibilities of a chief financial officer, also known as a CFO, have a tremendous impact on a company. Whether you’re looking to hire a CFO or revamp your existing CFO’s job description, having an understanding of their typical responsibilities can strengthen your company’s mandate.

Accounting services are always going to be something that small (and even medium to large) business owners need to consider. When you reach a certain level of success, you’ll need other individuals to help handle the financial tracking of your endeavours. Failing to do so could result in loss of profit, and in the worst-case scenario, complete business closure. There

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For any organization to succeed, it will need proper documentation from the onset. Whether you outsource this service or have an in-house accountant, a good accounting cycle gives you a clear understanding of crucial financial matters. WHAT IS THE ACCOUNTING CYCLE? The accounting cycle is the cumulative process of recording and processing the accounting events of a company. It startsRead more

In the era of going paperless, it’s easy to save your business’ financial statements, but how long must a company keep business records for?