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.
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
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.
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?
While essential to a company’s financial health, bookkeeping can be a responsibility shrouded in mystery. Having an understanding of this important function and how it can help your accounting department can empower you to be a better business owner.
Treasurers and controllers both serve important financial functions within a company, but their responsibilities are quite different. Financial controllers head the accounting department, in a way, since they supervise the accountants and manage the books of the company. They make sure that the financial reports are done in a timely and proper manner for the management’s review.
Every business has a different strategy and set of goals, and with this, a unique set of business problems. While we at NuVest Management Services recognize that there is not a one-size-fits-all approach to handling a company’s business needs, there are many instances in which outsourcing can provide the appropriate solutions.
General accounting helps deliver essential information so business professionals can make wise economic decisions. In a business, the two types of reports prepared are management and financial, which are both essential in their own way. But for those who don’t know much about the specifics of accounting, what’s the difference?
You’ve decided that outsourcing your accounting was in the company’s best interest and have built an offshore team. But what happens now?