Category: Bookkeeping

Keeping on top of your bank reconciliation ensures that you’re always aware of your company’s financial situation. This helps you anticipate any cash flow challenges so you can respond appropriately. Financial accuracy is also important for ensuring that all payments have been fulfilled and orders have been completed. Outstanding checks are those that have been…

Regularly creating a bank reconciliation statement allows you to find errors by comparing your company ledger with your bank statement. You should perform bank reconciliation at least every month—which is how often your bank sends a bank statement. A single 30-day period should give you a manageable number of transactions to compare between accounts. Bank…

A recent pay raise could affect the pay rate, for example, while benefit elections could affect deductions and an updated W-4 could affect an employee’s tax withholdings. HR, benefits, and accounting solutions that automatically sync with your payroll. Easily run payroll, pay taxes, and stay ahead of compliance so you can focus on running your…

Establishing a consistent invoice delivery schedule prompts customers to anticipate and prepare for on-time payments. The alternative to setting up your own processes and software in-house is to outsource AR management to an accounts receivable management service. If you are not getting paid and it is not a technical issue, chances are that there might…

Accurate record-keeping and ongoing vigilance are essential to ensure the balance sheet reflects the true value of the assets. Upon transfer, assets begin to depreciate over their useful lives, impacting the income statement through periodic depreciation expenses. The choice of depreciation method—straight-line, declining balance, or units of production—can significantly affect financial outcomes and tax liabilities.…

Note down all the information from your receipts and invoices in case you ever need it. Union rates, travel pay, and taxes can also impact how much you’ll need to pay your workers. According to the Construction Financial Management Association, pre-tax net profits average between just 1.4% and 3.5% for contractors and subcontractors. Project costs…

Meanwhile, financial controllers own more of the internal reporting process including implementing internal controls, managing the month-end close schedule, and ensuring financial accuracy. Controller functions vary across companies owing to the size and complexity of the business and the industry. As businesses grow and financial operations become more complex, a controller becomes necessary. The career…

Financial controllers are among the six outsourced financial services that can help streamline your business’ finances and yield significant benefits if you want to strengthen your financial foundation. From ensuring compliance with ever-evolving regulations to optimizing internal controls and financial reporting, a skilled financial controller can provide peace of mind and operational efficiency. Outsourcing this…