Unlike accounts receivable, accounts payable often get less attention since businesses naturally prioritise revenue-generating tasks. However, optimising accounts payable performance can provide a base for accurate cash flow forecasting while allowing to reach higher profit margins. This article will discuss how companies can improve their accounts payable processes to maximise value, so stay until the end to learn it all.
With the last few decades of rapid technological changes, e-commerce has become one of the most popular forms of business opportunity worldwide. In fact, Britain is the third largest eCommerce market accounting for 30% of global eCommerce sales. In today’s article, we’ll cover the best accounting practices for online businesses.
Effective and meticulous accounting is the backbone of every business. As strategic partner accountants offer services that can help a company develop strategy, make decisions, and adhere to accounting standards and regulations. With this article, we want to bring you up to date with the top ten accounting industry statistics and trends that can help your decision-making when choosing the right accounting partner for your business.
Collaborating with an external financial partner can make it easier for SMEs to fully operate at scale without committing significant resources, in addition to optimising their time to market and letting them focus on the main objectives of a business.
Business owners who want to run an effective company must keep meticulous records of all financial transactions. Relying on desktop- or spreadsheet-based accounting operations is no longer effective. We show you the key benefits of cloud accounting and how Xero can help your business.
Most businesses struggle with long cycle times and high-cost invoice processing, and in the case of SMEs, process efficiency can be critical to keeping up with growth. However, misconceptions about accounting automation processes often hold business leaders back.
In this article, we will examine the most common reasons why finance teams underperform - 1. Missing accounting automation, 2. Transactional accounting 3. Lack of integration - and what can be done to improve their performance. An external financial partner might be a good option for companies that are always searching for help with functions that their in-house finance department cannot perform.
It goes without saying that a company’s financial future may be jeopardised if its accounting system is not effectively managed.
Making a company more efficient should be a goal for every business owner. Business efficiency refers to the fundamental reduction of wasted resources used to produce output, whether the latter be physical products or services. As a result, efficiency determines how effectively a business converts inputs such as capital, labour, and materials into outputs like revenue, goods, and services.
It's difficult to deny the importance of properly managing your company's money. A study by CBInsights revealed that 38% of new enterprises fail because of a lack of capital and the inability to acquire further funding.