As a small or medium-sized business (SMB), it might seem convenient to do away with the accounting function entirely, as a cost-cutting measure, and figure it as the company goes along. One couldn’t be farther from the truth.
An escrow account is a legal account in which an asset or a financial instrument is held by a third party – an individual or entity – on behalf of two other parties that are in the process of completing a business transaction.
In the modern business world, every organization faces risks; without risk there is no growth or reward. Risk management is the process of recognizing risks in advance, and includes analyzing and taking precautionary steps to reduce the risk.
Internal audit is an independent consulting activity designed to improve an organization’s performance. The process helps a firm accomplish its predetermined objectives by setting up a systematic, disciplined approach to evaluate and improve the efficiency of its operations.
Technology is not detached from our day-to-day business. Accounting software is a software which brings all systems and application together to manage and process financial data. An organization uses these programs to control accounts and automate systemic operations.
Retirement, a phase that every individual has to face and also wants to secure at the same time, is not limited only to financial safety and security. It is a phase where an individual gets another chance to fulfil one’s unmet needs and desires.
In today’s world, accounting and bookkeeping play a very vital tool in the business world. These not only provide you with useful information about your company’s financial health but also give you metrics to plan your corporate strategy.
The term audit encompasses more than just numbers and statements. Auditing is a process of evaluating an organization’s financial records to determine whether they are accurate and in line with the auditing standards and regulations.
Too often, the process of due diligence is considered as a trouble or impediment that must be encountered. This misconception overlooks the privilege that a corporate due diligence process actually provides.