Why you should have a Monthly Close Checklist
An accounting close checklist is a document that outlines the tasks and procedures that need to be completed in order to close the books for a specific period. It is an important tool for ensuring that all financial transactions are properly recorded and that the financial statements accurately reflect the financial position of the company. […]
What is Business Intelligence (“BI”) Software?
Business intelligence (BI) software is a type of software that helps organizations collect, analyze, and visualize data to inform business decision-making. BI software typically includes a range of tools and features that allow users to access, manipulate, and report on data from various sources, including databases, spreadsheets, and cloud-based platforms. One of the main benefits […]
The Income Statement Explained
An income statement, also known as a profit and loss statement or P&L, is a financial document that shows a company’s revenues and expenses over a specific period of time, typically a month or a year. The purpose of an income statement is to show how much profit a company has made (or lost) during […]
The Difference between Finance and Accounting
Finance and accounting are often used interchangeably, but they are actually two distinct fields that serve different purposes within a business. While both finance and accounting involve the management of money and resources, there are some key differences between the two disciplines. Finance is concerned with the acquisition and management of an organization’s financial resources. […]
Value in the Virtual CFO Solution
Lower Cost — CFO salaries vary somewhat by region and industry, but according to Glassdoor, the national average salary for a CFO across all industries is just over INR 20 lakhs per annum, and that does not include the cost of taxes, health benefits, vacation time, and other perks. When you work with a part-time […]
How Does a CFO Help My Business
To make the most informed decision regarding when to hire a CFO, you should first understand what a CFO does. A great CFO provides confidence in decisions. By understanding the numbers and developing meaningful metrics, a CFO helps the organization see opportunities and protect against unnecessary risks. A CFO does not manage the day-to-day accounting […]
Why your business needs ERP Systems?
Many growing businesses ignore the importance of investing in business technology that includes both hardware and software. Most businesses hang on to their basic accounting solution or pieced-together solution or legacy ERP software until a change is urgently required. A quality Enterprise resource planning (ERP) solution is critical for any business, because it is the […]
AR (Debtors) Management
Account receivable management is one of the keys to ensuring that your business’s financial health is sufficient to handle daily expenses. Unfortunately, not many business organizations know how to effectively manage accounts receivable and when they need to improve it. Some of the common bad signs of accounts receivable are – If you are looking for a […]
6 Signs of Poor Cash Flow in Business
Cash flow represents the movement of money in and out of business. A positive cash flow is a healthy sign while a negative flow indicates trouble. Let us see what are the typical 6 signs of bad cash management in business: Recognising the symptoms of poor cash flow is the first step towards improving your […]
The Importance of Financial Forecasting
Financial forecasts are data-backed predictions of a company’s financial position over a period of time. A CFO should do your financial forecast, at least annually, using historical accounting data, sales trends and a variety of external factors to estimate where the company will be financially throughout the year. However, financial forecasting isn’t something a CFO […]