By understanding the definitions and characteristics of financial accounting, businesses can ensure that their financial information is accurate, reliable, and useful to stakeholders. Financial accounting is a crucial aspect of business that provides stakeholders with a clear understanding of a company’s financial performance, position, and cash flows. With the rapid growth of businesses, the importance […]

With apps like Apple Pay and Google Pay, customers can use their mobile phones to make payments. These apps use tokenisation and biometric authentication, like fingerprint or face recognition, to protect data and securely retain card information. A prompt and effective settlement procedure is crucial for businesses to get paid on time. Using NFC technology, […]

Automation in managing inventory saves time and makes it more accurate, lowering costs. Maya Robinson, Founder & CEO of Future Proof Accounting, says keeping an eye on inventory in real time is key to balancing stock levels across different places. Holding too much stock ties up capital, while insufficient inventory can result in lost sales. […]

Financial accounting and recordkeeping can be overwhelming when trying to run a business. Our financial expertise and a system of time-saving tools will free up your time and resources by allowing us to manage your bookkeeping, payroll and financial reporting for you. However, with the right knowledge and strategies, you can make the most out […]

Flexible approach of budgeting can adjust to the variances quickly and result in better controls in operations. The biggest advantage with flexible budgeting is the stress on operational efficiency to achieve the standard targets. A Flexible budgeting performance report is the one that analyzes the actual results against the standard budgets. A positive variance means […]

Benefits/Medical FileThis file includes anything related to an employee’s benefits and medical information. Create a detailed document listing all required items, with clear explanations for each. Use simple language to specify what needs to be collected, why it is required, and the format (digital, physical, or both). Ensure the checklist includes a section for verifying […]

Get a bookkeeper who has an accounting degree and credentials, who can help you work with banks and government entities directly for funding and compliance,” he recommends. Look for discrepancies like missing deposits, unauthorized charges, or bank fees you haven’t recorded. Many business owners find it helpful to reconcile accounts more frequently – even weekly […]

K is also used in computing to mean “kilobyte,” but mostly in commercial contexts as a shortening of KB (see CMOS 10.49). bookkeeping To further muddy the waters, K can also mean “kelvin,” which is the base unit of temperature. When plural, as in “millions,” it refers to multiples of 1,000,000. It’s a concise way […]

Cash flow performance therefore depends on the project manager’s cash flow management. You can also offer an incentive package that’s based on cash flow performance in addition to training. You can hire subcontractors who are often paid every four weeks to help improve your cash flow. This project constituted a major portion of the subcontractor’s business, […]