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  Are you all confused between hiring an in-house accounting team or outsource accounting services?  When a business grows, its financial transactions, financial statements, and accounting load increase concurrently. As a result, owners have a tough time deciding whether they should hire an in-house accounting team or outsource accounting services. Accounting is ranked #1 most important job for the success by the small business owners. Accountants rank above lawyers, bankers, IT managers, and all the other staff. Why is it? Because they're entrusted with all the company's finances and are responsible for keeping everything on track.  In-house bookkeeping is the traditional form of business, but companies are increasingly turning to outsource accounting services. Each has its pros and cons, so it can be hard to know which will better match your business. Let's look at each one in more detail. Work Quality Having an in-house team of accountants bring numerous advantages. Th...

  Financial Planning is different from financial statements. Alternately looking at what is already happening, you plan for upcoming months, forecasting income and outlays.  Your planning will be a warning system helping you to track cash flow, identify monetary needs, and pinpoint the best time for the project.  The financial plan is a part of an overall business planning process, during which goals and strategies are agreed upon to grow the business in the upcoming years.  It also gives you tools to monitor your finances, allowing you to measure progress and quickly manage the head-off problem.  Here are six easy steps to create your financial plan. EXAMINE YOUR STRATEGIC PLAN Financial outlining should start with your company's strategic plan. You should ask yourself what you want to achieve at the start and ask yourself a set of questions-  Do I need to hire more staff? Do I need more equipment? Will I need more finance? Yes, how much? Then, determine t...

  It's difficult for small businesses, start-ups, and entrepreneurs to hire an accountant. Especially hiring the right accountant with excellent skills to prepare financial statements, manage bank account operations, analyse financial data, and prepare the invoices is a difficult task.   At present, the accounting industry is highly competitive, way more than it was ever. To stay one step ahead of competitors, CPA firms need to enhance their skills and knowledge with time and need to be updated with new laws and regulations set by the Government.  Even though many companies believe that doing accounting and bookkeeping must be done in-house. It is essential to ask whether the skill sets required & experience to tackle the situation is within you. From this, the question arises can accounting be outsourced? It sure can be, and it is - along with IT services, accounting services are most commonly outsourced tasks by small businesses, start-ups, and entrepreneurs.  ...

  Customer satisfaction has a massive impact on your business growth and success. A low satisfaction level of the customer means low retention and loyalty level of your business.  It's a bad sign of customer service.  Here are some tips which can help you in improving your customer experiences. The same level of service Some of your customers will be full of only questions, some just chatty, and other plain angry.  You must be prepared to understand your customers and provide each customer with the same quality of service every time.   Continuous Learning Process Every customer is unique, and every support situation is different. To provide better services , sense the mood of the customer, and handle the surprises.   You must continue to learn things and continue to find a better way to address them.  Positive Attitude There is no definition of a positive attitude. Aggrandizing this in your company practice helps to avoid any conflicts.  A specifi...

  Financial Planning is different from financial statements. Alternately looking at what is already happening, you plan for upcoming months, forecasting income and outlays.  Your planning will be a warning system helping you to track cash flow, identify monetary needs, and pinpoint the best time for the project.  The financial plan is a part of an overall business planning process, during which goals and strategies are agreed upon to grow the business in the upcoming years.  It also gives you tools to monitor your finances, allowing you to measure progress and quickly manage the head-off problem.  Here are six easy steps to create your financial plan. EXAMINE YOUR STRATEGIC PLAN Financial outlining should start with your company's strategic plan. You should ask yourself what you want to achieve at the start and ask yourself a set of questions-  Do I need to hire more staff? Do I need more equipment? Will I need more finance? Yes, how much? Then, determine t...