Accounts receivable is the lifeblood of a business’s cash flow. According to Forbes, 39% of all the invoices sent are paid late in the United States. Without a proper accounts receivable process in place, business owners will be repeatedly facing cash flow...
According to NetSuite, accounting errors can undermine a company’s credibility. Accounting is an important aspect of a company’s financial success, and it can directly affect the operations of the company. Cash reconciliation is one of the important steps that should...
Even smaller error rates in accounts payable can lead to substantial financial losses for businesses, emphasizing the importance of accurate and efficient accounts payable. According to a study by Deloitte, the payment error rate in most enterprises is typically...
Accounts receivable represent the upcoming revenue of your business. It is a promise of payment from a customer for a transaction that has already occurred. It plays a significant role in every business’ financial management. Many businesses outsource these tasks to a...
Proper accounting and bookkeeping provide businesses with accurate financial records and the information needed for wise decision-making. There are innumerable benefits that come with accounting and bookkeeping, starting from legal compliance to budget planning and...
The Federal Reserve Bank of New York reports that the rate of credit card and auto loan delinquencies continues to increase, surpassing pre-pandemic levels. When a borrower misses a payment on a loan, mortgage, or credit card, it can trigger the delinquency process....
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