Amidst the current economic slowdown, companies are understandably looking for ways to cutdown on overheads and maintain revenues. Non-core functions such as marketing, HR, or even accounting may be the first to be foregone. This article aims to highlight the importance of the accounting function in a company especially in times of crises. In fact, it is in times of economic uncertainty is when the benefits of maintaining accurate […]
Life After VAT: Now that you are registered, what next? Well, first of all, congratulations on successfully registering your business for VAT. For most establishments, it might have been a difficult and complicated task especially if your accounting books were not in order ahead of time. Now that you are registered though, business cannot continue […]
Flavors of Accounting Just like ice cream, accounting comes in various flavors. There are so many to choose from, sometimes it is difficult to make up your mind. In reality though, most of these “flavors” are just plain old vanilla, strawberry, or chocolate. Some are a mix of more than one flavor. Others are more […]
Any business owner needs to know how to maximize their profit and to demonstrate to investors that the company is heading in the right path since revenue can indicate a firm’s potential. The most important difference between revenue and profit is that while any company can increase its revenue, it may well be […]
Would changing the inventory valuation method from First In First Out (FIFO) to Weighted Average (WA) or vice versa reduce my VAT payments? VAT is computed on the amount paid to purchase or sell an item. So, in case a retailer purchases stock for 1,000 BD from a distributor, the VAT amount would be […]
Advantages of using Accounting Software Updated accounting data has many advantages for any establishment, and these advantages will be more valuable if you manage it through an accounting software. Through it you will know what happens in your business, reports will be generated automatically and without losing effort or time in them. Accounting software or […]
Companies have the option to prioritize their core business activities by outsourcing support functions such as accounting. Accounting activities include bookkeeping, inventory costing and related internal controls, financial statements preparation, fixed asset controls, assessment of taxes and preparation of guides for payment of taxes, assistance in the processes of importing products, and bookkeeping of fiscal […]
When you start your own business, it may seem that you have everything under control, as being a new or small company, both the registration, as the management of finance and accounting are easy to carry out. However, as time goes by and our company becomes bigger, the burden of managing your accounts also grows […]