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  • Accounting and bookkeeping services are not the fun things or taken-for-granted aspects of running a small business. Instead, they are the most important. A study found that 20% of small businesses fail within their first year, 30% within their second year, and 50% within their fifth year. However, 70% of small businesses fail within their first ten years. Why are these businesses failing? There are numerous reasons behind the failure of the majo...
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  • A company handles multiple activities that help it achieve its goals. Out of all, accounting and bookkeeping manage the bloodline of the business. These activities allow firms to optimize cash flow, keep an eye on incomes and expenses, pay vendors, receive timely payments, etc. Many of these activities, like accounts receivable management act as crucial indicators for firms' performance and indicate if things are going great or worst. Although al...
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  • Accounting is a diverse process, covering various financial activities of crunching numbers. Businesses undertake accounts payable, bookkeeping, data entry, invoice processing, expense management, and many other functions that form the entire accounting procedure. Accounting helps businesses determine their financial position and performance at the year-end. It prepares reports to present to the stakeholders and influences their decisions. Simila...
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  • The notion that management accounting only applies to large companies is expected. This is a common misconception. All companies need a management accounting department, even if most entrepreneurs are not aware of its importance. Controlling departments develop internal analyzes that form the basis for business strategy. Their main task is to provide financial information to help managers make decisions to help them achieve short and long-term bu...
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  • David Brown updated his profile picture
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  • David Brown updated his profile
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