A BIA or business impact analysis emphasizes the most important processes of your company that could threaten your normal business operations in case of a deficit or outage. These processes allow you to evaluate the consequences of a crisis more effectively and devise strategies…
The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarized…
“Agile working” is currently one of the biggest trends in the corporate world. It’s seen as the best way to master the challenges of digitalization. How does the agile approach work? What opportunities and risks does it involve? And what role will this hot topic play in the…
Supply and demand determine pricing in a free market. Demand has an influence on supply and vice versa. With no demand, any supply is redundant, and with no supply, demand is ineffective. When they are in equilibrium, prices remain stable and goods are affordable. But how exactly…
Keeping track of taxes in the US isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and your business. If you don’t file your taxes correctly with the IRS, it could result in penalties, which could cost your business a lot of money. This article explains the main types of taxes so that business owners can inform themselves to see...
Mobile time tracking was and is done with pen and paper in many companies. However, this method is both prone to error and unnecessarily time consuming. Thanks to digitization, we now have better solutions. Mobile time tracking apps enable companies to reduce their error rate and minimize their use of resources. However, implementing these tools leads to new challenges.
The FLSA has come up with some guidelines to make sure that employees are compensated for their extra working hours. As well as federal laws, certain states have their own rules which must be adhered to. Employers who do not follow these rules can be taken to court and may face jail time.
Accounts payable accounting is the part of financial accounting of a company that deals with vendors and is therefore the counterpart to accounts receivable accounting, which handles customers and money owed to the company. The invoices that vendors issue to a company go to the company’s accounts payable department. There the invoices are checked, prepared for payment at the right time and posted....
Every time an employee goes on a business trip, they have to submit the bothersome travel expense report afterwards. Professionally-prepared forms can make the work a lot easier. We therefore offer you a free travel expense report template available to download. But since every company is different, we’ll also explain how to customize the template.
How does one handle criticism? Preferably with a strategy, genuine interest and the goal to improve something: Real complaint management is more important for a company than many people think. If you have a complaint management that functions well, your customer base will far more satisfied and the quality of your services will steadily increase. We explain how you should organize the complaint...
Using a template to write invoices saves you a fair bit of time. While you still have to enter all of the payment information for each order on your own, sample invoices provide a ready-made design that you just have to fill in using the relevant company and customer data. But how does the perfect invoice template really look? And what should an invoice template consist of?
Whether you’re a freelancer, small business owner, or you manage an even bigger company, you know that organizing your finances can get stressful. Accounting software can relieve a lot of the hassle and keep your finances in order. We introduce you to ten of the best accounting software packages.
What is invoicing software? Invoicing software is a cornerstone of running a business, whether large or small. Automating the invoicing process speeds up your work, allows you to get paid faster, and to grow your business at a greater pace. Our article presents the top 10 invoicing softwares available in North America.
Inventory management software provides businesses with an accurate overview of all stock, orders and deliveries. For growing companies to large enterprises, an inventory system reduces the likelihood of mistakes and stock-outs, and enables businesses to plan for the future, satisfy customers, and increase productivity. We’ve assembled a list of the top ten inventory control software so you can...
A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.
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