Accounts receivable is the most critical, yet challenging, process for any organization. Improper accounts receivable management leads to unhealthy cash inflows and easily to the downfall of a business. There are several challenges that businesses face during their accounts receivable process cycle like incorrect data, errors in invoicing, invoice delivery problems and resource problems.
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In today’s highly competitive world of business, optimum utilization of time plays a vital role for a business’s sustainable growth. Considerable time of SMB owners is consumed in Payroll processing, managing cash flows, getting customers pay on time, keeping the costs down and increasing their profitability. As a result, there is no time to focus on the growth of their business. To thrive in a world where seemingly everyone is a competition, it is very important for a business to be dynamic. SMB owners need to wear multiple hats to manage their time and concurrently keep the wheels of their business revolving. Succinctly, they not only need to work hard, but also, work Smart. Continue reading Smart Accounting for Smart Businesses
August, 2017 - The United States has the most advanced technology services industry in the world. According to Financial Times, Silicon Valley groups occupy the top five spots among the world’s most valuable companies. The industry accounts for 7.1% of U.S. GDP and 11.6% of U.S. private sector employment. There are approximately 388,000 software and IT services companies in the United States, of which more than 99% are small, medium and micro sized firms. These firms operate in a mature, stable market which has a reputation for producing reliable and effective solutions that accelerate rapidly to the marketplace. Continue reading Surviving and Thriving: Key Challenges facing SMBs in the Technology Industry