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Author name: finance

What’s Included in Virtual CFO Services? Why Is It A Growing Trend?

Introduction: Small and medium-sized businesses (SMEs) sometimes experience difficulty in properly managing their financial operations while concentrating on their main company functions in the modern business atmosphere. Virtual Chief Financial Officer (CFO) services can help in this situation. SMEs can adopt smart choices and get financial stability through virtual CFO services, which give them access …

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Benefits of Outsourced Accounting Services

Introduction: In today’s dynamic and competitive business landscape, companies are constantly seeking ways to optimize their operations, reduce costs, and maximize efficiency. One crucial aspect that often consumes significant time and resources is accounting. As businesses strive to focus on their core competencies and strategic initiatives, many are turning to outsourced accounting services as a …

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Types of Accounting Services that you can Outsource

Introduction: In today’s fast-paced business world, outsourcing accounting services has become a popular choice for companies looking to streamline their financial operations. By entrusting their accounting tasks to external experts, businesses can focus on their core competencies and enjoy several benefits. In this blog, we will explore the various types of accounting services that can …

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Why Virtual Accounting Is the Future

Introduction Traditional accounting methods are being transformed in an ever-changing digital environment. Virtual accounting’s development has completely changed how organizations conduct their financial management procedures. This innovative approach makes use of technology to improve accuracy, speed up procedures, and give real-time information that leads to better results. It is becoming more and more clear that …

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ProConnect Tax Pricing, Alternatives & More 2023

Introduction: The complex nature of tax laws and regulations often requires the assistance of professional tax software to streamline the process and ensure accurate filings. ProConnect Tax, developed by Intuit, is a popular choice among tax professionals. In this blog post, we will explore It’s pricing, alternatives, and other essential considerations to help you make …

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The Pros and Cons of Outsourced Accounting Services for Businesses

Outsourced accounting services have become increasingly popular among businesses of all sizes. This practice involves hiring external accounting professionals or firms to handle various financial tasks, such as bookkeeping, payroll processing, tax preparation, and financial reporting. While outsourcing accounting services can offer several advantages, it is important for businesses to consider the potential drawbacks as …

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A Synopsis of IFRS 16 – Accounts Receivable

Introduction: Accounts receivable – IFRS 16 has removed the classification concept between operating and finance leases in the lessee’s books. Rather, now a single model approach exists whereby all lessee leases post-adoption of IFRS 16 are reported as finance leases. These leases are capitalized and presented on the balance sheet as both assets (RoU assets) …

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How to determine a functional currency in financial reporting

Introduction : With the ever increasing globalization, many companies around the world are expanding their reach to multiple countries. The geographical boundaries are no longer a limitation to run the business. This results in extensive foreign currency exposure to multinational companies around the world. Mainly, an entity may carry on foreign activities in two ways. …

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What Is Audit Support and QuickBooks, How Does It Work?

Introduction: If you have been fortunate enough to work with a good Auditing firm, you must have come across the phrase, “Work not documented is work not done”. Documentation (sometimes also referred to as audit work papers) is like the backbone of the Audit Support & Assurance profession. SA 230 defines Audit documentation as “The …

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