Let’s start with a definition of Bad Debt.
Bad Debt is an amount of money a creditor must write off after a debtor defaults. Understanding and incurring bad debt is part of doing business… because there is ALWAYS a risk that payments won’t be collected, especially for businesses that extend credit to customers.
Read MoreTopics: Business Planning, Debt Management, Accountability
As Accountants we like to see highly efficient businesses… because that leads to more profit, a higher valuation, and - usually - happier owners, managers, and employees!
Read MoreTopics: Business Improvement, Accountability, Efficiency
As Accountants, we like to see our Clients operating at high levels of efficiency and generating healthy profits.
Many businesses invest a significant amount in human resources including compensation, recruiting, training and benefits so it’s important to use these resources wisely.
Read MoreTopics: Business Improvement, team development, Accountability
The employment environment is always changing…as workers consider their options and businesses look for flexible, cost-effective solutions.
Read MoreTopics: Business Improvement, Accountability, Employment
It’s good business practice to manage expenses carefully. Even a successful, cash-rich business should be meticulous about how they’re spending money. (Often that is how they become cash-rich and successful in the first place). A business which is short of cash or is forecasting losses needs even closer oversight.
Enter the humble Expense Report, one of the tools used to manage expenses.
Read MoreTopics: Business Improvement, Accountability, Expenses