Cash Flow Projections – A Critical Tool
Cash flow projections are a critical tool for businesses of all sizes, as they help to anticipate and manage the inflow and outflow of cash over a specific period of time. By forecasting cash flows, businesses can make informed decisions about financing, expansion, and other investments that may impact their financial health and stability. In […]
Understanding the Importance of Bank Reconciliation Statement
A bank reconciliation statement is a document that compares a company’s bank account records and financial records. This is to ensure that both company records and bank statements are in agreement. It is a crucial process that helps businesses to identify and resolve any discrepancies between the two sets of records. Methodology – How Bank […]
Growing Your SME: How Finance Function Can Expand Beyond Accounting
Small and medium-sized enterprises (SMEs) typically have a range of activities in finance function. These activities manage their financial operations and support their business objectives. Some common activities of finance function in SMEs include: Team AKountSME provides a range of online Business and Finance consultancy and advisory services to your SMEs. Contact us at [email protected] […]
Types of Financial Statements and their benefits to SMEs
When it comes to your business, financial statements are essential. They’re the ultimate indicator of your company’s health and reveal whether or not you’re making a profit. Here’s everything you need to know about basics of types financial statements and how they support you to get idea of the financial position of your business. Get […]
The Elements of Financial Statements – A Guide for SMEs
Financial statements are a vital tool for businesses and investors alike. They’re used to illustrate the financial health and performance of your company — but exactly what do financial statements contain? And how do they differ from one another? When looking at financial statements, you need to understand the Elements of Financial Statements. Having a […]
Accounting Information System (AIS): How The AIS Benefits Accountants and SMEs
The Accounting Information System (AIS) is a system that stores financial data and automates financial transactions. The AIS can simplify the role of management reporting by providing accurate and up-to-date financial information. The business can use this information to make informed decisions, and it can also use it to monitor the financial performance of the […]
Direct And Indirect Costing: Accounting Essentials For SMEs
In order to understand and manage direct costs and indirect costs in real terms, accountants and small-scale enterprises (SMEs) need to be able to measure these two categories by allocating financial items in both categories. This is not always easy as there are different ways in which they can be estimated, using either a comparison […]
Budgeting and Its Techniques – A Guide For SMEs
Whether you are an employee, a manager, or a CEO, you should be aware of budgeting techniques and how they can help you stay on track. There are several different approaches to budgeting, such as Envelope and Static budgeting. Read on to learn how to use budgeting techniques to keep your company on track effectively. […]
Types of Depreciation and Its Accounting Importance
Depreciation in accounting is a concept that allocates the total cost of the physical asset over its estimated useful life. Depreciation decreases the value of the equipment due to its wear and tear during its useful life. There are two aspects to the concept. The first involves the actual decrease in the fair value of […]
Can Good Management Accounting Practices Make Your Business More Successful?
Getting a better understanding of what management accounting is, and identifying its stakeholders, can lead to some significant benefits for small and medium-sized enterprises. Accounting for management is a process of recording, categorizing, and reporting information to help manage a company. The primary purpose of accounting for management is to assist with decision-making and control […]