A great idea strikes, and a startup starts. You start planning about your products/services, pricing, payroll and other things. You start devoting time to your business strategy, pitch deck and marketing but not your ‘books’. But such businesses don’t last…
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The two tools that the companies use to establish their plans for the company are budgeting and financial forecasting. Often these two terms are used together but are two different concepts -Budgeting quantifies the expectation of revenues whereas forecasting estimates…
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Most people are hard-pressed to differentiate between bookkeeping and accounting, especially those who come from a non-commerce background. Many times, accountants are juxtaposed with bookkeepers, whereas ideally the bookkeepers' work is the first step in the whole accounting process. Bookkeepers…
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