Kyra McKay

Invoice approval processes and why your business needs one

Leave a Comment / Invoicing & Payments

Invoice approval processes should be a quick and painless procedure done by an Accounts Payable department. In this digital age, wasting time, resources, and people with a paper-based, manual invoice approval process slows cash flow, jeopardises competitiveness. To mitigate this, many businesses are adopting invoice approval process automation. When not all billing operations are automated, …

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Is invoice discounting right for your business?: Everything you need to know

Leave a Comment / Invoicing & Payments

Miscellaneous / By Kyra McKay Invoice discounting is where a company’s unpaid invoices serve as collateral for a loan. Businesses can enhance the value of their sales ledger by using invoice discounting providers. You can also access the money in your accounts receivable ledger – unpaid client invoices – much faster. Instead of waiting for …

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Invoice finance ultimate guide: Is Invoice Factoring right for you?

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Invoice factoring is a method for businesses to support their cash flow by selling their invoices at a discount to a third party (a factoring company). Invoice factoring can be done by either independent financial companies or by banks. It is also known as Debt factoring; Invoice finance; Asset-based lending. Factoring is a rising source …

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How to successfully rebrand in 2022: Everything you need to know

Leave a Comment / Running a Business

We live in a world where trends are continuously changing, therefore businesses must adapt to attract new clients. Often, businesses will choose to rebrand as a way to expose themselves to new markets or dominate an existing one.  Beliefs and interests change as your business grows, and these changes must be represented in your brand. …

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Consulting fees: Everything you need to know as a consultant

Leave a Comment / Miscellaneous, Running a Business

When starting a consulting business, you must be smart about your pricing structure. High consulting fees may upset potential clients whereas low charges may cause customers to doubt your expertise. We’ll go through what factors impact consultation fees, how to set your own, and how to collect money once you’ve begun working with clients. A …

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The ultimate guide to double-entry accounting

Leave a Comment / Bookkeeping & Taxes

Double-entry accounting is an accounting technique that records debit and credit for all business transactions. It gives a financial picture of a business’s finances.  This technique is based on the accounting formula: Assets = Liabilities + Equity. Credits to one account must equal debits to another for the equation to be balanced. Accountants use debit …

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Double-Entry vs single-entry Bookkeeping: the best option for small businesses?

Leave a Comment / Bookkeeping & Taxes

Consider why single-entry bookkeeping is important, especially if you operate a small business. It will lead to clear transaction tracking, which could lead to success. What is double-entry bookkeeping? It enables a company to track all of its transactions and evaluate how well it is doing in terms of profitability, cash balances, and business development. …

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Business credit cards: What you need to know before getting one

Leave a Comment / Invoicing & Payments, Running a Business

Business credit cards are used by businesses rather than an individual. They can be used for business expenses, with some cards offering extra benefits such as cashback and travel insurance. Furthermore, they can help build a credit profile or manage employee expenses. Who can get one Businesses of all sizes can get a business credit …

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Bookkeeping vs Accounting: What’s the best choice for you?

Leave a Comment / Bookkeeping & Taxes

Most people think about bookkeeping vs accounting interchangeably despite being quite different. While bookkeepers and accountants have similar goals, they support your business at different points of the financial cycle. When bookkeeping and accounting for your small business become too much to handle, it’s time to seek help. But do you need a bookkeeper or …

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