recent blog posts

-By Dipali Nishad for SKB Accounting In the modern tech-driven world, outsourcing has been a hot trend. U.S. outsourcing statistics suggest that outsourcing in the financial services market will continue to rise by almost 7.5% annually. The prime reason businesses…

By Dipali Nishad for SKB Accounting   Each year, people all over the world have a new resolution to improve their mental health, physical health and career goals among many others. We are here to remind you of some business resolutions…

By Dipali Nishad for SKB Accounting What is a Virtual CFO?  In the cut-throat competition world, many businesses want to focus on their primary operations and get relieved from the financial stress. So, they outsource a Virtual Chief Financial Officer…

By Dipali Nishad for SKB Accounting Do you find it difficult to manage business debts?  Not to fear, a recent survey by Gallup states, 49% of small business owners find it difficult to manage their current debt.  “If you really…

By Satrajeet Mukherjee for SKB Accounting All businesses are vulnerable to fraud. However, Cyber security often gets overlooked in the case of smaller operations which makes them more susceptible to cyberattacks. While proactive behavior is beneficial and essential, it’s not…

By Anushka Menghwani for SKB Accounting There have been dramatic changes in the Accounting Industry over time. With the continuous technological advancements, traditional ways of business functions are transforming. Modern Accountants are not responsible for just tallying financial columns now;…

Bookkeeping functions are the base of a strong accounting foundation for any business. While Production, Distribution, Sales, and marketing can be the core functions of any business, Accounting and Bookkeeping require maximum precision and accuracy. The finances of the business…

By Nivedita Verma for SKB accounting What is cloud accounting? Cloud accounting means storing, editing, and accessing your accounting and bookkeeping data over the internet or ‘in the cloud’ instead of a physical hard drive/computer. The companies who use cloud…

Written by- Nivedita Verma for SKB Accounting Do you have a brilliant money-making business idea but lack the knowledge on how to move forward with it? Or do you have a plan but lack market knowledge? It is high time…

Written by- Nivedita Verma for SKB Accounting QuickBooks has been the accounting partner of many firms since 1983 and it has been evolving ever since to provide the best features to its users. With the rapid advancements in technology, QuickBooks…

We all know how different accounting considerations are important for different modes of businesses, right? However, when you talk about a law firm, the considerations needed to be made might be a bit “too” different from the rest, owing to…

The practice of accounting is pretty much standardized, but when it comes to the important indicators for different kinds of businesses, there ought to be a difference, right? What might be an important consideration for one kind of business might…

The two most commonly used techniques for the valuation of inventory are the FIFO and LIFO methods of accounting. The difference between the two is simple, no doubt, but the fact remains that your choice will have serious implications on…

During times of inflation and rising prices, businesses benefit not only from the additional business but the receipts that they receive for their business offerings. In short, a business’ profitability improves, more or less. However, with the increasing profitability comes…

Business models of companies that offer software as a service (SaaS) vary greatly from those  of other businesses. It’s important, for smaller or new companies to understand the important aspects of such a business, so that they may start off…

The formats of financial statements are, pretty much, standardized for most types of businesses. However, when it comes to the importance of different accounting heads for different kinds of businesses, it’s a different story altogether. What this means is that…

Gone are the days when businesses needed to have big accounting departments to cater to all of their accounting needs manually. In the contemporary age, there are a number of good accounting software programs available for businesses to make use…

Dealing with costs is part and parcel of running a business. However, businesses should know that not all costs are visible, meaning that there are a number of small costs that might appear to be harmless on paper but affect…

Among the several methods of costing available for businesses to choose from, standard and average costing are the most popular. However, when choosing between the two, it’s imperative to make some key considerations. Here are a few differences between standard…

Balance sheets present a holistic view of the financial standing of a business. However, it is easy for this holistic view to point in the wrong direction, owing to how small misstatements, in this regard, can lead to much larger…