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7 Strategies to Enhance Business Success Through Data-Driven Decision-Making

In today’s digital age, businesses, including small and medium-sized enterprises (SMEs), have access to vast reservoirs of data. From internal processes to customer behaviour and financial performance, digital technology enables the collection of information from a myriad of sources. On average, a company taps into data from around 400 different sources. However, mere data collection … Continued

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How Cloud Technology Can Attract the Next Generation of Finance Talent

The COVID-19 pandemic underscored for some finance teams the importance of investing in cloud technology to modernise outdated systems and streamline inefficient processes, essential for keeping pace with evolving demands. The shift towards remote work has been akin to a boulder rolling downhill, unstoppable in its momentum. Finance teams may have managed adequately with traditional … Continued

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Understanding Revenue and Capital Reserves

In the journey to establish a thriving business, readiness for unforeseen circumstances is paramount, and maintaining cash and capital reserves serves as a cornerstone in this regard. Navigating through the intricate landscape of reserve accounting terminologies and calculations can be daunting. This article aims to demystify the concept of reserves, shedding light on their significance … Continued

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Cost of Goods Sold (COGS): Explanation and Calculation Guide

The Cost of Goods Sold (COGS), often referred to simply as Cogs, stands as a fundamental metric within business operations. This article elucidates the concept of COGS, offering insights into its calculation and accounting procedures. What is the Cost of Goods Sold? The Cost of Goods Sold (COGS) represents a pivotal business metric essential for … Continued

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What are daily allowances? Explanation and how daily allowance rates operate

Various methods exist for compensating employees for expenses related to business travel: The daily allowance, or scale rate, furnishes employees with a predetermined fixed amount per day to cover their travel expenditures, eliminating the necessity of managing large quantities of receipts typically required for expense reimbursements. This approach streamlines accounting procedures and paperwork for both … Continued

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Understanding Account Reconciliation in Financial Management

If you’ve ever pondered the significance of account reconciliation in the realm of accounting, you’re not alone. This critical process serves as the linchpin for maintaining accurate financial records, akin to assembling the pieces of a puzzle. In this article, we aim to demystify the complexities of account reconciliation, offering you a clear perspective on … Continued

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Understanding the Quick Ratio in Financial Analysis

In the realm of financial statement analysis, a plethora of ratios exist to decipher a business’s performance. Today, our focus centres on a fundamental calculation—the quick ratio. Renowned for its capacity to shed light on a company’s short-term liquidity, the quick ratio plays a pivotal role in evaluating a business’s financial well-being. So, what precisely … Continued

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