Accounting is a part of any business which incorporates financial transactions and its management. The financial transactions incorporates several accounts, among which accounts receivable and accounts payable are very fundamental. In business accounting, these are essential jargon. Accounts payable is the total sum of the amount which a firm is liable to pay for the
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Account Reconciliation is a process which compares balances of two accounts in order to ensure that, they are in agreement. It helps to confirm the agreement between the account balance in the checkbook and its bank statement. Account reconciliation services are essential to affirm precise and comprehensive financial reports, therefore it unravels flaws and inconsistencies
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Data Entry Services have become synonymous to Outsourcing. People are keen on data entry outsourcing services because of better communication and flexibility in the internet. The physical data are converted into digital files by data entry services provider, which has increased the requirement of the service, in several companies. Data entry services make the files
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One of the vital portion of the business is the correct information. Information acts as the fuel for the business, as it provides the overview of status and statistics of the business. In spite of development in technology, the information is recorded in tedious manner, in paper. All the plans implemented in any firm aims
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Business Process Re-engineering (BPR) is also referred as Business Process Change Management or Business Process Redesign which depicts the understanding of processes involved in any company. It represents the design & analysis of the work flow and methods within a firm. According to the Davenport (1990), “A business is a set of judiciously associated tasks
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Fixed Asset (FA) or Non-current asset or Property, Plant & Equipment (PP&E) is economic resources or property in financial accounting which cannot be easily transformed into cash. FA generally refer to the items which is purchased by the firm for its own use. The items incorporated as FA include land, building, plants & machinery, furniture,
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Revenue Management (RM) is a concept which optimizes the revenue stream of a business, gained through a proper knowledge of the marketplace, that would manage product’s demand and supply. It assists to analyze the demand of the consumer along with optimizing price & inventory available in order to increase revenue. Revenue Management service is implemented
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An entrepreneur refers to the person who owns/ manages a firm or business enterprise and make profit through initiative & risk. It is believed that the term was coined by a french economist, “Jean-Baptiste Say” in the 19th century. Initially, the men set off to work while women remained as a showpiece at home. But
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General Ledger or Nominal Ledger is one of the important elements of the accounting system which utilizes Double-entry bookkeeping system. It is basically a summary of all the transactions occurred which incorporates Assets, Liabilities, Revenue, Expenses and Capital. It is the backbone for preparing important Financial Statements such as balance sheet, income statement and trial
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Accounts Payable refers to the account or a file which tracks the amount to be paid for services or products provided by a supplier. Accounts Payable Service is a vast term that incorporates generation of invoice or bills through computers. The consumers or buyers are presented with the electronically generated invoice for service or product
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