The act of tracking, documenting, reporting, and evaluating all expenses connected with creating a product or providing a service is known as cost accounting. Cost accounting considers direct, indirect, constant, and variable expenses, as well as the costs involved with each phase of your company’s operations. Cost accounting tries to analyze, control, and minimize expenses […]
A document that mainly compares the cash balance on one’s balance sheet to a similar amount on its bank statement is termed a bank reconciliation statement. The reconciliation of two accounts mainly helps in identifying if there are any accounting changes are needed. On the flip side, you need to know that bank reconciliations happen […]
This year, Mindspace Outsourcing Services celebrates our 14th year in the accounting and financial services industry! Since 2007, we have been the leading provider of outsourced bookkeeping services to growing and changing businesses all over the world! The Manifest recognized our efforts and included us on their list of Most Reviewed Accounting Companies […]
Ideally, bookkeeping and accounting are accessible for small to mid-sized businesses thanks to the technology and accounting software, but it hasn’t eliminated costly accounting mistakes. Some of the common mistakes include: Entering incorrect data- companies need to maintain accurate and complete business transaction records while entering incorrect data creates an inaccurate status of one’s financial […]
The future is undoubtedly technological advancements, and the covid19 pandemic has also proven this point by accelerating technology adoption into industries globally. Additionally, the Real Estate sector has sped up during 2020, even though the COVID-19 pandemic seems to have set things back at first glance, and of course, all of us know that home […]
Ideally, Hyper automation claims to bring a plethora of things to the table along with perks that cannot be just applied to enterprise-level companies but also small and medium-level companies. However, to learn more about hyper-automation, you need to read ahead! Things to know about hyper-automation: Hyper Automation tends to take the trend of automating […]
One of the critical business processes is calculating employees’ salaries and paying them on time, and the process of calculating pay is likely to include deducting tax, maintaining compliance, counting the number of days or hours they have worked, besides other elements. If done manually, such calculations are prone to human-made errors, so one of […]
Startups and corporations are looking for ways to run lean now more than ever. There is pressure to cut costs and outsource as much as possible, which has led to a trend of hiring virtual CFO services rather than a full-time in-house CFO. What are the benefits of virtual CFO services? We’ll get into […]
Businesses in the United Kingdom have had to think about imports and exports differently since January 1, 2021. When it comes to trade with European Union (EU) countries and moving goods to Northern Ireland, customs procedures apply to England, Wales, and Scotland. In addition, the way VAT is calculated has changed. This VAT change has […]