ChatGPT is an artificial intelligence-driven chatbot developed by OpenAI based on the GPT-3.5 architecture. ChatGPT was released to the public in October 2022, and has taken the world by storm. Using ChatGPT for finance and accounting can have both pros and cons. On one hand, ChatGPT provides accurate responses to complex financial and accounting questions swiftly. […]
Accounts receivable and business collections are essential components of any business. As the year 2023 approaches, new accounts receivable trends and collection strategies will become increasingly important to ensure a healthy cash flow and financial stability. This blog will provide an overview of accounts receivable trends in 2023 and discuss ways businesses can take advantage […]
Lack of adequate cash flow is the primary reason for the failure of the majority of small and medium businesses around the world. While regular bookkeeping and accounting functions can be multitasked, cash flow optimization needs dedicated accounting expertise. It entails a careful analysis of vulnerabilities in various accounting functions and prompt optimizations with a […]
What do you think is the most common characteristic of small and medium businesses on a growth path? Sales, yes, revenue almost. But most small and medium businesses who score both, often face growth problems due to a variety of reasons. And the most common hurdle every business face in their growth stages is revenue […]
Bookkeeping is a fundamental aspect of accounting that is easy to make mistakes, especially for small and medium businesses that cannot afford time and consistency. So how do you improve your bookkeeping process and reduce the chance of mistakes in bookkeeping? Simple, you know them beforehand. As a leading remote accounting firm that specializes in […]
When it comes to Accounts Payable not task is low-priority. Tasks can repetitive and tedious, but every element of the Accounts Payable process carries an inherent risk of fraud making it a perfect branch of accounting where automation can work its wonders. What is Accounts Payable workflow automation? What are its benefits? Workflow is simple […]
As a back-office accounting firm, our Accounts Payable experts at Outsourced Bookkeeping routinely identify, strategize and fix complex AP problems that are copping massive hits for our client’s invoicing processing and revenue, burning them large sums of money every year. The most interesting aspect of these AP problems is that all of them can be […]
Restaurant accounting software can automate repetitive tasks, offer seamless Accounts payable and reconciliation services and takes care of all the essential simplify the complex bookkeeping and accounting procedures. With the help of efficient restaurant accounting software, a restauranteur or manager will have greater visibility and understanding of the financial health to take the right measures […]
With the economy recovering and the market gradually finding its feet post-pandemic, this is the perfect time for every business to step on the accelerator. If you are a small and medium business that shares the same goals then it is important to equip your accounting department with accounting tools to help you chart, support […]
The global health crisis has shattered the market and shunted small and medium businesses. The business had to shut down overnight and make all efforts to stay afloat by adopting online shopping. Industries like tourism and hospitability were severely impacted without a reprieve. Having said that, there has been never a better time for expert […]
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