The option to make use of a cash discount is an incentive for both customers as well as sellers to pay an invoice on time. Offering a cash discount is not a requirement, but rather a strategy on the part of the supplier or seller to make sure bills get paid on time. The size of the cash discount and its deadline varies. In order to make use of a cash discount, it is sometimes advisable to use a...
There is no doubting the fact that financial statements can be complex and hard to understand. At the core of an accurate statement are accurate values and figures. This is where fair value comes into play. Fair value accounting is of great importance when it comes to financial statements (balance sheets), the selling of assets, or transferring liabilities between two companies. For investors,...
If a customer accepts an offer that you’ve submitted, you should formally confirm the order. In theory, an oral communication is sufficient, but a written confirmation of the agreed services and conditions is much more serious and secure. With templates for Word, Excel, and others, you can create such order confirmations in just a few minutes.
Almost every business decision goes hand-in-hand with risks. But what risks can managers take responsibly? And when are their actions actually negligent? Risk management provides methods to identify potential threats that could result from your decision, and ways to mitigate the existing risk.
Online time trackers make it easier for you to track your employee’s working hours. Furthermore, many applications offer comprehensive functions that go well beyond mere timekeeping. This way, you simplify your personnel planning and resource planning. It’s not only large corporations that benefit from this. It makes organisation easier for small and medium-sized businesses as well.
Compliance is one of those trendy terms that is used more and more frequently in the economy. It seems to be able to mean almost everything. The basic idea is simple and goes without saying: Companies must comply with existing laws and at the same time assume their social responsibility. But what does compliance mean beyond that?
Market research is an important procedure to advance a company or to make decisions as an entrepreneur. Customers and respondents play an important role, as their opinions are an important indicator of sales opportunities. It is crucial for the success of a company to examine the market at regular intervals. So, what does market research mean, and why is it so important for a company?
Are you a business owner looking to cut costs, maximise profits, and increase business growth? Then you should analyse whether or how you can use economies of scope in your business. These arise when you expand your product range and use synergies. Read on to learn how you can achieve this and what types of economies of scope exist.
The success of a company is closely connected to its growth. Economies of scale describe the effects that an increase in input has on output. That is, more should come out than you put in! But what are economies of scale exactly, and what forms do they come in?
If you run a business or work independently, it’s always important for you to keep an eye on your financial situation. This also applies to payments that you are expecting but have not yet received. The accounts receivable department is responsible for registering and tracking your monetary receivables. We explain what accounts receivable accounting is and how it works.