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PS TECH Accounting records the details of the business transactions of the Your company in the books of accounts. These records are essential for the owners, investors, managers and other stakeholders in a company to have the ability to view and evaluate the financial details of the business. It is only when there is a precise and accurate record of every transaction that the overall financial performance of the business can be studied. The books of accounts can be summarised into reports that tell the stakeholders about:

• Profit and loss
• Cost and earnings
• Liabilities and assets

Bookkeepers archive your company’s financial transactions and make sure all of your financial transactions are current. This allows you to generate accurate financial reports that help measure your business’s performance. These reports are particularly useful for occurrences such as tax audits.

Chief financial officers are senior corporate executives who plan and manage all of a company’s financial strategies. These professionals manage the company’s budget, communicate with the company’s banking and insurance partners, and advise other executives on financial strategies such as where to procure capital and other directives. They are typically involved in investment opportunities and will aid in decisions such as whether the company should proceed with acquisitions or capital expenditures.

Bookkeeping has more rudimentary tasks involved than accounting. Accounting uses the information provided by bookkeeping to prepare financial statements and reports. Bookkeeping is where the accounting process begins and accounting has more analysis involved. 

Outsourced accounting firms are third-party accounting departments for businesses that can’t handle all of their accounting needs in-house. In an outsourced accounting scenario, the accounting department handles the day-to-day transaction coding, accounts payable, accounts receivable, payroll, and financial reporting. Outsourced accounting firms can also feature fractional CFOs who handle more advanced financial strategy.

There are many reasons to outsource your accounting department. Most of these come down to saving yourself from the time, money, and stress it takes to hire an in-house accounting team.

Outsourced accounting costs vary depending on the provider. Your prospective accounting firm should be able to offer scalable solutions to your team so you know exactly what you’re paying for and what you stand to gain. There should also be no surprise fees or charges on your bill.

External auditing is the action of a company providing financial documents to a third party for financial feedback. In this instance, a third party is a reliable source in describing if a company’s financial statement is a representation of GAAP. External auditing is conducted by a Certified Public Accountant (CPA).

Yes! Word of mouth can be great, but a majority of consumers find and research companies online before making any purchases. An online presence gives your company credibility and boosts brand awareness. Plus, websites are an avenue for endless marketing strategies, including e-commerce, online customer service, and consumer engagement.

Digital marketing allows businesses to raise brand awareness, share information about products, engage with the audience, and monitor online reputation. Digital advertising allows businesses to advertise and promote products, offer discounts or specials, and attract buying customers. Simply put, digital marketing establishes a target consumer audience while digital advertising drives this audience to sales.

Digital marketing is any kind of marketing that is geared towards smartphones, laptops, tablets and basically any other device that is capable of connecting to Wi-Fi. Traditional marketing will focus on radio, TV, print and film, whereas when it comes to digital marketing we want to be thinking about apps, websites, blogs, social media, email and online content.

Most definitely! It’s been proven again and again by business after business. In fact, not utilizing social media marketing can actually harm your business, since having an online presence on social media is simply expected of any reputable firm these days.