importance of accounting ofin logo with blue background

Importance of Accounting for a Business

Most of the Business Consultants, Management Consultants or even Business Owners consider Production, Marketing, Servicing and Finance as core areas of business. In my 25+ years of being an Accountant I have hardly heard anyone saying that Accounting it the backbone of any business. Being in the Accounting Services profession for more than 25 years, I can tell you…

Read More

Understanding Key Financial Ratios with ofin logo

Understanding Key Financial Ratios

You need to know a lot in terms of financial statement when it comes to small business accounting in order to make informed financial decisions. One of the most important things where you can start is by understanding the calculation of key financial ratios and its interpretation. Before we jump to understanding of key financial ratios it is important…

Read More

benifits of outsourced accounting - image with plant and papers and newspaper

8 Benefits of Outsourced Accounting

Outsourced accounting services have become a great option for small as well as the large companies these days, but are they really great? Here are eight reasons why you should consider using outsourced accounting services for your business. #1  Prebuilt Process Outsourced accounting services means you are buying efficient services as long as the company you work…

Read More

fifo vs lifo image

FIFO vs LIFO inventory systems

A big part of accounting revolves around the wonderful world of tax compliances and regulatory bodies that work in conjunction with the accounting aspect of tabulating business performance and tracking the flow of money throughout the company. Stock valuation or stock accounting deals with valuation of company’s inventory, which can vary due to not only…

Read More