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You’ll need a thorough understanding of your organization’s workflows and processes to determine which areas can benefit from automation. Check in with employees responsible for the workflows or processes earmarked for automation. Document their steps, their unique standard operating procedures (SOPs), ensuring that every nuance finds a place in your workflow. BPA can be a…

Overall, a higher level of assets, or of profitability compared to debt, is a good thing. Debt to equity (D/E) is a fundamental indicator of the amount of leverage a firm is using. Debt generally refers to long-term debt, though cash not needed to run a firm’s operations could be netted out of total long-term debt…

See why small businesses love Bench through real reviews, affirming our promise to provide accurate books and peace of mind. Although it costs extra, Bench can go back in time and track previous months or even years of income and expenses for you. This is most useful if you’re joining Bench late in the fiscal…

Periodic interest accrued is recorded in Interest Revenue and Interest Receivable. The following example uses months but the calculation could also be based on a 365-day year. Notes receivable have several defining characteristics that include principal, length of contract terms, and interest. The principal of a note is the initial loan amount, not including interest, requested by…