Outsourced accounting involves hiring external professionals or firms to handle bookkeeping, payroll, tax filing, and financial reporting. It allows businesses to reduce costs, access specialised expertise, and focus on core functions. It’s especially common among startups and small to mid-sized enterprises that lack in-house accounting resources.
Off-balance sheet items are assets or liabilities not recorded directly on the balance sheet but still impact financial health. Examples…
An operating lease is a rental agreement where the lessee uses an asset without owning it. It doesn’t appear on…
Obsolescence occurs when an asset becomes outdated or no longer useful due to new technology, market changes, or wear and…
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