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The outbreak of COVID-19 has quickly surpassed other wide-spread epidemics in both size and scope. Besides the deadly human toll and the disruption of people’s lives, the economic damage is already substantial and extensive. The economic recovery from this pandemic is definitely going to require a lot of strategic thinking across the globe. In the…
Category: Business
A New Play Book for Marketing in an uncertain future
It’s an incredibly difficult time for entrepreneurs across the world in these unprecedented times. A recent survey found that startups and SMEs have seen an average revenue decline of more than 63 percent due to the COVID-19 outbreak worldwide. No matter how revolutionary your product is or your business model is, a startup will have…
Which industries are thriving during the COVID-19 pandemic?
The COVID-19 pandemic is an unnerving global crisis that has held the world hostage. It’s definitely a challenge to the world’s healthcare system. The repercussions of this viral disease go much further, shaking the economy to its core. When Prime Minister Narendra Modi announced a 3-week lockdown, a country of 1.3 billion people and a…
Challenges Faced by SMEs during COVID-19
According to the OECD Economic Outlook Interim Report March 2020, projections for annual global GDP growth for 2020 have dropped by half a percentage point to 2.4% due to the coronavirus outbreak. SMEs represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP)…
Tips for Reducing Business Travel Costs
Business leaders across the globe corroborate that business travel costs are hard to predict and control. The Global Business Travel Association predicts that corporate travel is expected to rise to $1.7 trillion globally by 2022; it’s imperative that businesses optimize and spend smarter. In this blog, we will discuss some tips that can help companies gain…
How The Finance Team Can Ensure Audit-ready Business Receipts
To establish that all deductions and returns are viable, business receipts are rather essential. They also help identify differences between internal finance records and bank statements. A lack of receipts indicates an unreliable record-keeping system. Receipt management is key to simplifying spend management and ensuring your finance team is audit-ready. This post will articulate the…
Why Businesses Should Automate Mileage Tracking
All business-related drives can be used to claim mileage deduction. Whether it’s an on-site visit, meeting clients, or providing client demos, tracking your mileage is imperative as it impacts overall employee productivity and also helps in tax savings. The mileage rate is updated annually and forms the foundation for calculating mileage allowance. In situations when…
5 Maturity Stages of Travel and Expense Management
Business travel impacts a wide range of objectives including sales and partnerships for enterprises today. With increasing business travel, there are more bills, expense reports, and reimbursements to deal with. Whether you follow the paper-based system or a computer-based application, expense management requires the collection of all related invoices and receipts to make the right…
How to Manage Petty Cash for Business Expenses
Petty cash refers to the small amounts of cash kept on hand in business. With growing digitization, people are swiping their cards for smaller purchases. This has reduced the use of a petty cash system. However, it’s still essential for any business to make sure all small purchases are properly accounted for as business expenses….
