What Is Account Reconciliation...

Apr 5, 2024

The important thing is to establish internal processes for account reconciliation and adhere to those processes. Accounting software automation and adding a procure-to-pay software, like PLANERGY, can streamline the process and increase functionality by automatically accessing the appropriate financial records. Whether you’re a small business owner working with multiple sub-ledgers or a multi-million dollar business using an ERP system, reconciling your accounts will always be necessary.

The documentation review process compares the amount of each transaction with the amount shown as incoming or outgoing in the corresponding account. For example, suppose a responsible individual retains all of their credit card receipts but notices several new charges on the credit card bill that they do not recognize. Perhaps the charges are small, and the person overlooks them thinking that they are lunch expenses. In single-entry bookkeeping, every transaction is recorded just once rather than twice, as in double-entry bookkeeping, as either income or an expense. Single-entry lost packages 101: how to handle them bookkeeping is less complicated than double-entry and may be adequate for smaller businesses.

Reconciliation for prepaid assets checks the balances for different types of prepaid assets, factoring in transactions like additions and amortization. Prepaid assets, such as prepaid insurance, are gradually recognized as expenses over time, aligning with the general ledger. Regular account reconciliation should be combined outsource invoicing with invoice reconciliation as part of your internal controls in accounts payable.

How Often Should a Business Reconcile Its Accounts?

This helps to ensure that the financial records of that unit are accurate and up-to-date. The analytics review method reconciles the accounts using estimates of historical account activity level. It involves estimating the actual amount that should be in the account based on the previous account activity levels or other metrics. The process is used to find out if the discrepancy is due to a balance sheet error or theft. Documentation review is the most commonly used account reconciliation method.

What is reconciliation in accounting?

A company would then be able to put right any mistakes in its financial statement. The result would give a far more accurate picture of the company’s true financial status. As such, a $40,000 discrepancy due to the missing transactions should be noted in the reconciliation, and an adjusting journal entry should be recorded. For example, a company can estimate the amount of expected bad debts in the receivable account to see if it is close to the balance in the allowance for doubtful accounts.

What Appears on a Bank Reconciliation Statement?

1. When there are no unexplained differences, an accountant is able to sign off the process.
2. For example, a company can estimate the amount of expected bad debts in the receivable account to see if it is close to the balance in the allowance for doubtful accounts.
3. Deposits and checks are transactions that affect the company’s bank account.
4. For law firms, for example, one key type of business reconciliation is three-way reconciliation for trust accounts.
5. Company A and Company B are two examples of businesses that use bank reconciliation.
6. By catching these differences through reconciliation in accounting, you can resolve discrepancies, help prevent fraud, better ensure the accuracy of financial records, and avoid regulatory compliance issues.

For example, when reconciling your bank statement with your company’s ledger, bank reconciliation means comparing every transaction to make sure they match. This practice helps identify and rectify discrepancies, including missing transactions. In essence, reconciliation acts as a month-end internal control, making sure your sets of records are error-free. Reconciling your bank statements simply means comparing your internal financial records against the records provided to you by your bank. This process is important because it ensures that you can identify any unusual accounting for carbon offsets transactions caused by fraud or accounting errors.

It helps in ensuring that the company’s financial statements are accurate and up-to-date. This process is crucial for investors, creditors, and other stakeholders who rely on the financial statements to make informed decisions. Adjustments and errors are differences between the bank statement and the company’s books. A bank statement is a document that lists all transactions that have occurred in a bank account during a specific period. If there are any unexplained transactions on the bank statement, it could be a sign of fraudulent activity or theft.

A profit and loss statement displays revenue earned for that period, then subtracts the cost of goods sold, interest expense, and other operating expenses from the revenue to determine net income for the period. After scrutinizing the account, the accountant detects an accounting error that omitted a zero when recording entries. Rectifying the error brings the current revenue to $90 million, which is relatively close to the projection. It can reduce vendor queries and make control of spending much more efficient. These errors would relate to issues between what a vendor is charging you and the inventory, services, or supplies that you have received.

Compare QuickBooks Online vs Q...

Nov 17, 2023

We rate QuickBooks Payroll highly and it will appear as the “Payroll” tab on your dashboard if you use it. QuickBooks Online is available both as a desktop application and an online SaaS (software as a service) model. However, access to add-on services to the QuickBooks Desktop for Windows 2019 was discontinued after May 31, 2022.

Tax season arrives for everyone, and your business should be prepared ahead of time. Find out which tax deadlines are relevant, depending on the federal, state, and local regulations that may apply to your operation. If you’re using QuickBooks Payroll, it has the tax reporting functionality needed what does encumbered mean in accounting to walk you through this process, although you’ll still need your federal and state ID numbers. This means that QuickBooks Desktop users are limited to one hosting provider — the computer on which the software is installed — or a handful of licensed computers. QuickBooks Online can be accessed from any internet-connected device, including a mobile device with the QuickBooks app installed, after you enter a valid username and password. We have financial relationships with some companies we cover, earning commissions when readers purchase from our partners or share information about their needs.

The best thing about using it is that it’s integrated with QuickBooks, so your financial statements are always up to date as of the latest payroll run. You have to purchase a QuickBooks Payroll subscription to run payroll, but you have several levels of service to choose from to fit your needs. QuickBooks Online is a leader in the accounting industry with it being the bookkeeping software of choice for many accountants, certified public accountants (CPAs) and bookkeepers. When comparing it to other bookkeeping providers, such as FreshBooks and Xero, we note that all three have a 30-day free trial to test the system out. This is important to note since you’ll want to make sure that it is capable of doing what you need in a manner that you understand and can digest.

Fit Small Business’ Recommended QuickBooks Products

It allows you to run and view reports easily like the number of outstanding invoices, total income and expenditure health and social care amount due from clients and details of each invoice (paid or due). As a small business owner, it’s likely that invoicing will be the most important feature you’ll use in QuickBooks Online. Once you set up your bank connection, you can start categorizing all imported transactions. The nice part about this is that much of the transaction posting is completed automatically, making month-end reconciliation a breeze. Connecting your bank or financial institution also ensures that your account balances are current and reports are accurate.

Everything you need to know about QuickBooks Online Payroll

While we don’t recommend using Excel as your base bookkeeping program, we do have a guide on how to use Excel for accounting. Our comparison of QuickBooks Online vs Excel will help you better understand the differences between the two programs. Employees or subcontractors can enter their own time as they progress through the day, or a bookkeeper can enter their weekly time if the employee submits a manual timesheet. Time entered and assigned to a customer will be available to add to the customer’s next invoice.

1. Both QuickBooks Desktop and QuickBooks Online offer multiple service tiers that cater to different business needs, such as the number of employees who need to access the software.
2. This plan gives you all the basics needed to run your business accounting, including income and expense monitoring, invoice and payment capability, tax deductions, receipt capture and mileage tracking.
3. Again, QuickBooks has many reports available to analyze your bills and expenses.

Bills & Expenses Tracking

When the bill becomes due, you can choose from a variety of payment options available in QuickBooks Online, including an option to pay electronically directly from the application. However, as a new user, you may be feeling a little overwhelmed right now. Even though QuickBooks Online is user friendly, it might help to get a little liability accounts more acquainted with some of its bookkeeping features, which include double-entry accounting.

It’s important to note that FreshBooks is the most competitively priced software solution we found. While QuickBooks Online is only 50 cents more than Xero, note that that is the introductory cost for the first three months. QuickBooks Online goes to $30 per month after that and is easily our most expensive option. If a reconciliation has too many discrepancies, reversing that reconciliation might be the best move.

A new and improved migration process gives you even more ways to move online. Move from any version of QuickBooks Desktop, and only migrate the data that matters most to you. However you work, no matter what your business does, QuickBooks has a plan for you. Whether you’re a new user or a pro, get your questions answered with one of our free, live webinars.

A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days. In some cases, your cleanup may take longer depending on timeliness of documentation and the complexity of your books. Get a feel for what QuickBooks can do and try out top features using our sample company. Payroll is an area that you don’t want to skimp on and try to do manually. Mistakes made in calculating paychecks can result in steep penalties and unhappy employees.

Its prominence also stems from its inclusion of tools its competitors lack, such as integrated advanced time tracking. The Plus Plan is $45 per month for the first three months, then becomes $90 per month, and adds up to five users. It also has inventory management and gives you the ability to project profitability with forecasting reports. The Advanced Plan is the final tier for $100 per month for the first three months, then reverts to $200 per month. This allows more users (up to 25) and increases analytics for users to assess the business’s health. There is workflow automation, data restoration, batch invoices and expenses and on-demand training.

Software outsourcing to India:...

Mar 3, 2023

Now that you know the benefits of outsourcing software development to India, let’s look into its challenges. In this post, we’ll talk about the pros and cons of SEO, customer service, software outsourcing to India, and more. We’ll also look into how businesses normally take advantage of outsourcing to India.

Software Development Outsourcing: India’s Top 11 Contenders

A typical outsourcing firm offers excellent services for an affordable cost provided by a young, diverse labor pool of dedicated employees. Sustainability has become a critical issue for businesses worldwide, and Indian outsourcing firms are no exception. This trend is driven by the growing awareness of the impact of climate change and the need for businesses to take action. Infosys is a popular service provider that mainly offers digital business solutions. Present in cities like Bangalore, Hyderabad and Mumbai, the company has over employees. DataPowerHub is specialized in any type of data related and internet research services such as data entry, data processing, data mining, data management, internet and web research.

The Ultimate Guide to Payment Integration: Streamlining Your E-commerce Operations

Businesses can now outsource a wide range of non-IT functions such as finance and accounting, human resources, customer support, and more. These non-IT services offer significant cost savings for businesses while enabling them to focus on their core competencies. In 2023, this trend is expected to continue, with more outsourcing firms in India diversifying their services to meet the evolving needs of their clients. With the increasing threat of cyberattacks, businesses are placing a greater emphasis on cybersecurity. In 2023, Indian outsourcing firms are expected to see a surge in demand for cybersecurity services, including network security, threat intelligence, and incident response. This trend is driven by the need for businesses to protect their data and assets from cyber threats.

Our team of 250+ skilled developers, engineers, testers, business analysts, consultants and other experts is at the forefront of helping companies bring their unique ideas to life. You can outsource software development projects to India without worrying about communication issues with your offshore software development team. India is clearly a great outsourcing destination, as the benefits of outsourcing here far outweigh the drawbacks. Now, let’s dive into some common software services that companies outsource to the country. However, companies can always take appropriate measures to safeguard their data when outsourcing to India.

Types of Outsourcing: Onshore, Nearshore and Offshore

1. According to the International Data Corporation (IDC), the Indian AI market was worth USD 3.1 billion in 2020.
2. More than this, companies can target more users with mobile apps because people are on their phones loads more than they are on computers.
3. You’ll be pleasantly surprised to know that many Indians are highly technologically savvy.
4. Their main agenda was to identify what processes they needed to keep in-house and which they could outsource to other economies for protecting profits.

Assess the performance of the outsourcing partner against predefined metrics, identify areas for improvement, and implement corrective actions as needed. Facilitate open communication to address any concerns or challenges that may arise and seek input from all stakeholders to inform decision-making. Monitor progress and performance by regularly tracking the advancement of outsourced projects and evaluating the performance of the offshore amended tax return team. By setting clear expectations upfront, you provide a roadmap for both your organization and the outsourcing partner, ensuring alignment and accountability throughout the project lifecycle. These professionals often possess strong educational backgrounds and technical expertise, making them well-equipped to handle complex tasks and projects effectively.

Outsourcing to India: Everything You Need To Know

There are many IT outsourcing companies in India that can help you fulfill your outsourcing needs. Even the startups and SMEs in India are now using advanced technology tools to provide excellent web solutions. In simplest terms, outsourcing is the process of getting your business operations performed outside your in-house infrastructure. You are said to be outsourcing when you hire remote developers, dedicated teams, distributed teams, freelance professionals, or get your complete project completed at some external location. InfoStride is a global leading provider of IT services and solutions to clients worldwide.

Like onshoring, nearshoring also ensures fewer cultural differences but when compared with offshoring, nearshoring costs are on the higher side. With outsourcing, companies are given the flexibility to scale up or down quickly as their current project requirements demand. Outsourcing is the practice of getting certain business tasks and activities performed outside of your in-house structure. Typically, this entails functions, tasks, operations and activities that are non-core to your business. Half of all Fortune 500 firms prefer to outsource to Indian software companies as per findings by the National Association of Software & Service Companies (NASSCOM). Additionally, go through their website and case studies to understand how they function and their experience in the outsourcing industry.

Accounting Services Singapore ...

Dec 1, 2022

Just call, and automatically get routed to them for personalised support. Whether you’re launching a startup or scaling your operations, Counto works for you, empowering you to make confident financial decisions that drive your business forward. From automating data entry to instant categorisations and reconciliations, Counto ensures your finance operations run smoothly, allowing your team to focus on what matters most. Opening a corporate bank account in Singapore is easy and straightforward, but we also understand that it can be pretty daunting for new business owners. All companies in Singapore must prepare and submit an Independent Auditor’s Report along with the Director’s Report as part of their statutory annual submission obligations.

The Counto Advantage

Our bookkeepers and accountants are experienced and know the importance of keeping clients’ financial data safe and secure. Since 2010, SBS has served its clients as a reliable provider of accounting and bookkeeping services in Singapore. As a professional accounting and bookkeeping services provider, we assist owners in taking care of a mandatory updating of their business’ books. We digitise invoices, receipts, and bills by updating crucial accounts.

Corporate tax filing

We deliver a detailed report containing your profit and loss statement, balance sheet, general ledger, account receivables and payables summary etc. You can easily track business health and run your organisation with a clear picture of the numbers. The double-entry method is useful to the companies that buy and sell using credit transactions. Choose do dividends reduce net income an accounting package that aligns with your budget and business needs.

My company is required to file XBRL. Should we file Simplified XBRL or Full XBRL?

The processed info irs announces 2014 retirement plan contribution limits for 401 then come in handy in preparing financial statements for statutory filing. SBS Consulting provides tailor-made accounting bookkeeping services to suit clients’ business needs. The digitized data is reused to prepare financial statements, management reports and prepare annual accounts keeping with SFRS.

Accounting is one of the most important business processes to get right, because it critically influences your organisation’s growth and success. Partnering with a trustworthy accounting firm in Singapore that understands the local laws and regulations, while also maintaining an international presence, is a key part of this success. Here we help Singapore companies in determining whether they need to register for GST or not. Depending on your business needs, we provide monthly, quarterly and annual GST filing services. Bookkeeping services companies in Singapore help their clients in choosing Single-entry or Double-entry methods and cash or accrual basis of bookkeeping. Your choices should consider business needs, daily transaction volume and revenue.

Outsourcing your accounting services has a variety of advantages over in-house accounting. Most importantly, outsourcing allows your company to focus more on the business and its core competencies. Outsourcing also saves valuable resources, saving the effort required to train in-house staff who need to handle day-to-day accounting issues. This improves the overall efficiency of your business, boosting productivity across the board. Ensuring your accounting aligns with local Singapore and APAC-wide accounting standards is crucial to maintaining your business’s liabilities in accounting reputation.

If you are looking to outsource your accounting in Singapore, kindly contact us today. We will be happy to hear your business requirements and find an accounting solution that best fits your needs. With BoardRoom, your company can operate safely and efficiently with confidence. Through offering unique business insights, our professional advisors help you better understand the local industry landscape and strengthen your company’s overall performance.

1. When your company needs to reconstruct financial records for audit or tax purposes.
2. We submit the company’s required information like company name, details of officers, members and shareholding, details of auditors and registered office address to the ACRA within due dates.
3. We can take care of all your XBRL needs, saving you time and resources that you can reallocate towards your core business growth.
4. Our trained and knowledgeable staff are up-to-date with the latest regulations and requirements, setting your business up for success.
5. Xero is a cloud-based software so you can access your up-to-date financial information wherever you are and make timely business decisions.

I wanted affordable accounting and bookkeeping services spiced with a little personal touch that a multi-tasking business owner requires. And someone who uses the accounting software that I am familiar with. Thanks, Vishal and SBS Consulting for, helping me with the accounting setup and whatnot. We provide one-stop bookkeeping services in Singapore for small business owners who multi-task. Our certified accountants execute your non-core tasks like bookkeeping, accounting, taxation, and payroll within deadlines.

Additionally, companies can voluntarily register for GST, even if their taxable supply does not exceed the required registration threshold. With Chartsworth, you no longer need to worry about sorting out your monthly financials and missing your compliance deadlines. We would take care of these essential but time-consuming aspects so that you could focus on growing revenue and taking your business to new heights. A smaller company refers to a company with revenue not more than S$500,000 and total assets not more than S$500,000 in the Financial Year covered by the financial statements. They are taken care by a carefully selected team of professional accountants who have tremendous knowledge about accounting and Singapore Financial Reporting Standards (SFRS). While there are many accounting software options, we prefer a solution that supports businesses of all shapes and sizes, which is why we are proud to hold Gold Partner status with Xero™.

This article will guide you through preparing your company constitution in Singapore. View all of your integrated bank accounts to see how your money is moving. We believe your books should be organised and updated daily, not just at the end of the month. We do this for you so that you have financial visibility at all times. These reports are essential for a larger framework to foster strong financial governance.

Difference Between Journal and...

Oct 26, 2022

With a real account, whenever something arrives in your company (e.g., an asset), debit the account. Also, when something leaves out of your company, credit the account. The law of debiting the receiver and crediting the giver arrives at the show with personal reports.

The bookkeeper typically places the account title at the top of the “T” and records debit entries on the left side and credit entries on the right. The general ledger sometimes displays additional columns for particulars such as What Is the Purpose of Having a Ledger & a Journal in an Accounting System? transaction description, date, and serial number. Once a transaction is recorded in a general journal, the amounts are then posted to the appropriate accounts, such as accounts receivable, equipment, and cash transactions.

Special Considerations

In the case of a single entry bookkeeping method, one registers all the transactions as cash inflows or outflows in a single account. In addition, the tool can help you save time, money and office space by automating your accounting process and storing data digitally. Once you put a journal entry, the accounting system will automatically pass that entry through all other accounting steps. We will now record each of the transactions for KLO using Steps 2 to 4 of the Accounting Cycle and discuss how this impacts the financial statements in the next section. To move data to the proper place in the general ledger, journal entries must be easily trackable so the information can be found and copied as needed.

• After recognizing a business event as a business transaction, we analyze it to determine its increase or decrease effects on the assets, liabilities, equity, dividends, revenues, or expenses of the business.
• The definition was more appropriate when transactions were written in a journal prior to manually posting them to the accounts in the general ledger or subsidiary ledger.
• On the other hand, routine transactions are recorded in special journals and do not require authorization.
• That means they don’t need subsidiary ledger accounts because they use accounting software to record all transactions and prepare financial reports.

Our goal is to deliver the most understandable and comprehensive explanations of financial topics using simple writing complemented by helpful graphics and animation videos. PIM systems can come as standalone products, but many fit within larger digital experience platforms. SAP’s first 50 years centered on core ERP systems for internal business operations, but the years ahead must focus on extending … Organizations are using cloud technologies and DataOps to access real-time data insights and decision-making in 2023, according …

From where does the information found on General Ledger come from?

Goods bought with cash will result in goods being debited as an asset while money getting credited to fund the purchase. In discrepancy, the accounts that provide on the balance sheet are permanent accounts utilized to track the endless financial health of the enterprise. These transactions can comprise cash expenditures against an invoice and their wholes, which are placed in corresponding accounts in the general ledger. Also, in accounting software, the transactions will rather generally be recorded in sub-ledgers or modules. The phrase “keeping the books” infers to retaining a general ledger, the main accounting record for your company if you use double-entry bookkeeping.

The balance sheet records assets and liabilities, as well as the income statement, which shows revenues and expenses. Today, more than half of small businesses (53%) use an accounting software solution to handle their company’s financial data. That means they don’t need https://business-accounting.net/ subsidiary ledger accounts because they use accounting software to record all transactions and prepare financial reports. Today, most accountants and bookkeepers use accounting software rather than maintaining separate journals for different types of transactions.

Types of Accounting Records

GL software is an advanced version of a manual general ledger and is designed to streamline the inventory management. Explain the recording of a gain or loss rather than revenue and cost of goods sold. Depending on the size and the complexity of the accounting department, a total separation of duties may not be possible. However, not all accounting personnel should have access to the general journal. Each special journal is handled by a particular person, who will become familiar with the work assigned to them.

How to Use CC in a Business Le...

Oct 11, 2022

Carbon paper was placed between two sheets of letter paper. This section can be either two to three sentences or a bullet-pointed list. This is where you lay out the next steps for your recipients. Write about what the recipient should do after they read the memo or how you plan to solve the problem you’ve described. The opening statement is where you briefly state the purpose of your memo.

Call to action and task statement

Every recipient will notice a CC that consists of the names of the other recipients of this letter. Request memos are one of the most popular types of memos and are used for both internal and external communication. For example, an employee could use a request memo to seek additional resources for a project or approval to attend a training event. A business can also send a request memo to a supplier requesting a quote for services or goods.

Business memo examples in action

However, if you are asking whether you can move forward with one of your ideas, you must address the memo to the manager and cc your coworker. Otherwise, it looks like you have breached the office hierarchy by asking your coworker for permission. A recognized expert in business writing etiquette, Lynn has been quoted in “The Wall Street Journal,” “The Atlantic,” “Vanity Fair,” and other media.

What Do the Initials at the Bottom of a Business Letter Mean?

The format of a memo follows the general guidelines of business writing. A memo is usually a page or two long, single spaced and left justified. Instead of using indentations to show new paragraphs, skip a line between sentences. Therefore it is beneficial to use headings and lists to help the reader pinpoint certain information. Writing a memo is comparable to jumping up on a desk in the office to tell everyone they need to do something, so always write a memo with the assumption that anyone could end up reading it.

Memorandum

The business memo is a brief document that addresses a specific group of people and focuses on a specific purpose. The best way to draft an instructional memo is to write quickly; you should work from an outline. Reviewing and revising your draft is the last step in writing an informational memo.

How To Write A Memo: Format And Examples

The objective of an informational memo is to reveal new or refresh old information in a manner that benefits or brings the reader up to date. Your readers may only have time to scan the highlights and headlines of your memo, let alone get to the end, but they will read your first paragraph.Establish your objective. Below the heading, make a detailed list of the information you are providing.

If you are writing a business letter that has to be seen by several people, then you will need to use the CC feature. But remember to find out what kind of format your recipients prefer to avoid giving out contact information that was supposed to remain confidential. An enclosure notation can be truly useful for your reader—both in business letters and in other types of communication you are using. Understanding proper business letter formats and the different parts of a business letter can help ensure that your business communications are clear and effective.

A memo has no indentations; it is single-spaced, with double spaces between heading and paragraph and among paragraphs. Again, memos sometimes go to hundreds of people and initialing them may be a time consuming task. Unlike business letters, which clearly require a signature, memos are a different matter. Whether to sign them isn’t clear to many young managers just starting out in the business world. The following tips will help shed some light on whether to sign or not to sign.

They can help investors understand things they didn’t know before, potentially leading to investment decisions based on this new information. The purpose of a memo is to facilitate effective and efficient internal communication within a business or organization. Lynn Gaertner-Johnston has helped thousands of employees and managers improve their business writing skills and confidence through her company, Syntax Training. This is a suggested distribution of the material to make writing memos easier.

• In establishments and offices, memos are used to relay information to employees regarding events or any other changes that have been made in the company.
• We’ll answer these questions and give you a step-by-step guide for creating a memo plus share lots of examples of memos.
• Jargon and abstract terms may not be understood at all and affectations, cliches, and trite language tend to diminish the substance of your message.Review and revise your memo.
• A memo like this goes a long way in preparing each team member to contribute to their segment and alleviates a lot of the anticipation and stress around work meetings.
• A memo is a concise but informal communication within an organization to disseminate an official message.

The “to” field is for the primary recipients of your email. In modern times, cc mimics the intent of its analog, paper predecessor. The cc function in an email lets you send an exact copy of your email digitally to another person who isn’t the primary audience. This report was requested by the sales team in January 2022 when Dave Period stepped into the Chief Sales Coordinator position. The analysis was compiled using Tableau, and the reports are attached.

Sky Ariella is a professional freelance writer, originally from New York. She has been featured on websites and online magazines covering topics in career, travel, and lifestyle. When writing a professional memo, being straightforward in your message, using bullet points, and proofreading will help you ensure your memo cc on a memo is polished and clear. To format a memo, write a header, give your message, and close with any pertinent calls-to-action or contact information. Will you be annoyed every time a coworker says, “Did you get the memo?” Yes, you will be. Will it be time-consuming to keep up with this form of business communication?