-
Turning Employee Ideas Into Profitable Results
Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process -- that is, an ongoing, idea-generating system aimed at adding value to your company's bottom line. Let's take a closer look at how to get your workforce involved…Read More -
The Finance Industry is Primed for AI. Here’s Where We’re Headed
Artificial intelligence is impacting all areas of our world - including the world of finance. While it is still in its infancy stage in our industry, AI and automation are definitely seeping into the financial profession, and we are just seeing the tip of the iceberg with regards to the benefits to our industry. What type of impact will AI…Read More -
How Profitable Are Your Customers?
"We love our customers!" Every business owner says it. But all customers aren't created equal, and it's in your strategic interest to know which customers are really strengthening your bottom line and by how much.
Sorting Out the Data
If your business systems track individual customer purchases, and your accounting system has good cost accounting or decision support capabilities, determining…Read More -
Find the Right Path Forward with KPIs
From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can have at their fingertips a wealth of stats-based insight into how their companies are performing - far beyond the bottom line on an income statement.
The metrics in question are commonly referred to as key performance indicators (KPIs).…Read More -
Ensuring a Peaceful Succession with a Buy-Sell Agreement
A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner's business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occur. It also establishes the method for determining the price of the interest. This may sound cut and dried.…Read More -
Ensuring a Peaceful Succession with a Buy-sell Agreement
A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner's business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occurs. It also establishes the method for determining the price of the interest.
This may sound cut and dried.…Read More -
Looking Forward: Key Principles for Budgeting and Planning
Budgeting and planning for the upcoming year (or quarter or month) is a valuable opportunity for a business to identify goals, and excite and align employees. Unfortunately, most planning processes elicit eye rolls and cringes from the C-level down. Here’s why… It’s hard. Running an effective planning process takes a unique set of skills. Large companies have a team of…Read More -
Listening to your Customers by Tracking Lost Sales
"Sorry, we don't carry that item." Or perhaps, "No, that's not part of our service package." How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don't know it, you could be losing out on profit potential. Although you have to focus on your strengths and not…Read More -
Why Cash is Still King
We have all heard the phrase “Cash is King,” it’s a mantra that successful businesses follow and the most important rule for early start-ups. The challenge is knowing when to be as frugal as possible and when to spend/invest so that your business will grow. Investing is always a bit of a gamble and while it’s impossible to be absolutely…Read More -
Choosing the Right Accounting Software is Key for New Businesses
So, you've started your new small business, congratulations! You're on your way. But now the day-to-day logistics seem to be overwhelming. One of the very first steps you can take to save time and ease frustration is to secure a quality accounting software. The key question is: which one?
While QuickBooks is one of the most popular, in all its…Read More -
Seasonal Business? Optimize Your Operating Cycle
Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it's important to optimize your operating cycle to anticipate and minimize shortfalls.
To illustrate: Consider a manufacturer and distributor of lawn-and-garden products, such as topsoil, potting soil, and ground…Read More -
The Indicators of a Mismatch in your Accounting Department
By Jeff Wraley, Senior Consultant
In the world of sports, a mismatch describes the relationship between a superior player and an inferior player. Think: Lebron James vs most other mere mortals.
In our context, a mismatch describes the relationship between a business task and an employee or department that is ill-equipped to accomplish that task. These mismatches can appear throughout…Read More