In Pursuit of Profit
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![]() When a company is undergoing a significant shift, like a big cultural change or a change of ownership, a financial assessment can give them a comprehensive picture of where they are financially to aid in their strategic planning. A business financial assessment helps with decision-making related to everything from short-term cash flow management to long-term vision-setting. Over the last year and a half many companies have brought in consulting accountants and fractional CFOs to assess their current financial position. Let’s take a closer look at what a financial assessment includes and who is best poised to conduct one. ![]() In 2011, LinkedIn hit the 100 million user mark and I received an email thanking me for being in the first .5% of members. That means I was somewhere in the 400,000 range of early users. I joined LinkedIn in 2002, back when you needed a member to “let you in.” Why did I start using LinkedIn? I had been in recruiting for about three years and knew the power of networking when seeking a job. Furthermore, I recognized the power of a tool where someone could see the work history of people in their professional network. Fast forward to 2021 and now LinkedIn has more than 750 million members and is where every recruiter goes to find candidates for a position. I am no longer unique as a recruiter using LinkedIn like I was in 2002, but there are not many recruiters who have been using LinkedIn for 19 years. I see resources all the time on how to create and manage your LinkedIn profile, and I want to chime in on a few ideas that I have observed in nearly 20 years of looking at LinkedIn user profiles. (My focus will be on the CFO position as that is where I have spent my time the last 13 years with CFO Selections, as well as among individuals seeking jobs in the United States.) ![]() The accounting and finance employment landscape looks much different these days than it did back in 2019. Companies looking to hire into accounting and finance roles, or retain their existing financial staff, must be aware of the current hiring trends affecting their employees. Across accounting and finance salaries are changing, benefits expectations are evolving, and new skillsets are being preferred by hiring managers. ![]() Does your company have the monotonous “Monday morning meeting?” that employees dread all weekend because it never results in anything productive? Even if it doesn’t, chances are there are still some meetings that leave employees asking themselves, “Why did I even bother preparing for that?” or “Why did I have to be there?” or “Couldn’t that have been an email?” This is a problem because disorganized, distracted, and downright pointless meetings are more than just an annoyance. According to the Harvard Business Review, wasteful meetings result in:
![]() The last decade has ushered in a digital revolution across all business areas. However, many businesses are still dragging their feet when it comes to automating their accounting and finance activities. In fact, 58% of finance teams surveyed indicated that they do not feel their finance back office is “sufficiently automated.” Despite a plethora of tools and platforms available to help streamline these critical business areas, it seems many businesses are stuck in the past, relying on manual processes for their daily accounting functions. But organizations can use automation to drive profitability if they understand its benefits and can identify areas where AI will help them the most. ![]() We talk to people every day that are looking for accountants for their companies. And being in the business of staffing organizations through both full-time hires and outsourced accounting services, we have noticed a trend in people’s thinking… Business owners and hiring managers typically categorize their hiring intentions into one of two buckets: a part-time bookkeeper/bookkeeping service or a full-time accountant hire. But many business leaders overlook the value that a part-time accountant (or “fractional accountant” as they are referred to in the industry) can provide to their organization. Whether the organization is for-profit or not-for-profit, a fractional accountant can be brought in for a variety of reasons to provide the same level of expertise of a full-time, dedicated accountant. While a fractional accountant from an accounting service provider may work on a less than full-time basis, their experience-level is as high (if not higher) than your average accountant. The reason a fractional accountant may bring a greater breadth of experience the role is because they work with a variety of companies across a different industries and lifecycles simultaneously, which requires that they be well versed in a wide variety of accounting topics and stay abreast of all the latest news. As a result, fractional accountants may offer more accounting acumen at a much lower cost than their full-time counterpart. ![]() An article from our Accounting and Finance Recruiting Team With our professional and personal lives becoming more blended than ever and younger members of the workforce feeling less of a need to compartmentalize the two, social media has become a territory ripe with both risk and opportunity. These days everyone knows that what is posted on social media is fair game, and voicing unpopular opinions, sharing inappropriate content, or being hateful online can cost a job seeker the job. And while people posting or sharing those types of things may not be concerned with how they will be perceived, most job seekers do care what a prospective employer may think of them. This is especially true in more buttoned-up industries like accounting, finance, banking, financial planning, and business consulting. Career-focused professionals looking for their next role will ask questions like:
Our accounting and finance recruiting team answers these questions regarding how your web presence affects hiring decisions: ![]() Written in conjunction with our partners at CFO Selections A cash flow shortage is the number one reason why small businesses fail, but even mid-sized and large companies need smart cash flow management to survive and thrive. Insufficient cash forces companies to make difficult decisions about who is going to get paid and when. Unfortunately, this can lead to vendors and suppliers being paid late, being overdue on rent, even employees waiting on paychecks. It is not an exaggeration to say that cash is the lifeblood of any business. Not having enough money to pay for expenses can erode business credibility, which leads to:
Ultimately, a company’s potential will be stifled if there is not enough capital to invest in the assets that facilitate growth, and its very existence can be threatened as well. So, are you ready to manage cash flow for the coming year? ![]() This summer, the IRS began urging tax professionals to increase their security measures amid a storm of increased cyber-attacks. Through the first half of 2021, cyber-attacks against tax professionals had already outpaced the annual numbers for 2020 and 2019. And tax pros are not alone. Cyber security has become a hot topic among all financial professionals over the last year as security attacks against businesses and individuals soared during the pandemic. Michael Cohn explains the recent rise in security threats when he says, Identity thieves and fraudsters were particularly busy last year and this year taking advantage of the COVID-19 pandemic as many tax pros worked remotely from home and their firms were forced to lower their cyber defenses. The economic downturn also served as fuel for a variety of scams and schemes to steal money and identities. So, how do you keep your financial data secure?
![]() Are you paying for compliance accounting or advisory accounting? Do you know? Compliance accounting is straightforward – it deals with day-to-day accounting, reporting, and tax preparation. But what about advisory accounting? The Intuit Tax Council defines accounting advisory services as, “Taking client challenges and applying strategies to create opportunities in service to their growth.” Accounting advisory interweaves technology, relationships, communication, and strategy to provide companies the fuel needed for profitable growth. |
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10/22/2021