In Pursuit of Profit
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These figures should be a real wake up call for accounting managers and their employers, especially at a time when the pipeline of students pursuing accounting degrees is drying up as well.
If accounting does not change as a profession soon, we may continue to see the numbers of accountants dwindle. The accounting pool keeps getting smaller and smaller. So, what’s next? Could it be extinction?
That figure is staggering but let's focus on your individual calculation. There are many different ways to calculate Cost of Vacancy (COV), but it’s not just the dollars and cents of salaries and benefits that need to be considered (although that is certainly at the forefront of hiring managers’ minds). You can also put real numbers behind morale, burnout, turnover, overtime, and the overall attitude of an accounting or finance department.
However, moving to a new accounting system is not going to be the right solution for every business. If you are experiencing problems or limitations with your existing system, the software may not be to blame. Instead, you may have a people problem.
I have a lot of respect for accounting leaders who take pride in the way they manage every aspect of their company.
Let’s take a look at a few reasons why maximizing efficiency in your accounting department is important.
And yet, there are still plenty of companies operating on legacy software that are just now beginning to evaluate whether moving to a cloud accounting platform may be the right option.
If your company is exploring migrating to a cloud accounting platform, this is a great time to delve deeper into what kind of benefits cloud accounting can offer, what the differences are between QuickBooks Desktop (Desktop) and QuickBooks Online (Online), and what you will need to do beforehand to set yourself up for success after the migration. Our partners over at CFO Selections have a number of financial resources meant for executive leadership, one of which breaks down the business sales process and explains why a CFO (Chief Financial Officer) is important during the sale of a business. As you get closer to selling, we would suggest reviewing that resource and reaching out to them if you need help.
However, today we are going to look at some best practices for creating and preserving value in your business well before you start going down the path of selling it. Our team of accountants will give some tips on what you can do financially to set yourself up for success as you get closer to selling. 3/23/2023 Do We Need a Chart of Accounts?
We’ll break down what a COA is and why you need one, give you some pointers on how to create a COA, provide an example of a chart of accounts for you, and give you some helpful reminders to be aware of as you create your own COA. Let’s get started talking about accounting chart of accounts fundamentals:
What is Growth?
For our firm in the early days, growth was not a given. In fact, we didn’t really plan to grow at all. Growth was much different in those early days. But because we had a very talented consultant group, we were able to land quite a bit of business and our team would get full. Unfortunately, at that point you have two choices – add to the team and grow organically or slowly lose market share as clients go elsewhere because you’re too busy. Now, 20 years later growth means somethings completely different. In today’s world growth for us means geographic expansion across the US. It is a very carefully planned strategy that we work very hard to execute. But our definition of growth may not be your definition of growth. |
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