In Pursuit of Profit
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Maturity in business acumen comes from knowing what to prioritize for the greatest return. Whether you are handling it in-house or outsourcing your accounting activities, knowing where to devote limited resources is crucial for good decision making.
But how do you know where to start? What’s the most critical thing that absolutely needs to be done first? What will offer significant benefits down the road when more resources become available? And what would be nice to do eventually, but isn’t essential? And what should you avoid doing entirely? Obviously, there’s not a single right answer to these questions because every organization has different business needs. However, there’s a framework that you can use to make these kinds of decisions, regardless of individual circumstances, so you know what to do now, soon, later, and never. 1/16/2024 What Do Salary Ranges Actually Mean?Companies that post salary ranges may choose to do so voluntarily, in the name of equity and transparency, or be required to do so by law. The idea is that by sharing salary bands job applicants are given a range of earnings to expect, eliminating the disparity that can occur when some groups of candidates are less likely to negotiate for a higher salary. Salary ranges should promote fairness and ensure employees are compensated appropriately for the value they bring to their employer.
So, why are employers and job seekers alike in an uproar about salary ranges? Let’s look at what has gone wrong and how both employers and job seekers can respond to position themselves well in today’s job market.
However, employers can do their part to reduce the accounting exodus by recognizing the warning signs of accountant burnout and taking the right steps to find help. Companies that prioritize the needs of their accounting team can not only help keep accountants in the pipeline, but also increase their own revenue and profitability.
Find out what kind of red flags to be on the lookout for that indicate accounting team burnout, as well as how you can offer your accountants the support they need to thrive in their roles. Of course, you need to find the right technical skills, industry relevancy and appropriate experience level or education. But there are soft skills to consider too, such as communication, creativity, emotional intelligence, maturity in their experience, and career goals. These soft skills are every bit as important because they can play a critical role in a potential employee’s ability to succeed.
Research increasingly shows that hiring people for “cultural fit” (seeking out individuals who align with your company’s unique culture and values) is an essential part of effective strategic hiring. My own recruiting experience backs this premise. Over my 45 years in the recruiting industry, I’ve found that the most important factor in hiring isn’t technical skills. 12/20/2023 4 Ways to Inspire your Accounting Team
Research shows that inspired employees are more productive, and I think we can all agree colloquially that we have felt that before in roles where we were inspired to do our best work. Inspired teams are highly productive, innovative, strong, and resilient. For all of us who lead or influence at any level of an organization, we would be wise to consistently stoke the fires of inspiration for our teams.
Why? Because it requires a balance of both technical and financial knowledge to accomplish and because issues can arise during a migration that are time-consuming to fix. As a result, both apprehension and confusion typically surround the topic of migrating to a new accounting system.
So, how do you migrate accounting systems smoothly to avoid a headache? The key is in taking the right steps before, during, and after the migration to ensure a positive outcome. Take the time needed to effectively plan for not only the most fun parts of the new venture, but to think through key accounting considerations that can aid in promoting growth and mitigating financial risk.
There is skepticism around whether special skills are required to recruit well, how much experience plays a part in the process, and if the benefit justifies the cost.
11/17/2023 How to Handle Excess InventoryOriginally published: 1/12/2022 Updated: 11/13/2023 Census Bureau data indicates that U.S. retailers were holding onto $732 billion in inventory in July of 2022, which was a 21% increase compared to the year prior. Held inventory peaked in the US at the end of 2022, and while companies have made strides to work some of that down in the more than a year since, it remains high in many industries with consumer purchasing still depressed by economic conditions. If your company is carrying an abundance of inventory, it is important to act quickly to get it off your books and out of your warehouses. Use this guide to understand why excess inventory is so costly, and what to do about it! |
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