In Pursuit of Profit
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There is no doubt the US workforce landscape continues to experience significant changes. The business challenges of the last few years have caused many companies to rethink how they can best execute their operating plans. With more and more companies outsourcing their accounting functions, there are a few important things to keep in mind to ensure a beneficial outcome.
Call it what you want – cost cutting, cost containment, downsizing, cutbacks, or expense management. It all describes the same approach of reducing costs to weather an obstacle or downturn. In times of both slow decline and also rapid disruption we see companies go to the same well of pulling back on expenses. Some organizations may take a more surgical approach, carefully carving out smaller expenses from targeted areas to improve their overall financial health, while others may have a more knee-jerk reaction, slashing costs across all areas.
But whether cuts are being done with a scalpel or a cleaver, expense management software has become the must-have tool for managing costs, especially while staffing challenges remain high. These days companies tend to implement expense management software for just that purpose – to help with reducing costs related to purchasing and processing reimbursements. And with only 54% of companies currently tracking the cost of processing expense reports, this has become an area ripe for cost reduction over the last year.
This is a common story we hear: “We’ve been searching for an accountant for months and just can’t find anyone!”
Clients that come to us with this story are usually weary and desperate for help in finding the right candidate for the specifics of their role. Often times work has been piling up and employee morale is down as other staff tries to cover the gaps. It is at this point that hiring managers begin to wonder if they should settle for less than what they were looking for, using the old “someone is better than no one” rationale. However, under-hiring for a role is often more costly than continued hiring delays.
One of the most common questions we hear when talking to prospective clients is “How do I know if I have the right accounting team in place?”
Now, the underlying questions wrapped in this broader question can vary to include things like:
If you are wrestling with these same types of questions, use this guide to determine if you have the right accounting team in place to move your company forward: