In Pursuit of Profit
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It typically takes age and perspective to appreciate the true value of time and reorient ourselves to using our time more wisely.
In business, time measures efficiency, productivity, and the amount of human capital needed to operate a business. There seems to be a never-ending quest to find that next tool which will save and costs. From optimizing workflows, to new software solutions, and now how AI can be implemented, businesses are trying to free up time by removing mundane tasks from the workload. These tools aren’t really “time savers,” but instead seek to shift how time can be spent toward higher skill tasks that can add more value to the bottom line. As businesses look to cut costs and streamline their operations, one area has often escaped the scrutiny it deserves - the time cost of meetings.
Originally published: 1/13/2020 - Updated: 8/17/2023
Your organization's strategy is a critical statement that outlines how you expect to achieve certain goals. But what are the underlying drivers of your company's beliefs, actions, and desire for success? Defining these should come first, and then your corresponding strategies and projects will follow.
Whether the problem is nefarious in nature or not, incorrectly accounting for expense reimbursements can open a business up to an IRS audit. Being audited consumes time and resources even if the business being audited prevails. However, it can also cost a company in fees and penalties if misreporting problems are discovered. For this reason, improving cost reimbursement policies and processes should be a top priority for companies that want to not only mitigate fraud risk but also reduce their likelihood of being audited.
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8/28/2023