In Pursuit of Profit
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Last year $2.47B was donated to US nonprofit organizations on GivingTuesday, a whopping 19% increase over the previous year. Only time will tell if this year surpasses last year’s record-breaking numbers. But what we know for sure is that on this GivingTuesday both individuals and companies nationwide will give to their favorite nonprofit charities.
As a business owner, you need to be aware of how these charitable contributions will be accounted for on your books not just on GivingTuesday, but year-round.
Networking is usually a prescriptive topic. Resources will tell you what to do in concrete terms, like practice your elevator pitch, make eye contact, and send a follow up email after meeting someone.
And while these tips are not bad advice, they do not address the underlying question of, “Why are you networking?” As a result, they are very little help because they provide obvious advice that even entry-level professionals already know. They also fail to customize the provided advice for a specific industry or individual. So, instead of being redundant and just providing the same information that you can get anywhere online, we wanted to put together a resource that would actually help accountants to network with other accounting professionals.
We asked our team how they network these days, and these are their top tips:
What kind of accounting controls do you have in place right now?
If you are not sure, or are too embarrassed to answer, chances are you have some work to do.
Internal controls protect your business from not only fraud but also the kinds of financial errors and reporting mistakes that can negatively affect cash flow management, dissuade investors, and hinder long-term business growth.
When your controller leaves, the logical next step is to find someone to fill the vacant position. Right?
Simply hiring another controller may not actually be the best decision for your business.
We work with companies everyday who are looking for accounting and finance leadership roles and it is not uncommon to have clients tell us they need a controller and then listen to them define the role only to discover that what they are looking for is a different position entirely.
Now, some organizations we work with are, in fact, in need of a controller. However, others have needs that better align with more senior financial leadership like that of a CFO, while others have requirements that fit better with a mid-level management accounting position.
Instead of jumping right into hiring a controller, take the time to understand what kind of role will be the best fit for your company.