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What is your recourse if you cannot remedy performance issues? How do you set up future hires or service providers for success to avoid these kinds of issues in the future?
We’ll cover these topics in our guide to accounting management: The Association of International Certified Professional Accountants (AICPA) publishes an annual report detailing accounting program enrollment and graduate hiring trends. In their most recent report, they provided data on a problem that the accounting industry has been facing for the last decade. The problem is that fewer people are choosing accounting as a career. Our conversations with colleagues have yielded the same kind of feedback. It seems that fewer people (even those majoring in accounting) are going into accounting these days upon graduation. The AICPA backs this observation with data showing that from 2019-2020 the number of accounting graduates dropped by 2.8% at the undergraduate level and 8.4% at the graduate level. Furthermore, the hiring of new accounting graduates in 2020 decreased by 10%.
1/18/2023 How to Improve Close
As such, improving accounting close has become a main focus for many accounting teams over the last several years as business demands have grown and hiring qualified accounting staff has gotten more difficult.
Strategies to improve close can focus on making your accounting close faster, more accurate, or less painful… and, if you do it right, all three! 1/11/2023 How to Adjust Prices for Inflation
In an article on how consumers are responding to inflation Andy Pandharikar explains, For many years, the inflation rate in the United States has been relatively low, hovering around 2%. However, in recent months, that rate has increased dramatically, nearing 7%. However, if we measure according to the Bureau of Labor Statistics’ methodology from 1980 that figure exceeds 13%. Inflation in specific categories like ground beef has been even higher, nearing 20%. As prices rise more quickly than wages, many consumers are finding it difficult to afford basic needs. Of course, the risk for businesses is significant. Improperly managed pricing can either cost the company its customers or its profits, either of which ends in failure. Prices need to hit a sweet spot where they can generate profitable revenue and are because enough people are buying.
So, in that regard, there is not one single best software out there that every small business should use. However, there likely is the best bookkeeping/accounting software for you to use.
To determine which software is going to be the best fit, let’s take a look at some of today’s most widely used accounting platforms.
What would happen to your business if your accountant unexpectedly quit or was hit by the proverbial bus? How easily can someone else step in to keep the books in order?
I didn’t completely embarrass myself among the fresh-faced CPAs just out of college representing their public firm teams. However, I definitely regretted my decision to play after a bad midcourt collision left me looking at a wrist that was definitely not in the right position. After a long ER visit and eventual surgery to add some new hardware, the recovery process began.
I still do some part-time accounting consulting work for small businesses and being able to type is a key part of getting the job done. Having a wrist that wasn’t working, along with the pain involved, really cut into my ability to be productive. Some of the work I was doing couldn’t easily be handed off, so I had to do my best to continue getting work done despite my limitations.
12/12/2022 Controller or CFO – Which Do You Need?
At this stage, companies are feeling the limitations of their existing accounting personnel and are evaluating what their next move should be to keep the company moving forward. But knowing whether to hire a Controller or a CFO is a big decision, because, contrary to popular opinion, the roles are distinctly different.
As Kevin Briscoe, the CEO of CFO Selections, explains in nonprofit leadership podcast, “A Controller is ‘walls-in and rear-facing’ and a CFO is ‘walls-out and forward-facing’.” He goes on to explain that a controller analyzes what the company has done already while a CFO evaluates where the company is going next.
For companies lagging behind, the financial cost of taking an extra 20 days to close their books can be steep, and for companies performing on par with the industry, the financial benefit of reducing their work by 10 days can be a huge advantage.
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1/31/2023