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In Pursuit of Profit

Experts sharing tips about business, money, taxes...
to support your mission and improve profits.
​See our most recent article below.  

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1/31/2023

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How to Fix the Problem of Underperforming Accounting Staff

 
What do you do when one of your accountants or your accounting team as a whole is falling short of expectations? (And would you even know if they were underperforming?) How do you motivate or equip them to do better work? Should you have the same performance standards for in-house staff versus outsourced providers? 
how-to-fix-the-problem-of-underperforming-accounting-staff
A manager pushing a performance rating on a slider from below average to average towards above average.
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:

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1/26/2023

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What do Fewer Accounting Degrees Mean for the Future of Accounting?

 
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%. 

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1/18/2023

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How to Improve Close

 
Despite its arduousness, accounting close is one of the most important things your accounting team does. And yet, it is not the only thing they do, which means that any improvement to your close process can not only yield better results, but also free them up to do their other important work. 
how-to-improve-close
A notebook with “closing the books” written in it.
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! 

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1/11/2023

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How to Adjust Prices for Inflation

 
Inflation continues to pose a problem for businesses for two reasons: increased prices and changing consumer behavior. As the cost of goods rises businesses must determine how they will handle their expenses increasing while also juggling shifting consumer demand.  
How to Adjust Prices for Inflation
The word “inflation” appearing from underneath ripped paper.
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.

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1/3/2023

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Top Small Business Accounting Software for 2023

 
What is the best accounting software for small businesses? There isn’t one.  
​
Like anything else, your needs will determine which software is going to be best for your business. 
Top Small Business Accounting Software for 2023
An open laptop with charts and graphs
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.

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12/27/2022

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Recruiting Market Report – December Edition

 
Find out what we are hearing from candidates and clients and get our predictions for the future of the hiring market in the December edition of The ASP Team Market Report: 
Picture
Quinn Finnigan, Partner - Recruiting Services

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12/20/2022

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Help, My Bookkeeper Left! How You Can Be Better Prepared

 
​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 recently had a personal reminder of how important it is to thoughtfully consider these questions.

​On a bit of a whim, I joined a fall CPA basketball league. I by no means consider myself a basketball player, having only played a little bit of JV ball in High School, but I’m over 6 feet, still in my 30s (barely), and typically able to keep up. My general thought was that this would be good way to get exercise since I dislike running unless it is in the context of sports.
Xray of broken wrist after surgery
X-ray of Jason's broken wrist after surgery
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. 

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12/16/2022

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When Does a Small Business Need Audited Financial Statements?

 
Most small businesses do not need (and would not receive much value from) a financial statement audit. Every time I hear a client talk about getting an audit, I pause and ask why.

​So, let’s start there – What are audited financial statements?
does a small business need audited financial statements
“Audited financial statements” written in a notebook on a desk

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12/12/2022

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Controller or CFO – Which Do You Need?

 
Business leaders asking themselves the question “Do I need a CFO or Controller?” are typically in a good position – one where growth has necessitated that they bring in financial leadership. 
Controller or CFO
A split screen between an accountant and an accounting executive
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.

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12/6/2022

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A Year End Close Checklist for Busy Accountants

 
When your fiscal year is coming to an end, it is important to know ahead of time which tasks you need to complete in order to work as efficiently as possible. According to Industry Dive, it takes companies an average of 25 days to complete year-end close procedures (with companies in the 75th percentile taking an average of 15 days and companies in the 25th percentile taking an average of 45 days). 
a year end close checklist for accountants
“Year End Closing” written on a sticky note next to a December calendar
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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