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In Pursuit of Profit

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4/18/2022

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Accounting and the Gig Economy: What You Need to Know

 
Accounting and the gig economy
Gig work can trace its origins to before the creation of the internet. However, over the last decade companies like Uber and Lyft have steadily led the push in the mass acceptance of the gig economy. In 2020 as lockdowns swept the nation, hundreds of thousands of new gig jobs became available virtually overnight thanks to Amazon, DoorDash, Grubhub, Instacart, and Shipt. The pandemic accelerated a shift that was already well on its way to becoming the next big trend in work.

But the quickly burgeoning gig economy was not isolated to takeout and grocery delivery. Professional gig work also grew exponentially as workers were laid off and left their traditional office jobs to manage personal responsibilities. According to a Harvard Business Review article on Thriving in the Gig Economy,

Approximately 150 million workers in North America and Western Europe have left the relatively stable confines of organizational life — sometimes by choice, sometimes not — to work as independent contractors. Some of this growth reflects the emergence of ride-hailing and task-oriented service platforms, but a recent report by McKinsey found that knowledge-intensive industries and creative occupations are the largest and fastest-growing segments of the freelance economy.

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4/12/2021

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Understanding Current Accounting Recruiting Trends

 
understanding current accounting recruiting trends
When looking to hire management-level financial roles, it is crucial to understand the current recruiting trends that will affect your ability to hire the right candidates. So, what are we seeing so far this year?

Today’s employment market is like nothing we have seen before. Accounting and finance professionals continue to be in high demand despite unemployment figures being up in other professions, but recruiting has changed significantly over the last year. Effective recruiting right now hinges on utilizing digital tools, reimagining job requirements, prioritizing career growth, providing the right employment incentives, fostering a positive workplace culture, and utilizing a professional recruiting firm


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2/8/2021

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What are Job Seekers Looking for in an Employer?

 
what are job seekers looking for in an employer
2020 changed what employers are asking of their employees, which is why it is no surprise that employees have changed what they are looking for in their current and future employers as well. Understanding what applicants want is crucial because great hiring reduces turnover. Additionally, being in tune with what job seekers want gives your company an advantage in recruiting and hiring top talent.
​
With unemployment numbers continuing to fall, job seekers are back in the power seat as their needs in an employer continue to evolve in response to the pandemic-related work landscape. So, what do job seekers want these days? 


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9/1/2020

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Small Business Bank Loan Approval Rates on the Rise

 
bank loan approval rates on the rise
July numbers reported an increase in small business loan approval rates at big banks (i.e. banks holding more than $10B in assets). Approval rates of 13.5% in June rose to 13.8% in July, marking the first increase since January of 2020 when big bank loan approval rates soared at 28.3%.

This increase was mirrored in loan approval rates at small banks as well, which rose from 18.4% in June to 18.6% in July. This was a continued bump from 16.9% in May, but still remains well below the 50.3% mark that small business loan approval rates at small banks hit back in February of this year.

It is important to note that these loans were separate from the widely distributed government PPP loans that many businesses successfully applied for and received earlier in the year.

The widespread increase in bank loan approvals throughout July was accompanied by a continued decrease in the unemployment rate, bringing it to 10.2%. Unemployment had peaked in April at 14.7% and has continued to fall month-over-month since. July alone added 1.8 million nonfarm jobs as economic activity that had been restricted due to COVID resumed, especially in the areas of leisure, hospitality, retail, professional services, and health care. 
​
These indicators may be a sign of an economic rebound on the horizon. 


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8/12/2019

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The Pros and Cons of Doing Business in Oregon

 
The Pros and Cons of Doing Business in Oregon
Is Oregon the right place for your business? Many Americans dream of starting a business, and the number of new ventures has continued to reach new heights. If you're thinking about launching a company, where you do so matters.

Entrepreneurs are increasingly choosing to call Oregon their home base. The state's economy is strong, and many local communities are committed to the success of small businesses. 

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4/23/2018

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What’s Happening with the Trade War & Who Wins (or Loses)

 
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Is a trade war a 'war', or just politics?

​Is it a ‘war’, or is it lingo to make a point? Does anyone win a ‘trade war’?

​Does it matter to business? How does it impact the Pacific NW?

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3/19/2018

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The Long List of Bankruptcy Filings vs. Retail ‘Boom’

 
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Some of the most prominent retailers in the US are closing stores in recent months due to sagging sales in this troubled sector.

The frequency of high-profile retail bankruptcies in the US has sped up recently, as the timeline below shows.
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11/19/2017

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Hiring a Consultant - Villain or Hero?

 
hiring a consultant
​Are consultants simply someone who “borrows your watch to tell you the time?”
“Veteran journalist Duff McDonald makes a point in his book “The Firm” that McKinsey might be the single greatest legitimizer of mass layoffs in history —although that would be pretty much impossible to measure. Companies do need to lay off workers in tough times, that’s a simple fact. But the whole idea of corporate powerhouses laying off thousands of people during good times simply to juice profits—and, naturally, executive compensation—is something that McKinsey has definitely had a hand in as well.    ...That sounds like a vote for evil, to me.”
Source – Time.com

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