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In Pursuit of Profit

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3/31/2021

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How to Shorten Your Cash Conversion Cycle

 
How to Shorten your Cash Conversion Cycle
Is your cash-strapped business looking for ways to improve cash flow without needing to find additional financing?

Improving your Cash Conversion Cycle (CCC) is a key method for improving your cash flow without having to look externally for assistance, strengthening the business from within. CCC is the measure of how long it takes a company to convert inventory, investments, and resources into cash. Savvy companies will analyze this metric to understand how long money put into the business is tied up before it is converted into sales and cash is received.

Accelerating cash inflows allows businesses to cover payroll and pay operating expenses on time. So, how can you strategically increase your cash position?


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1/25/2021

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Outsourcing Bookkeeping: Why are Business Owners Against It?

 
why are business owners against outsourcing bookkeeping
There are plenty of resources about the benefits of outsourcing, yet many business owners are still resistant to outsource their bookkeeping.

Even businesses that outsource other activities tend to keep a tight grasp on their financial functions. Because cash flow is so important to small businesses, bookkeeping and accounting tend to be some of the last functions that business owners are willing to relinquish control of when they formulate strategic growth plans.

But why? Why are some business owners still against outsourcing their bookkeeping? 


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11/6/2020

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How Does Remote Work affect your Business Expenses?

 
remote work
Since March, 62% of employed Americans have worked from home, which is more than double the previous figures from earlier in 2020. Furthermore, 59% of these employees want to continue to work remotely, moving forward even after public health restrictions are lifted. This sentiment has led businesses to examine the costs of maintaining a remote workforce closely. They are asking:
  • Which of our ongoing expenses have been reduced with employees working from home? Which have increased?
  • What kinds of new expenses do we have on our P&L statement now?
  • Should our company stay virtual even after employees can go back? Does it make financial sense to do so?
  • How do we reduce expenses while giving employees what they want?


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10/26/2020

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Developing an Adaptation Mindset – A Checklist for Accounting Teams

 
Developing an Adaptation Mindset
2020 has been a year of disruptions and reactions. Companies have reacted to supply chain interruptions, new regulations, shifting market demand, and staffing issues, among other challenges with some faring better than others.
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Marcus Wagner explains, “Because of COVID-19, businesses and their accounting departments are going through a cycle of shock (and maybe some denial), survival, learning and adaptation. For those of you who haven’t done so yet, it’s critical to begin the shift into the learning and adaptation phases as quickly as possible so we emerge stronger as a result."

Adapting has been critical thus far and will continue to be as we move into 2021. An adaptation mindset allows your business to respond to current challenges and anticipate future disruptions to generate better financial outcomes. Companies with accounting teams that adapt quickly can minimize revenue loss during a downturn and capitalize on revenue opportunities faster during a recovery period.


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10/13/2020

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How to Approach Cost Cutting with Long-Term Value in Mind

 
cutting costs with long term value in mind
A guest post from our colleagues at CFO Selections:

When adversity hits, the knee jerk reaction is to swiftly cut spending across the entire organization, but that response is a mistake.

Strategic cost cutting can keep a business going through tough times, but it must be approached with long-term value in mind. Reducing costs should abide by three essential principals:
  1. Do not cut anything that is required to sustain daily business operations
  2. Do not cut costs anywhere where the long-term effects will outweigh the short-term benefits
  3. Do not cut anything that will cost more to replace later

​Evaluate your spending and determine where you can cut costs to weather tough times while still protecting critical functions, minimizing long-term expenses, spending where it could end up costing more not to do so, and looking for opportunities to reduce waste. 


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10/5/2020

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What Should a Small Business Outsource?

 
what should a small business outsource
Outsourcing is not a new concept. In fact, according to survey data, 37% of small businesses outsource at least one business process already. More technical tasks like accounting, IT services, and digital marketing are the most likely to be outsourced, but any business process can be handled by a third-party.

With less than 15% of business owners and managers reporting that they “feel like they are spending their time on the right activities,” outsourcing provides a huge opportunity to reprioritize your activities and drive the business forward. As Matthew Grattan explains, “As costs and competition increase, it’s time to ditch the ‘I can do it all myself’ mentality and offload those onerous back-office tasks.”

While outsourcing can certainly be used to offload tedious activities, it can also be used strategically to obtain professional expertise in critical areas. Outsourcing frees up more time for selling and merchandising, which is especially important during times of significant growth. Many companies rely heavily on outsourced activities to scale up operations as new business opportunities become available.

But what should small businesses outsource exactly?

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7/14/2020

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Bookkeeping Considerations When Downsizing a Business

 
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The word ‘downsizing’ is often accompanied by a cloud of negative connotations, but it is rarely the result of poor employee performance or leadership mismanagement. Instead, downsizing usually results from other factors like an economic slowdown, overcrowded market, plant closure, or manufacturing outsourcing. Downsizing is simply part of running a business, just like managing rapid growth, which means that leadership must plan, manage, and execute it correctly.
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At the most basic level, managing downsizing requires four steps: developing selection criteria, determining how much notice to give, providing outplacement support to employees that have been let go (where applicable), and protecting employee productivity and morale among retained workers. These activities are typically considered part of HR’s purview, but downsizing has implications that trickle down into other areas of the business. There are numerous bookkeeping implications during downsizing as well. 


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6/19/2020

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The Challenges of Managing Remote Workers

 
​With much of the workforce doing their jobs from home right now, managers are becoming keenly aware of the challenges related to overseeing employees remotely. Overcoming these challenges is essential for maintaining existing revenue streams and improving future profitability. Leadership that understands how to manage the complexities of a distanced workforce effectively will be more successful than those that try to adapt in-house techniques for remote workers.  
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2/13/2020

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8 Types of Internal Control Accounting Systems

 
8 Types of Internal Control Accounting Systems
Business leaders understand it is essential to have accurate financial data to drive operations and measure success. However, without the proper controls in place errors, fraud, and other issues can occur, hindering operational efficiency and growth. While some small business owners assume internal control systems are only designed for larger organizations, these functions are crucial for companies of all sizes in all industries.

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1/24/2020

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8 Tips for Effective Leadership During Downsizing

 
8 Tips for Effective Leadership During Downsizing
Every year millions of employees are laid off amid downsizing efforts. In fact, in 2017 the top 12 employers to conduct layoffs reduced the workforce by more than 47,000 individuals. While some industries bear a larger proportion of the downsizing burden, no industry is exempt. Additionally, private companies are just as likely to downsize as public companies, making employee layoffs an inevitable reality in business.  

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