Business owners usually wear several hats. The thinking cap, the creative beret, the sales and marketing topper. Not too many want to don the green visor – the once-popular headwear of accountants. Shuffling piles of paperwork, figuring out how to enter transactions, reconcile accounts, keep track of payables and receivables, generate invoices, close period ends…all are necessary to the running…
All successful companies outgrow their accounting and ERP systems. Upgrading at the right time will ensure that the company has the right system and that it gets that system at the right price. Knowing the reasons for a new system helps define the goals and objectives that are essential to a successful implementation. The first step is to identify the…
When launching and running a business there is a lot to do. Major and minor things overlap and all take valuable time. The question is, which time-consuming thing is important. Or, at least important enough to require the time and attention of key decisionmakers. One area that is important is the accounting function. All stakeholders want to know what is…
Building out your team is one of the most important things you do at any company. Whether long-established or a start-up, your team is key to the success of your business. This is especially true at a start-up where the inertia of an existing business and business processes do not exist. They must be built. That process takes time. A lot of time dedicated…
You start your day to the news that the development schedule for your new prototype is slipping, half of your development team is out sick and you really need a working demo for your Board and a new prospective investor. It is also month-end which means the usual close process. Reconciling the bank accounts and credit card statements. Chasing down…
Accounting 2018 – Have the Predictions Come True? We read with much interest an article by thought leader Blake Oliver. Published in December 2017, it contains five predictions for accounting. The five predictions are as follows: Revenue recognition guidance adoption will cause implementation of SaaS billing and contract systems to take off. Blockchain will create headaches (and a few opportunities)…
Outsourcing Your Accounting: Myths, Misunderstandings, and Modern Best Practices Let’s start out with a simple quiz: True or False: Outsourcing is only a short-term solution. You bring in an expert on a to perform accounting duties on an interim basis. True or False: You’ll pay a premium for outsourcing services. It’s better to hire in-house staff. True or False: Internal…
The Hidden Costs Your Startup Simply Cannot Afford As we enter the third decade of the 21st Century, there is still a prevalent tendency to default to 20th Century business models among today’s business leaders. It could manifest in the do-it-yourself model or the hiring of in-house personnel to handle all aspects of the business. Outsourcing often comes as an…
6 Reasons Why CEOs are Outsourcing Their Accounting – At first, the idea of outsourcing may seem uncomfortable, especially when it comes to something as sensitive as your company’s financial accounting. However, it might also be the best decision you make for your business. Increasingly outsourcing is becoming this century’s best practice among savvy leaders keen on protecting their company’s…
Is Your SaaS Company Ready for FASB ASC 606 Compliance Deadline? We are now less than six months from the 2019 deadline and the clock is ticking. “Don’t fall into the trap of underestimating the time required to implement changes to your financial systems and processes.” The impact of FASB ASC 606 necessitates changes to your tracking, processes, and internal…