Showing posts with label Financial Management. Show all posts
Today, there are a variety of financial applications that businesses can choose from beyond traditional on-premises solutions, like single-tenant hosted solutions, cloud-based products, and many others in between. In addition to their unique application architectures, these products possess a wide variety of functions and features, each at a different cost point.
Is your staff spending hours creating and updating spreadsheets that are out of date moments after they’re saved? Have you had to rely on consultants to craft custom code to accommodate for features missing from your current accounting solution?
The results are in—it’s time to replace spreadsheets with software designed for and devoted to finance activities. Spreadsheets have their uses for personal productivity and ad hoc analyses, but they can also become a barrier to effective finance processes for growing midsize companies when used inappropriately.
Professional Services Organizations (PSOs) like financial services, advertising and marketing agencies, legal, and other consulting businesses, now face a multitude of unique challenges to success and growth. The complexities associated with billing rates, different regulatory environments, worker compensation, and workload management continue to be a burden on both cash flow and profitability.
A few years ago, I had the good fortune to meet Lynda Applegate, the Sarofim-Rock Professor of Business Administration at Harvard Business School. At the time, the economy was still in the doldrums and Lynda impressed upon me the importance of looking to thrive, not just survive when things were tough!
If Christmas is the most wonderful time of the year, tax season certainly falls on the opposite end of the spectrum for most. As many of you are likely filing your taxes today or still recovering from the paperwork involved, take a break and check out our quiz of 10 of the most ridiculous things individuals and business owners have tried to claim as tax write offs. Do you think they were successful or did the IRS make them pay?
In my last blog post, I covered the importance of performing analysis within the system of record and how increased visibility can help unlock insights to better manage your multi-entity business. In this blog post I will focus on the importance of controls and user permissions in a growing business.