Growth is a pivotal goal for any organization. As companies expand, it becomes crucial to manage various operational aspects effectively. One such critical aspect is the management of accounts receivable. Maintaining low accounts receivable days, even amidst growth, is essential for ensuring a healthy cash flow and sustaining financial stability. In this article, we’ll explore some practical strategies to achieve this goal without losing sight of the big picture.
Category Archives: Accounting
Lean Wednesday Tip: Tax-minded CFO
“An effective CFO, Finance Manager or CEO is extremely tax-minded. Executive top management (boards) are more inclined to offer security, incentives and praise to an accounting/finance executive that consistently delivers a low tax bill.”
A Visual Management Approach to Accounts Payable
Purchase order approval audit trails and visual bill entry controls can be an effective way to reduce the time it takes to resolve Accounts Payable errors and keep your vendors happy. Visual management allows for standardized visual controls that are visible to all Accounts Payable (and also accounting team) on how approvals should be obtainedContinue reading “A Visual Management Approach to Accounts Payable”
Lean Wednesday Tip
“Did you know that if your company leases its space from a multiple office building you can have your key financial representative analyze how utility charges are distributed amongst all tenants. This can help you realize savings and offer a negotiation opportunity based on your company’s utility use.”
Continuous Budgeting & The What Ifs
It is always good to be prepared. In business being unprepared for the unexpected could lead to loss of clients, reduced profits, damaged reputation, et cetera. Small business are not exempt from this either. Budgets and Forecasts need to include a reserve for the What ifs, such as, what if the office gets flooded?, whatContinue reading “Continuous Budgeting & The What Ifs”
Client Retention as part of the Collections Process
 Departmental collaboration is greatly important in the Collections/Billing department. This team must have access to project /product status, project/product delivery and results; this will allow the Lead person handling the over-due account to develop an understanding of the situation, survey the client to ensure requirements were met and if they were not met deliver thisContinue reading “Client Retention as part of the Collections Process”
M&A: The Process, Software and Tool Abyss
M&A: The Process, Software and Tool Abyss   Here comes a merge! Essentially with a merge comes the dilemma of choosing the most effective process, software and tools used for daily business departmental functions. For example, it may be that the two companies use different accounting software, in turn, an assessment now has to beContinue reading “M&A: The Process, Software and Tool Abyss”
How to Create a Benefits Strategy to optimize talent management
Employees don’t want to be handed books of paper about the benefits available to them through your company. They need guidance on which medical, dental, and retirement plan to choose. Therefore, to increase overall employee satisfaction and improve your benefits administration process I suggest the following: 1. Utilize the Voice of Your Employee byContinue reading “How to Create a Benefits Strategy to optimize talent management”
Small Business saves big with Accounting Automation
Automation of general accounting functions is not only for large corporations, small businesses can reap in the benefits as well. One of the most important costs you should be aware of is the cost of an invoice. Are you or your accounting personnel spending too much time creating and inputting bills and/or invoices into yourContinue reading “Small Business saves big with Accounting Automation”
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