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.
Tag Archives: accounting
The Importance of Including Process Costs in the Profit and Loss Statement
In today’s competitive business landscape, organizations strive to optimize their operations to deliver maximum value to their customers while minimizing costs. One crucial aspect often overlooked in this pursuit is the consideration of process costs within the Profit and Loss (P&L) statement. Process costs, as demonstrated by real-world data and examples, play a significant roleContinue reading “The Importance of Including Process Costs in the Profit and Loss Statement”
Tax Reform: The best way to utilize tax savings
The new tax law will offer tax cuts to businesses which raises many questions among leaders as to how to best utilize that capital/ tax savings. Many companies have decided to invest in their people by giving away generous bonuses which embodies the employee-centric philosophy. In addition, to demonstrating your appreciation for your employees youContinue reading “Tax Reform: The best way to utilize tax savings”
Special Offer: Free Business Magazine subscription and books*
Happy Hump Day! Notable will help you start or expand your corporate library when you sign up for our Lean Six Sigma/Process Improvement or Accounting services. You can choose a 1 year subscription to Entrepreneur Magazine (can choose Forbes magazine) or 3 best selling business books: Contact us now to sign up for our processContinue reading “Special Offer: Free Business Magazine subscription and books*”
E.O.W (End of the week) Notable Tip: Client-centric Accounts Receivable
Happy Friday! I hope you’ve had a great week. Today’s E.O.W is about encouraging your accounting team to embody a more client-centric approach to accounts receivable by asking smart questions that glean insights into what clients value most and what their priorities are. To truly understand that customer everyone must be part of the customerContinue reading “E.O.W (End of the week) Notable Tip: Client-centric Accounts Receivable”
Lean Wednesday Tip: Tax savvy family-owned businesses
“Family businesses allow tax savings through income splitting between parents, children or other relatives.”
E.O.W(End of the Week) Notable Tip: Quality Costs
Happy Friday! I hope you’ve had a great week. Today, I want to discuss quality costs and how they affect your bottom line. “Quality costs can be found in prevention costs; detection costs (auditing), rework, scrap, downtime and material costs. “ Effective organizations know and pay close attention to their quality costs. They invest inContinue reading “E.O.W(End of the Week) Notable Tip: Quality Costs”
Taxes: Depreciation Categories
When buying assets it is important to know the best way to purchase and depreciate to take advantage of tax loopholes. Capital expenses usually include the following assets: buildings, cell phones, computers and software, copyrights and patents, equipment, improvements to business property, inventory, office furnishings and decorations, small tools and equipment, vehicles and window coverings.Continue reading “Taxes: Depreciation Categories”
Lean Wednesday Tip
“To run an efficient accounting department opt for a chart of accounts with less than 180 accounts for improved productivity and financial planning.”
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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