Advantage 2020

Why You Should Attend Sage Intacct’s Advantage 2020 Conference

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2020 has brought upon cancelations, decreased opportunities, and a lack of interactions. From a business perspective its less interaction with vendors, and customers. It less learning opportunities at conferences, lunch and learns, and networking events. This can be overwhelming and seem to halt your business’ forward movement. However, Sage Intacct has taken this opportunity to provide a virtual connection by turning the Advantage 2020 Conference into a virtual event. So why should you log in for the two-day event?

 

Virtual-

 

It’s virtual, therefore you can remain safe from your office or home while still having the ability to learn about best-in-class practices, new marketplace partners, and more. Plus, who doesn’t want to stay in their pajamas for a conference??

 

Another bonus of it being virtual is the lower price tag. Your entire team can attend this year for only $79 a person. This is great for new team members, entry-level positions, and those outside the financial team.

 

The sessions will be available for an additional 30 days after the conference in case there are multiple sessions at a time you want to watch. It also allows you to engage in the session and go back for notes afterward.

 

Connect-

 

Since this year has taken away so many of the “normal” opportunities to connect with others in your industry take this opportunity to virtual meet and greet others on the same journey as you, those in similar industries, and others that can provide guidance on what they are doing to keep their financial team moving forward.  Get inspired by new connections!

 

 

Finding out what’s new-

 

Advantage 2020 has always been a leading conference in the ERP world. Take this opportunity to learn about product innovations, industry insight, and best practices from top professionals. You will also have the ability to schedule private meetings with the experts to get your product questions answered.

 

Sign up today to reserve your spot and start planning your schedule. Don’t miss out on Sage Intacct’s Advantage 2020.

outsourced accounting value

Uncertainty in the World Drives the Value of Outsourced Accounting Home

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The uncertainty of when life will go back to “normal” has consumers still skeptical about spending like before COVID-19 unless of course, it’s on toilet paper or hand sanitizer. That thought has driven home the value of outsourced accounting. The value of having a team that helps manage and analyze your company’s finances can make or break any business during this time. Reacting quickly to regulation changes, new opportunities, and customers’ feedback will help companies not only remain in business but thrive in uncertain times. Outsourced accounting firms help companies focus on their using their data through access to scalable technology, deeper insight and better reporting, and a reduction in total costs.

Access to Scalable Technology

The newest and greatest cloud-based accounting software drives efficiency for the outsourced accounting firm. These platforms can deliver real-time results and couples with the knowledge of their team can deliver month-end reports quickly that drive your business decisions. An outsourced team also automatically grows your ERP ensures it scales as your company grows without a huge project for your internal team. They have the knowledge to quickly add on modules, new reports, integrations, and more.

Deeper Insight and Better Reporting

Outsourced accounting firms have been the lifeline for many companies trying to make sense of payroll protection act and understanding the implications of how COVID has been changing the year. Having a team that is centered around all new accounting updates, standards, and laws that change constantly gives companies the advantage when reaction time can make or break you.

Reports are sent over efficiently and with insight into what is creating your results. Their knowledge allows for the focus to remain on management and core operations.

Reduction in Total Costs

The cost difference between having an entire accounting team vs. one in-house team member may be small but the reporting, data, and time frame of completion is infinite. An outsourced accounting team adds highly qualified experts while ultimately reducing your payroll cost. It also reduces stress, manual efforts, and humor errors every month.

The decision to work with an outsourced accounting firm is the first step to making life easier.

Outsourced CFO

The Top 3 Reasons To Hire A Fractional CFO

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Successful CFOs can bring an extensive amount of knowledge, experience, and expertise to a company’s financial health with the added benefit that they also cost the company a fraction of the cost. A Fractional CFO is a great way for a company to have access to dynamic CFO on their own terms. Wondering what is makes this the better move for small to medium-sized businesses? How about professional experience at a fraction of the cost, robust strategic planning for growth, and an expanded network to help get you to your goals

Professional Experience at a Fraction of the Cost

An outsourced CFO provides Fortune 500 guidance in-process structure, reliable financial statements, compliance, and company direction. The professional competency a CFO brings to a company is the basis for expansion and dynamic growth. They have unique outlooks and business competency from working with multiple different types of businesses. Since they have multiple companies at once or within a short period of time that have a unique perspective on how to handle different situations that may arise.

Outsourced CFO’s typically have years of experience at top accounting firms, and/or fortune 500 companies. At rinehimerbaker our team has over 115 years of combined accounting experience in helping companies save hundreds of hours, expand into new locations, and save hundreds of thousands annually. When looking for a Fractional CFO or firm looking into the industries and years of experience ware immensely important in finding the right guidance.

While typically this type of expertise can cost a company 6 to 7 figures annually on top of an executive benefits program that’s not the case with a fractional CFO.

Strategic Planning

Every company plans for the future. An executive finance leader is an important part of this process as they oversee ensuring that strategical development is robust and profitable. Their unique perspective due to the nature of their work brings invaluable insight and perspective. Working with multiple companies at the same time allows a fractional CFO to swiftly think on their toes and use innovative ideas for different industries. A CFO by nature will guide the owner or CEO to create achievable growth plans. This is invaluable to a company and its success.

Expanded Network

One benefit that isn’t typically thought of when considering an in-house CFO vs. fractional CFO is their network of connections. With the nature of fractional CFO’s days, they are constantly expanding their reach with partners, connections, and knowledge of additional resources. An in-house CFO will only have exposure to groups and connections that are active within the company’s industry.

Reducing your overall cost, robust strategical planning, and an expanded network are the top three reasons why working with a fractional CFO should be a top priority for all small to medium-sized businesses.

Contact our team today to get started on the journey with the right partner.


Why You Should Choose rinehimerbaker?

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Selecting an accounting partner can be overwhelming especially when you have a business to run. Choosing the correct partner to handle your accounting, implementing cloud-technology, and your tax work is crucial. Experience, expertise, and the mind-set to use the newest advancements are all important factors when deciding on the correct partner.

rinehimerbaker has over 115 years of combined accounting experience on our team and we also have a staff that is focused on how to use cloud-based technology to speed up monthly processes to give your company time back every month.  Find out more about our team below in our newest infographic.

 

Why rinehimerbaker?

 

 

 

 

Contact our team today to get started on the journey with the right partner.


How to Scenario Plan for Your Business

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Scenario planning for your business can make or break your long-term plans when adding in new products, services, or dealing with unforeseen business changes. Scenario planning or thinking is a strategical planning method that lets organizations have flexibility when making long-term plans. This results in multiple outcomes that could possibly happen based on different factors within the business and external world. Ultimately giving the company an advantage when looking to the future.

 

But how do you scenario plan?

 

There is a well-known 7 steps to Scenario planning which are:

 

1.Focal Issues- The first step is scenario planning is to discover what focal issue or issues a company will have in the short term and long term. This could be implementing new technology, adding a new product, expanding to a new region, or even a more open-ended issue.

 

2.Key Factors-Step two is ranked as the second most important step (behind discovering your focal issue) as it helps a company to understand everything that could affect their long-term goals. Most companies get to a list of 30 to 40 internal factors that could disrupt their focus remaining on their set focal issue. Once they are identified they can be addressed beforehand to ensure they don’t disrupt the process or they can show a business that they aren’t ready to move forward on an issue until other factors have been modified.

 

3.External Forces- Identifying external factors can be slightly daunting but it’s key to ensuring it’s the right time to move forward. These external forces can be economic factors, social factors, or geographical factors that are often left out of the original plan.

 

4.Critcial Uncertainties- Once factors that can be identified have been compiled it’s time to move to those that can’t be planned. This step doesn’t apply to every scenario, but a good example is the rise and fall of gas prices. This can’t be mapped out for the long-term since it’s constantly changing.

 

5.Scenerio Logics- This step is crucial before actually running your scenarios. Businesses have to take a hard look at all the factors they compiled and select the top few that might actual create a larger impact on their scenario.

 

6.Scenerios- Once the factors have been condensed, it’s time to run through many different scenarios to see what the outcome is for your company in the short-term and long-term. Did you see a profit or decrease? Did the scenario go off without a hitch? What obstacles did you still run into? All these questions will be critical before deciding to move forward.

 

7.Implications and Options- Putting together your final business proposal is the last step in scenario planning. The results from the planning or thinking that has been done come to the executive team for a final decision before moving forward.

 

Ultimately, scenario planning can be a huge time and money saver for companies who are looking to plan long-term.

 

Find out how rinehimerbaker can be the right partner to help create strategic growth for your company.


unprecedented times

How to Plan in Unprecedented Times

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Businesses creating their 2020 forecast and budget may have thought they planned for everything that could happen however none of them planned for a pandemic that would shut down the entire world for months. Suddenly, everyone was pivoting their business plan to accommodate the stay-at-home orders, and still connect with their customers. For those that were completely shut down, they spun their wheels on how they would enforce new safety guidelines upon reopening to prevent having to close again. However, the main challenge for every business was how would they keep their cash flow going to stay open. A very different goal than they had in January. So how are they now looking at their finances to replan for 2020?

Forecasting and Continue to Forecast

As businesses develop new plans, new services, and new budgets a new forecast is also needed to ensure strong execution. Keep a rolling forecast with an accurate budget and adjusting as cash flow and financial projections shift. Being fluid with your forecast allows for quick reactions and changes to the market.

Adjust

Businesses cannot operate the way they did at the beginning of 2020 due to new safety standards. This creates openings in the market for new and innovative products or services to reach your current and prospective customers. For some this may mean making their service available for an at-home experience, for retail it means creating online shopping experiences, and for others it means adapting. With this in mind running scenario analyses can help you decide which changes to your business will be profitable.

Monitor Your Cash Flow

Cash is king currently. By monitoring your cash regularly you can ensure there is enough for upcoming bills, and purchases. You will also have the insight early to see if you need to speak to your landlord about splitting the rent into two payments that month, or if you need to pull back on any upcoming purchases to keep cash within the company.

Planning in 2020 will help you not only survive but thrive.

Find out how rinehimerbaker can be the right partner to help create strategic growth for your company.


The Cost of Not Taking Action

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What does it ultimately cost a company that decides to push off modernizing their finance solution? Does it actually cost a company anything? It turns out it does.

Overtime on manual processes

Old school on-premise software solutions can lead to long extended manual processes filled with human error for reports that need to be produced monthly. This ultimately leads to hours upon hours of overtime for the finance team which is a heavy expense for smaller to medium-sized businesses.

Lack of timely, accurate reports

Many companies that still use outdated technology have month-end processes that can take 15+ days. That’s 3 out of 4 weeks every month. By the time the data is pulled together its irrelevant for executives, lenders, and bankers. When a company chooses to stay with these processes they are choosing to prevent themselves from being relevant and staying ahead of the competition.

Derail Potential Investments and Purchases

Companies that don’t have real-time accurate reports that they can produce quickly can hinder a potential investment or purchase. Many investments will ultimately walk away during due diligence if they lose faith in your ability to drive your company based on data.

Ultimately companies can lose the growth the strive to create by deciding to not choose to update.


How to Become a Successful Company: 3 Tips for Managing the Startup Phase

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For any new business getting through the startup phase can be intimidating. It’s estimated that almost 90% of new companies fail with most companies making similar mistakes and lacking the information and team they need to sail past the startup phase and enter into the growth stage. The faster a new company makes it to the growth stage the better their odds of survival become.  How does a company make it through the startup phase successfully? Through partnering with people/companies that have expertise in helping companies get off the ground, investing in long term goals not just short-term solutions, and evolving as the company develops.

Partnering with the right mentors:

One of the biggest mistakes a new startup makes is not looking externally for partners that can guide them through the startup process. Partnering with a strategic business partner can give you inside knowledge into what has been successful for other companies in your industry, how to take a deep look at your finances as you begin to make money, where to invest in the future, and how to build your brand. Many companies that don’t reach out for advisement often react to late or completely miss what is happening in their business ultimately leading to their demise.

Look for a partner that has helped similar companies or companies within the same industry. This way they will completely understand the challenges you face, and how to make your company competitive.

Investing in the long-term:

Being short-sighted is something startup companies face without evening knowing they are up against it. Owners, startup executive boards are often focused on reacting to day-to-day challenges and crisis therefore they are only spending money on what they have to get by. However, those companies that have a partner by their side to help pull their eyes up to what’s happening one year, five years down the road. How are you investing in technology, sales, marketing to ensure you make it not only to the growth stage but past it?

Evolution of your company:

Many startups make the mistake of trying to make their idea or product work for their customers they don’t allow for the business to evolve. Evolution is key to not going out of business. Consumers and markets are constantly changing therefore companies should always be looking at how they can react to changes and improve their business practices.

Find out how rinehimerbaker can be the right partner to help create strategic growth for your company.


ERP Solution Overview

Setting Yourself Up For A Successful Investment Round Or Sale Web Series

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At rinehimerbaker, our goal is to help companies meet and exceed their financial growth goals including having a successful investment round or sale. Having your financials wrapped up in a bow for prospective investment companies can ensure a sale is completed in your benefit. But how do you get your financials ready? Watch our three-part web series to find out our top tricks and tips or contact our team now to have a customized meeting related directly to your companies needs.

Fill out the form below to access the 3-part web series.

 


manage your remote team

Best Practices for Managing Your Finance Team Remotely

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In 2020 more and more companies are offering remote work options for their employees especially under changing circumstances. However, if you haven’t managed a remote team before it can be a daunting task. Below are our top four tips to help you regroup and get your team on track.

Technology

Before you can offer your team the ability to work remotely or from home on a part-time basis you have to have the right technology in place. Cloud-based solutions give your employees the ability to access all of the information they need to get their job done as well as keep the rest of the company up-to-date. Cloud-based solutions are more flexible and easier to administer compared to VPNs and access to on-premise solutions.

Clear Direction and Expectations

When you aren’t in the same place as your employees it can be challenging to ensure you’re all communicating exactly what needs to be completed. How can you keep the lines of communication open?

First outline exactly what you want to be completed and think about what questions you would have if you were given the same assignment or project. Ensure you make time to go through the goals and objectives and let your team ask questions prior to starting their tasks. Give reasonable timelines for projects and offer touchpoints throughout to ensure everyone remains on the same page.

At the end of a project or task have a check-in to see what worked, what was helpful, and what could have been better. Clear communication is key.

Schedule Pulse Checks

Since your employees are working from home or an outside office they are often left to their own devices to ensure they are completing their job. Scheduling regular check-ins to discuss everything going on with their projects, daily tasks, challenges, and take note of what’s going on in their personal life. The more you communicate with each remote team member the better you will understand their workload, where they excel, and what they need from you.

Offer Flexibility

Part of working remotely is having the ability to work at a pace that is best for you. From a manager’s perspective focusing on accomplished tasks vs. hours is key to being a success in these new roles. It also gives your team the ability to take care of their personal life the way they need to which in turns means when they work they will be 100% focused on the tasks your company needs to be completed.

While managing a remote team may be a new concept for some companies, it can be one that is extremely productive with the right steps taken.