manage finances remotely

Workshop Recording: How to Manage Your Finances Remotely

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On July 31st, rinehimerbaker and Palm Beach Tech partnered together to host a workshop on How to Manage Your Finances Remotely. This webinar focused on how the right technology can help a company pivot and grow even in an uncertain market. Zach Merschdorf includes tips on best practices as well as best-in-class solutions that we currently recommend to our own clients.

 

 

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


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.


subscription billing

Sage Intacct Subscription Billing Module

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Take a look at rinehimerbaker’s monthly Sage Intacct video that highlights their subscription billing module. In particular, we take a dive into the benefits for SaaS companies and how they can accelerate their quote to cash by 30%.

 

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


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.


true cloud based

What Does True Cloud-Based Mean?

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At this point everything is considered “cloud-based” but what does it mean to be a true cloud-based solution?

A true cloud-based solution or software is designed from the start for optimal performance in the cloud. The creator or owner of the solution manages every aspect within the cloud. There is absolutely nothing on-premise about the solution. This is why a true cloud-based software gives companies the ability to access their data anywhere at anytime.

Why would a company want to work with a strictly cloud product?

Working with a true cloud product eliminates the restraints that come with on-premise or partially on-premise solutions. The products are managed from the cloud which means that you can be anywhere updating, making changes, and handling any hiccups vs. having to go to a place where your servers are located.

At rinehimerbaker we choose to work exclusively with true cloud-based products with our recommended ERP solution being Sage Intacct. Join Sage Intacct on July 9th at 2:30 pm eastern to explore why they are the best cloud-based ERP.

“Sage Intacct has freed me up to look holistically at the business rather than just focusing on getting accounting tasks done.” – Kim Wegener, Director of Finance, Powell’s Books

See why Sage Intacct is the number one choice for fast-growing companies like yours. During this Product Demo, you’ll see how you can:

  • Automate processes and close the books up to 79% faster
  • Consolidate hundreds of entities in minutes not days
  • Reduce AP costs by 60%

Register here to reserve your spot today. If you can’t attend, go ahead and register to ensure you get your copy of the recording.

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.


multi-consolidation

The Impact of Multi-Consolidation in Growing Businesses

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How long does it take you to consolidate your financial data? If your mind began picturing Excel tabs, then the answer is going to be “too long.”

With “beginner” accounting systems many businesses quickly face the problem of not being able to consolidate their financial data quickly and efficiently. This ultimately leads to countless hours of manual work. Taking the next step to implement a robust ERP solution will make your company more strategic and increase your ability to respond quickly to any business changes. 

Join us on 11th June for a webinar on how multi-entity consolidation can be done with a few clicks in Sage Intacct’s financial software. No Excel needed.
This webinar is free, painless and (just like our multi-entity consolidation) it won’t take long. In this webinar we’ll discuss how to:

·       Reduce reporting time by 80%, like Laird Management did with our solution.

·       Slice and dice data in real-time dashboards and eliminate Excel spreadsheets. Tandem HR used our dashboards to reduce 500 work hours from their year.

·       Delegate accounting tasks across entities while keeping individual and top-level entities secure

 Register here to reserve your spot today. If you can’t make it go ahead and register to ensure you receive a copy of the recording.

 

Maximizing Your Customer Journey Through Technology

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In this day and age, the customer journey is one of the most important aspects of any business who wants to continue to expand. With social media, customers can easily and instantly communicate their interactions and impressions of a company.  Customers are 21% more likely to report a bad experience than a positive one but what is even more likely after a bad experience is that they won’t come back. Without repeat customers, companies cannot survive.

There are many ways companies can maximize a customer journey such as unique purchasing experiences, top quality, and more. However, the best way to make a seamless journey externally and internally is to use technology to make every step seamless. This eliminates human error and also ensures time between steps is limited.

Companies who are using CRMs, automated marketing solutions, cloud-based ERP solutions, and automated warehouse solutions that all have integrations into each solution easily distribute a consumer’s information and creates automated tasks to be completed without missing a beat.  For example, once a lead identifies themselves, your marketing solution can send the information automatically to your CRM and notify sales while also putting them in an appropriate campaign to convert. Once sales converts them into a customer or they make a purchase your CRM can push the customers’ information to your ERP to create an invoice, covert the customers from lead to customers in your marketing for a new campaign, and send any purchase details needed to your warehouse. This eliminates hours of work per customer and ensures that all tasks are completed to keep a customer happy.

Who doesn’t love eliminating work while keeping your customer happy? Find out more how rinehimerbaker can help you implement these solutions and continue to improve your overall company strategy.