SaaS

FREE WEB SERIES: SaaS Success in 2020

Accelerating past your competition in an economic downturn can seem overwhelming or impossible particularly for software as a service, SaaS, companies. If you are one of these businesses please be our guest for the SaaS Success Series  Join us online for a complimentary 4-week series for finance leaders focused on how we can lead our organizations out of crisis and re-ignite growth.

SaaS experts and SaaS finance leaders throughout the country will be joining on the following Thursdays for this online event:

June 18 – Accelerate Through the Curve – 3 Key Strategies for Growth in a Downturn

The best companies know that the right place to pass competitors is in the sharp curve of a crisis or economic shock; while “followers” only react once they’re in the straightaway of the recovery.

Zach Blaine, Controller at Expel, Ben Murray, CFO of Cartegraph and The SaaS CFO, and Andre Lafayette, VP of Budgeting and Planning at Sage Intacct, will share three key strategies that successful companies implement, but laggards fail to:

  • Encourage selective investments (offense) in addition to cash management (defense)
  • Leverage tools that can automate billing and revenues
  • Elevate your forecasting and planning, above your competitors

June 25 – Discover the Next Level in Spend Management – Greater Controls, Visibility, and Team Engagement

Do you hate being the bad guy who communicates budget cuts? And when the business team doesn’t understand the justifications or implications, employee morale can take a hit.

Matt Wolf, VP of Finance at Roadster, a leading AI firm, and Thejo Kote, CEO of Airbase, a company that provides next generation business-spend management solutions, will share how you can:

  • Give every employee a view into the impacts their expenditures have on company performance
  • Improve the business processes that link specific customers or cohorts to the cost of closing them
  • Provide faster feedback on the results generated by your company’s business decisions

 

July 16 – The Road to Recovery: Month-End Close Best Practices and Tips

Finance and accounting teams have had to quickly react, changing processes and procedures due to the pandemic. Nowhere has it felt more acute than during the month-end close.

Kevin Neary, Controller at Wistia, Mike Whitmire, Co-founder and CEO of FloQast, and David Appel, Head of Subscription and SaaS at Sage Intacct, will share best practices to manage the month-end close, post COVID-19, and use Sage Intacct and close-management software. You’ll learn how to:

  • Streamline processes and reconciliations to close faster and more accurately
  • Collaborate better with virtual teams
  • Identify ongoing improvements with actionable analytics

 

July 23 – Cash is King:  Maximize Cash Flow Perfomance with Artificial Intelligence

Cash management is critical in this downturn. Investors want a 12 to 18-month runway before you raise again. Uncertainty and rapid changes put a strain on your finance teams. How can you leverage automation and avoid hitting a cash crunch?

Carlos Vega, Tesorio’s CEO, and peer finance leaders will share how AI can maximize cashflow performance. Learn how to manage your cashflow during today’s business volatility by:

  • Automating and cleaning up A/R collections
  • Using data-informed smart timing of A/P
  • Automating a cash view of your P&L that you can share with the business leaders

Register here 

 

Can’t attend on a particular date?  Register anyway and gain access to the recording to watch on-demand.  We hope to see you there!

Modern Technology = Game Changing Results

In today’s society businesses have to be able to quickly pivot and respond to changes in their business environment. In order for this to happen every team member must be equipped with transformative technology solutions that are flexible and adaptable to their changing environment.

Does your current ERP solution give your finance staff the flexibility it needs to respond as quickly as your business changes? Specifically, what types of technology should you be taking advantage of?

Your ERP system should take advantage of the latest in cloud-based, mobile, and artificial intelligence technologies. Both of these technologies give your staff, and your company, availability to access process, and report on data seamlessly on any device. This enables your staff to work from anywhere and to keep critical processes and information flowing. AI is rapidly making its way into accounting processes and with it you can eliminate hours of manual work that is required when using outdated technology.

So how do you take advantage of these technologies and reduce your accounting workload by up to 90%?

 

In this live one-hour webinar, you’ll learn about the benefits of a modern financial management system and its game-changing impact on your company―starting with the foundation of your financials―your chart of accounts.

During this webinar, you’ll learn how you can:

  • Manage financials efficiently across entities, expenses, and cash flows
  • Increase visibility across multiple charts of accounts
  • Consolidate hundreds of entities in real-time

Can’t attend on the 14th? Go ahead and register anyway. We’ll send you a link to the recording. Register here.

CFO

How Your CFO is Leading the Charge in Change

As the digital age continues to shift how companies operate, the responsibilities of the CFO are extremely vital to the pulse of the company. The amount of data that the CFO is responsible for producing and interrupting in real-time is vast and makes the difference between growth and being stagnetic.

 

CFO’s are not only in charge of making sure that the books are correct for tax purposes but providing clear data on where the business current financials are in real-time. CFOs are able to provide better insight into inventory, location by location profit and loss statements, vendor costs, employee costs, and more because of the technology they are implementing not only in the finance department but across the company. CFO’s are making the room in the annual budget to upgrade every department from HR to sales to accounting to cloud-based solutions that offer open APIs. This allows for information to seamlessly travel between systems automatically. This is eliminating human error and giving CFOs better insight into exactly what is the cause of each result. This alone is saving companies up to 75% of the time it currently takes to check the accuracy of their reports. The upgraded technology also allows CFOs to have custom dashboards with instant real-time results such as totaled up expenses, revenue, net income, and more.

 

What does better insight lead to? Better performance. Better performance leads to growth.

 

What CFOs are creating through technology upgrades, and better insight into their business is moving them into a strategic role instead of just the “numbers position”. With all of the data that is being created at a much faster rate than before the CFO role is now including interrupting the data at a higher level. This includes a recommendation on vendors, quick reactions to locations or lines of business underperforming, and more. The CFO is now flexing different muscles because they are creating the recommendations and bring them to the executive team vs. just the reports. This also gives them immediate insight into where money should be spent for expansion.

 

The CFO role is ever-changing due to their ability to drill down into the business faster giving them the ultimate insight into what is working. This role is becoming as equally as important as the CEO in order for a business to be successful.

 

 

 

 

 



ERP Solution Overview

Sage Intacct Overview Video

February’s Score a Win video is now available. This month we focus on walking through Sage Intacct to give you a full overview of what the software looks like for an end-user.

 


Create Growth for Your Hospitality Company in 2020

Creating growth for any company is the number one goal. However, overall profit growth can be hard to create since total growth creates extra work and costs to your bottom line. We have put together our top three recommendations on how to downsize those costs.

Elimination of Your Automation Gap

Elevate Your Customer Experience

Streamline Your Team

Fill out the form below to gain access to our web series. We will be releasing one video each week for the next three weeks. Week one will focus on eliminating your automation gap.


close month faster

Close Faster Every Month

Getting real-time data to make fast efficient decisions is a top priority for executives. In order to get your data faster each month your month-end closing process has to speed up and provide you with the financial insights you need. Below are our tips to help make month-end close more efficient and allow your executive team to make faster, better decisions.

 

Technology

The starting point for executing a faster close is to have a cloud-based accounting ERP solution that automatically completes tasks as well as executes manual tasks with a few clicks of the button – all in real-time.

A second way to incorporate technology is to have all your vendors send your invoices electronically allowing them to automatically push into your ERP. This cuts out manual entry, reduces errors, and ensures timely results.

Lastly, implementing integrations with your HR, Sales, Inventory, and other software solutions will allow for seamless transfers of data in your ERP and ensure a faster more accurate close. This eliminates having to constantly reach out for data that could take days to get or executing manual exporting and importing processes.

 

Communication

 

Being able to quickly communicate between your executive team and accounting department is key to achieving an accurate and quick month close. Utilizing an ERP system that integrates and documents your communications about invoices, transactions, or edits to the books will make your accounting department more efficient and take your organization to the next level. This allows for information and analysis to seamlessly flow from your accounting group to your management team.

 

Change your Mindset

 

The month-end shouldn’t just be the accounting department’s responsibility. This means that the entire company should be responsible for submitting all expense reports, customer orders, and any documentation that affects the company’s month-end results promptly. Instead of having your organization submit paperwork at the end of the month build processes around seamless paperless solutions that allow for a quick approval and posting throughout the month.

By getting all the information needed prior to the start of the month-end it will allow your finance department to quickly pull together month-end without waiting on timewasting processes.

 

Standardize your Documentation

 

Having documentation that is filled out the exact same every week, month, or year ensures your finance team can easily find the information they need to execute expense reports, customer changes, and more.  This action alone can save hours for your team. It also helps out the whole organization as there is clear expectations of what information they need to provide vs. guessing at what is important.

Find out how rinehimerbaker can help your company get results through the cloud by reaching out to accounting@rinehimerbaker.com.

 

 

 


outsource accounting partner

Selecting the Right Outsourced Accounting Partner to Drive Your Business

When evaluating how you can better manage your time often executives face a decision between adding internal staff or finding an external partner to manage tasks. Internal staff not only adds additional salaries but also benefits, workspace/essentials, training resources, and more. Not to mention, it takes many months before new employees are proficient in their new roles. Alternatively, an outsourced accounting partner can provide an entire team that has an expertise in a given field and allows you to have the time back in your calendar to focus on what is important- expanding your company’s mission.

 

  • Consider what you are looking to outsource

 

The first step in deciding on an outsourced accounting partner is making a list of tasks that you are looking for an expert to take and complete each week, month, or year. For an outsourced accounting partner, this can include closing your books, building dashboards for your owners or managers, building and running reports, taxes, accounts payable, accounts receivable and more. The amount you wish to outsource depends on if you have a finance team in place or if the owner/manager is still completing those tasks daily. At rinehimerbaker, we have experts in each field that can quickly and efficiently get all your tasks completed and to you in a timely manner.

 

  • Align with a Proven Partner

 

As you assess potential partners be sure to ask for references, take the time to talk to active clients, and ask for case studies that demonstrate their success. All three of these resources are readily available with a partner that has been in business for any length of time. You can use these to access how to outsource partner works, and what they have been able to accomplish for other companies. Such as if you are looking to outsource your month-end close- how quickly have they been able to close other companies? Was it the same time or did they deliver results ahead of time?

 

When speaking with their customers or reading through case studies make sure to notice the type of technology the partner uses to complete your tasks. Is the software cloud-based or on-premise? Being cloud-based offers many advantages and you’ll want to be aligned with a partner who can leverage new technologies. The technology they use also lets you know how innovative they are and where they see the future going. You want a company focused on being best-in-class as this demonstrates they’ll be able to take the burden off of you and you’ll no longer have to worry about how to stay ahead of your competition.

 

 

  • Check for Culture Compatibility

 

The final step and probably the most important is checking company culture compatibility. Working with a company that is aligned with your core beliefs will ultimately make it easier to trust someone else to make decisions on your behalf. You also want a partner that works similar hours with the same expectations for deadlines. This doesn’t mean that you have to be in the same time zone but it does mean you have to look at a workday the same. That could be having expectations that deadlines are a hard cut off with no wiggle room or you are focused on a work-life balance where the cut off is 5 pm every day despite deadlines. This will help eliminate any potential disagreements or frustrations after the partnership has started.

 

Find out how rinehimerbaker can help your company get results through the cloud by reaching out to accounting@rinehimerbaker.com.

 


Tax Reform impact on small business

Six Things Small Businesses Need to Know about the New Tax Law

The first major legislative victory on behalf of President Trump and the largest tax reform package in over 30 years, the Tax Cuts and Jobs Act was finalized by Legislators on December 20, 2017 and was signed into law just days later.

Today, we’d like to explore six important details of the new tax plan, discussing how they will impact small and medium businesses in 2018 and beyond. This is by no means comprehensive, and we would be more than happy to discuss fine intricacies with you as needed, but let this be a starting point as you read the entire text and its proposed changes to the tax code.

Corporate Tax Reduction

If you’ve only heard one thing about the new tax bill, it was probably this: The corporate tax rate in the United States has been reduced from a progressive rate reaching 35% for most corporations to a much more competitive 21 percent. The United States has long had one of the highest corporate tax rates in the world: The Federal Government levied 35% of a corporation’s earnings—before state taxes.

In total, the average corporation paid 38.91% of its income to Federal and State Governments, comparable to 35% rates levied by Sudan, Democratic Republic of Congo, and Chad.

Additionally, the combined Federal and State Corporate tax rates were 59% higher than Denmark, 77% higher than Sweden, and 211% higher than the business-friendly Ireland.

The reduction in corporate tax rates will not only encourage more investment in people (who also will see more of their paychecks), it will reduce a company’s motive for offshoring, create more opportunity for research and development (which also gets a change), and positions the United States for growth.

What This Means for Small Businesses

For incorporated small businesses, who are often the target of feel good bills designed for campaign emails, this is a lifesaver, and something that will immediately start saving them money. Under the previous administration, a business could be penalized for hiring its 50th full time employee, offering to reimburse employee health insurance premiums, or growing too fast, but now, small business owners can reinvest their earnings into the business, offer better benefits, or position themselves for growth.

Pass-Through Deduction for Business Income

As a small business, if you’re not a C-Corp, it’s likely you’ve incorporated as an S-Corp, a partnership, or something of the like in order to reduce your personal liability in the event of a lawsuit. For many businesses, this is a much more affordable alternative to the double taxation that occurs under a C-Corp.

Under the new law, pass-through businesses (owners, partners and shareholders of S-corporations, LLCs and partnerships) receive a 20% deduction. It’s not that simple, of course, and will be tackled as you start to look at quarterly taxes or speak with your bookkeeper. For a look at all of the nuances, please view the Forbes article explaining Section 199A.

What This Means for Small Businesses

Small business owners and partners have put blood, sweat and tears into their business and will now be able to keep more of their own money. As the owner is often the person who gets paid last, who has often forgone a paycheck of his own to make payroll for the month, this is a welcome change, and could reward small business owners in multiple ways.

It also could add complexity for small businesses.

100% Expensing of Certain Assets (Section 168(k))

Another benefit for small businesses is the continuation and expansion of Section 179 expensing. Perhaps the most impactful change in all of the Tax Cuts and Jobs Act was to provide for 100% expensing of certain assets. Businesses love it. Economists love it. And any tax preparer who has had to navigate the interplay between the seemingly endless depreciation incentives in order to simply calculate the deduction for a given year really loves it.

Immediate Expensing (Section 179)

The law allows full expensing of short-lived capital investments — rather than requiring them to be depreciated over time – for five years, but phase the change out by 20 percentage points per year thereafter. The section 179 deduction cap doubles to $1 million, and phaseout begins after $2.5 million of equipment spending, up from $2 million.

Increase in Caps to Use Cash Accounting

A slight change for small businesses on the brink of being required to use accrual basis for tax purposes. The eligibility threshold for using cash accounting has increased from an average of $5 Million over the past three years to $25 million.

Changes to Net Operating Loss Carrybacks and Carryforwards

A net operating loss (NOL) is a loss taken in a period where a company’s allowable tax deductions are greater than its taxable income. The law scraps net operating loss carrybacks and caps carryforwards at 90% of taxable income, falling to 80% after 2022.

More Changes Ahead in 2018

While tax reform is now a reality, what could be next? From new infrastructure spending to necessary changes to tackle the budget deficit, tax reform is only one of the many legislative changes that could be on the horizon. As America forges ahead into 2018, we want to help you grow alongside the economy. At rinehimerbaker, we are experts in the field of outsourced accounting, accounting technology, and more, and want to help you. From tax advice to software implementations, we have the people and tools to help you. Get in contact with us to learn more.

Intacct Cloud Accounting

Product Spotlight: Intacct Cloud Accounting and ERP

At rinehimerbaker, our goal is to help you play harder. Whether that’s through our outsourced accounting services, allowing you to free up your time and money to focus on growth or through our advising services which allow you to make decisions more confidently in an ever-changing world, our goal is to help you succeed in any way we can.

However, did you know that in addition to the services we offer, we can also have product-focused consulting services? That’s right. As a proud reseller and partner of some of the most innovative software products of the day, we can also help you select and implement specialized cloud solutions like Tallie expense software, Bill.com payment solutions, MineralTree, and Gusto HR, among others—all of which we will be highlighting in coming months.

Knowing this, our bread and butter is accounting. This is why we have partnered with one of the most innovative accounting solutions of the day: Intacct.

What Is Intacct and How Can It Help You?

Intacct is a leading cloud accounting vendor who designs products for the end user—whether that’s someone from a finance team of one or one thousand. Founded in 1999, the company has spent nearly the past two decades focusing on one thing—making accounting easier to access and easier to manage. Built as a cloud application (internet + accounting = Intacct) before the cloud was “cool,” the company was a visionary and the product has grown and improved to become the trusted choice of over 11,000 organizations of all sizes, industries, and missions.

Intacct’s Mission is simple: Achieve Unsurpassed ERP Excellence.

The Intacct philosophy? It’s not complicated: We believe your ERP system should both accelerate business processes and support business people. Like you, we’re financial pros who understand the pressures and challenges on your side of the table. That’s why we measure our success by yours and strive to deliver the efficiency and insight to sustain fast growth.

The Basics: Core Financials, Module-Based Additions, Plug-and-Play Functionality

Intacct is built around its core financials—general ledger, accounts payable, purchasing, order management, accounts receivable, cash management, and reporting—which allow you to automate your most important processes, reduce your reliance on spreadsheets, and give you greater visibility into your real-time business performance.

Added on top of this the company offers many additional modules that fit into your organization’s processes, including but not limited to Contract and Subscription Billing, Contract Revenue Management, Fixed Assets, Inventory Management, Multi-Entity and Global Consolidations, Project Accounting, Sales and Use Tax, Time and Expense Management, and Vendor Payment Services.

Best of all, as a Best-of-Breed Solution, Intacct was designed to “play well with others,” meaning that your company can build its own suite of applications which are easily selected through the Intacct Marketplace and integrated through Intacct’s user-friendly APIs.

Top Benefits for Companies Using Intacct

With over 11,000 highly satisfied customers, there are a wide variety of reasons that companies love Intacct, some of which we share below:

  • Anytime, Anywhere Access in the Cloud
  • Quarterly, User-focused Updates (many providers only offer updates every six or twelve months)
  • Updates that don’t break integrations (many suite offerings rely on complex, costly customizations that fall apart with each update—requiring even more complex, costly customizations)
  • Growth-Friendly, Per-User Pricing that allows you to grow and add modules as you need.
  • “Crazy High ROI” with the data to back it up (average customers recognize a return on investment of over 250% and payback period of less than six months when switching to Intacct).
  • Guarantees which the company can back up—security, privacy, and uptime are all guaranteed as part of their service-level agreement, and they have the track record that exceeds their promises.

Learn More and Make the Switch

As a leading Intacct reseller, we are happy to speak with you in the multitude of benefits that companies are recognizing from Intacct, day in and day out. Over the coming months, we will be talking a lot about the benefits of Intacct, the success stories, and how to make the switch. Until then, we welcome you to register for one of their upcoming events, to download the Buyers Guide to Accounting Software, and to contact us to learn more.

why cloud and finance go together

Why Cloud and Finance Go Together

Peanut butter and Jelly. Wine and cheese. Summer and baseball. Cloud technology… and Finance? For many businesses, the move to the cloud has come as a sensible choice that has led to immense benefits including lower costs, improved accessibility, and access to technologies formerly reserved for organizations with larger budgets and accounting departments.

Why Cloud is a Fit for Finance

Finance in the cloud has been around for much longer than many may think. Many of the cloud financial management providers that exist today have been around for nearly two decades: two of the current leaders were founded in 1997 and 1999. These two organizations, initially limited by the technological barriers of their day, have evolved to become go to solutions for organizations of all sizes, industries, and missions.

In today’s business, employees work in diverse environments, use a wide variety of applications to meet their needs, and expect anytime access from anywhere they have internet—three things in which traditional, on-premises offerings fail to support.

Cost Effectiveness

When people think about the cloud, one of the first things that comes to mind is the affordability. While this is only one of many reasons cloud-based financial software has become a top option, it is still something that needs to be discussed.

With cloud finance, you generally pay per-user, per-module, meaning you’re paying only for what you use. Compared with licensed on-premises applications, this is much more affordable than maintaining a server room with IT staff, completing laborious and time consuming updates, and even paying the increased amount of electric bills that come from running servers on location.

Accessibility

Are you looking to work from home? Once upon a time, this was a pipedream for finance staff, who were confined to only working from the office or relying on a virtualization or mobility solution to connect to the servers at the office. Now, finance staff can access accounting software through a secure web-based platform or even a mobile app, meaning your people have access when and where they need.

Security, Uptime, Updates

For traditional software delivery methods, you relied on your IT department to install patches or waited on a service provider to update software. In a public cloud environment, updates are pushed automatically, and data is secured both physically (does your organization have armed guards?) and from data breaches thanks to highly granular user access controls, mandatory two-factor authentication, IP range limitation, and much more.

Cloud and Finance: Better Together

Now more than ever, the cloud is providing businesses new ways to grow, and providing finance and accounting professionals more time to focus on this growth. As an Intacct Value Added Reseller and Accountants Program Partner, rinehimerbaker has helped organizations to enjoy a business experience that features less stress, more time, better accounting, and greater results. Learn more about our services for businesses, nonprofits, and institutions, and get in contact with us to learn more.