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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.


Accounting Trends in 2020 Video

Find out the top three accounting trends in 2020 to implement in your business to sail past your competition. Then fill out the form below to find out how our team can help you execute all three trends.

 


Climb to New Heights with Outsourced Accounting

rinehimerbaker provides outsourced accounting services to clients throughout the United States allowing them to grow while maintaining a lean team. For those who don’t currently use an outsourced accounting partner the big question still remains- should you outsource or hire within as you grow?

 

The answer to this question depends on your current company growth, annual volume, the complexity of your business, and the amount of time you personally want back. Many of the owners we help have been up late at night trying to stay on top of their business’ accounting and finance needs. By moving to our team you gain a partner who will reduce total costs, save you time, help you make better decisions faster, and allow you to stay focused on the main mission of your company. Find out more about each advantage below.

 

-Reduces Costs

 

Your total costs can easily get away from you especially when you are stretched for time and can’t make accounting your priority. An outsourced accounting partner can remove the burden of trying to review and analyze your costs by delivering you focused reports that provide insights to help you manage your business more efficiently. Additionally, an outsourced partner saves you from hiring your own staff and keeps your overheads low.

 

Saves Time

 

With an outsourced accounting partner such as rinehimerbaker you gain hours back into your personal and business day. A partner takes over daily, weekly, and monthly tasks such as month-end closing, AP, AR, payroll, reports, taxes, forecasting and budgeting, and more. We’ve saved our clients thousands of hours – what would you do with your additional time?

 

-Make Better Decisions Faster

 

With a team that is using a cloud-based ERP solution you will have access to a customized dashboard that has real-time data. This information allows you and your management team to quickly analyze your business and make decisions quickly. Effectively keeping you ahead of your competition.

 

-Keeps You Focused on the Big Picture

 

An outsourced partner provides less stress, more time, better accounting, and accurate results. They can also provide additional resources to help with special projects and can quickly react to changes in your business. Without the distraction of having to manage your accounting function you the ability to focus on growing your company and reaching more customers. With more time for your mission, you can achieve your goals sooner.

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


family offices

When Family Offices Should Move to the Cloud

Family Offices are key to managing wealth and asset growth for current and future generations of a family. As they grow, the ownership structures become more complex and sophisticated, the diversification of assets widens, and their need for real-time information becomes imminent. With that type of responsibility on a company’s shoulders, the last thing they need is additional stress that comes with being behind in technology advancements including their accounting solution. If a family office is still using an on-premise solution for their accounting department, they are missing out on the elimination of manual work, real-time data, continuous consolidation, and easy access from anywhere. A cloud ERP solution provides all of that and more. Below are the top benefits we have seen family offices gain from switching to the cloud.

Cloud-Based

Being cloud-based is the number one asset we can provide for family offices. This gives the office and family members access anywhere, anytime. The office managers can travel with the family and, with internet access,still have access to all their data. This also means that family members can access their information at home, or on the go. Lastly, the office can be located wherever the best talent is, leaving the family with the flexibility to be where they are happiest.

Multi-Entity

Another top benefit of a cloud-based solution is a multi-entity platform with continuous consolidation. This allows offices to manage each family member individually with the option for a quick total family roll-up. Our recommended cloud-based solution allows users to manage separate entities (aka different family members or businesses) under a single log-in. This provides the capability to produce individual reports at the entity level or consolidate at the family level. The reports require a quick few clicks and are instantly completed. Report templates can be saved which allows users to swiftly access them again. With reports being easy to create and run users can quickly see their consolidation which eliminates the need to combine reports manually.

Dashboards

Custom Investor dashboards are a great asset as they can be the login screen for each user and can be customized to their daily needs. Since family offices typically deal with a large portfolio of investments, having the real-time data displayed immediately upon log-in gives the user an overall view of the financial information that’s important to them. The dashboards can be customized to each user based on their position or to a certain family member that only wants to see their personal information. The dashboards also give the user a quick way to drill down into the details of data if they want to know more about it.

Eliminating Manual Work

Eliminating manual work can save family offices multiple hours of staff work as well as help keep their team lean. An example of this is when a family office has to process dozens of checks each week. When they move to the cloud, they eliminate all of the manual work which can include the opening of the mail/ printing emails, scanning the bills, routing them via email for approval and coding along with tracking where are in the approval process, entering into QuickBooks, printing checks, signing checks, stuffing envelopes, trips to the post office, and filing. On top of eliminating all of these steps, you also get rid of the constant paper waste. This can all be automated using bill.com where the bills get emailed directly to the inbox, coded, routed for approval and paid either electronically or with a check generated by bill.com. The details are then automatically synced with your cloud solution.

 

Overall, the benefits a family office can gain from moving their accounting ERP to the cloud will transform how they operate. The elimination of manual efforts allows for a better run business, quicker decisions, and growth.

 

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


dashboards

Transform Your Business Through Sage Intacct Dashboard Feature

For business leaders a clear, concise dashboard that showcases real-time information allows them to easily see a digestible snapshot of their company’s status. Without a dashboard providing performance cards, reports, and graphs an executive or financial leader could be left in the dark on what is occurring in their business. Companies without dashboards often waste time on pulling, sorting, and formatting data rather than focusing on understanding their finances and strategizing on steps for improvement.

What does a customized dashboard look like?

8-10 key performance metrics, covering both financial and non-financial data, that are important to you and your company. You can even harness the power of Sage Intacct’s open API to integrate other software programs, allowing your dashboard to incorporate key data from other company systems, like volume, pricing, shipments, market share, and more.
Dashboards are modern and interactive, allowing you to quickly drill down with the click of a button to find out what is driving the results you are seeing. You can sort, filter, or slice and dice the data any way you want to dive deeper and truly understand your financials, ultimately giving you total power over your financial well-being.

How are you transforming?

Since the data being displayed is real-time financial leaders can use these metrics to make business-changing decisions and drive their management team’s actions. What’s even better? Each user’s dashboard can be customized to the metrics that pertain to their job. With each executive and finance team member having their own dashboard they have anywhere, anytime access to the data they need to deliver at peak performance, without comprising data security.

Dashboards will become your “finger on the pulse” of your company, forever changing how you and your team react to changes. At the end of the day, your company will have an edge on the competition by shifting from spending time aggregating data to spending time analyzing and acting upon insights.

rinehimerbaker is an outsourced cloud accounting company that can do it all. We offer consultation and implementation of cloud-based ERP solutions, outsourced accounting, and more. Contact our team at accounting@rinehimerbaker.com to find out more about how we can help you keep up with 2020’s biggest accounting trends.

 


Take your Business to the Next Level in 2020

With 2019 wrapping up, many executives are looking for ways to stay relevant and innovative and stand out against their competition in 2020. Many companies are pursuing goals of increasing revenue and profitability, reducing costs, and expanding their cause. How are they going to do this? After looking at trends for next year, below are our top suggestions on how to take your business to the next level.

 

  • Improve productivity by automating

Automating processes for a growing company is a great way to get the most out of each workday. If your team is spending time on manual data entry every month, they probably don’t enjoy their work, you likely are not getting accurate data and their direction is not as focused on the purpose of your business as it could be. You may also lose the ability to make strategic decisions quickly because the data is useless by the time it becomes available. Cutting out manual processes, integrating systems and relying more on the cloud can speed delivery, eliminate the lengthy month-end close cycle and provide accurate results quickly, while data is still relevant.

 

Take a look at every team members’ daily, weekly, and monthly tasks. How many of them can be automated by upgrading your technology? While not everything can be upgraded at once, you can pin-point which manual tasks are taking too much time and which ones are costing the business by not being completed faster. This can be true for customer experience practices, month-end accounting processes, and sales activities.

 

  • Expand Your Reach

In 2020, the cloud will be even more prominent for businesses than it already has in the past two decades. By leveraging the cloud, you can influence more existing and potential customers in different markets and reach top potential employees for open positions.  The cloud improves access and collaboration like never before.

 

If you aren’t already using the cloud to grow your customer base, expand into new markets and reach the right employees for your firm, analyze which systems you are currently using for these processes and find out if they can be converted to the cloud.  If you don’t have a Customer Relationship Management system, human resource management tools and effective accounting solutions in place already, now may be the time to consider implementing one or all of these.  Most applications now have cloud-based options with open APIs allowing for seamless connections between each other. Rely on a trusted advisor who can educate you on the leading systems and processes being utilized in your industry. Consider how upgrading, integrating or implementing a best-in-class solution can give your company an advantage over your competition.

 

  • Elevate Your Customer Experience

The customer experience is what makes top companies different from their competitors. Companies who offer similar products and services must differentiate themselves from competitors and create loyal customers. How do they do that? They go above and beyond to make the customer feel special, have a memorable experience and exceed their customer’s expectations. Why is that important? Because there is so much competition that if your company isn’t memorable and competent you won’t create a loyal customer, they may not purchase from your company a second time and they will likely share their negative experience online.

 

What can you do? Evaluate your ideal customer experience and focus your efforts on delivering just that. Where do you go beyond? Where do you fall short? Are there companies that you have had a positive experience with in the past? Can you use innovation in your approach to interacting with customers more effectively?  Use the power of customer experience analytics to measure behavior, demographic and other metrics in real-time.  Find ways to reward your engaging customers, engage with them on social media and strive to make customer experience advocates out of all your employees.  Taking these initiatives can improve your current customer experience and make it a competitive advantage.

 

 


2020 accounting trends

Top 3 Accountings Trends to Follow in 2020

Three main 2020 accounting trends will change the landscape of finance departments in companies of all sizes: automation & artificial intelligence, cloud accounting solutions, and outsourced accounting functions. What do all of the trends have in common? They all focus around eliminate time spent on unnecessary manual work in order to spend more time growing your business.

 

  • Automation and Artificial Intelligence

 

According to Firm for the Future, 86% of current accounting tasks can be automated. With that in mind, finance executives are looking at how advanced artificial intelligence can automate their company’s current manual accounting processes. By removing hours of manual work team members can refocus energy on being strategic leaders and streamlining processes.

 

How can you take this trend to your company? Look at all of your current solutions, not only for finance, but HR, sales, and marketing. Do they work together? Does your team export report to manipulate data? Are they spending hours typing data into multiple systems? Do any of the solutions have an open API to connect them? Assess your answers to these questions and then evaluate which systems don’t have the capability to automate workflows.

 

  • Cloud Accounting Solutions

 

Accounting Today reports that cloud accounting solutions currently account for 45% of small businesses, 57% medium-sized businesses, and 58% of large-sized businesses’ accounting solutions. This number will continue to grow as companies become more fluid and dispersed across the country and internationally. Moreover, 67% of accountants think cloud-based solutions make their job easier.  Ease of access, connectivity with solutions from other departments to eliminate duplicate work, and less reliance on IT are pushing droves of accountants to evaluate cloud ERP solutions.

 

What can you do to adopt this trend? If you don’t already have a cloud-based ERP, make it a point to evaluate what your current on-premise solutions do well and where there are automation gaps. Then start to look at cloud solutions that fill the automation gap specific to your industry. Lastly, prepare your 2020 budget to accommodate for implementation of a new cloud solution.

 

  • Outsourcing Accounting Functions

 

For small to medium-sized businesses, outsourced accounting functions have become a popular option and will continue to gain popularity as companies want to remain streamlined.  Using an outsourced accounting partner gives companies top accountants to manage their finances while using their limited resources to focus on increasing profitability and grow their passion, which for most is not accounting.

 

How can you adopt this trend? Look at the time you and your employees are spending on accounting functions. Are you staying up late to make sure the accounting is being completed? Do you have limited insight into financial data? Is someone on your team taking away time from their actual job to make sure that invoices are being sent out and getting paid timely? If you don’t have a strategic finance team in place, we urge you to weigh the costs of adding an additional staff member vs. hiring a highly regarded outsourced accounting company vs. the cost of doing nothing about your financial pains.

 

rinehimerbaker is an outsourced cloud accounting company that can do it all. We offer consultation and implementation of cloud-based ERP solutions, outsourced accounting, and more.  Contact our team at accounting@rinehimerbaker.com to find out more about how we can help you keep up with 2020’s biggest accounting trends.


Sage Intacct and Salesforce

Sage Intacct and Salesforce

The Sage Intacct integration with Salesforce via open API gives your company a best-in-class cloud ERP accounting solution and a best-in-class cloud CRM solution. This powerful integration gives you a full view of your customer’s life cycle, streamlines your quote-to-cash process, and increases your internal communication between the departments that deal with the numbers!

The key highlights of the integration are productivity and automation. By integrating both best-in-class solutions you eliminate the double entry by both your sales and accounting team. This reduces the number of errors that occur from manually entering the same data in multiple locations and saves hours of work each month. It also enables the sales and finance teams to quickly and easily gain the visibility needed between the sales cycle and the customer activities.

How does it work?

Once a sale is completed in Salesforce it triggers the data to be pushed into Sage Intacct for invoicing and revenue recognition based on your company’s requirements. With this integration you now have a fully automated quote-to-cash process where the sales and finance teams have the visibility they need.

Another great aspect is that Salesforce chatter is imbedded into Sage Intacct. This allows your sales team to check pricing, discuss different aspects of a deal, and more with the finance department with ease. Both departments can work in the software they know while having open and real-time discussions.

Overall, implementing both Salesforce and Sage Intacct with the integration can save your company hundreds of hours by eliminating duplicate entry and the errors the follow, utilize automated process for your customer lifecycle, and increase the visibility for both your sales and finance departments. It’s a big win for the company when you get sales and finance teams in sync.

To find out how rinehimerbaker can help your company implement both cloud-based solutions please reach out to accounting@rinehimerbaker.com.


Sage Intacct reporting

Sage Intacct Reporting

Check out November’s Sage Intacct Tips and Trick video produced by our internal team. This month we review Sage Intacct’s reporting capabilities and how they can give your company greater insight. The reporting capabilities allow you to slice and dice the data any way you want to really see into your data.

 

Find out more from our team by emailing accounting @rinehimerbaker.com


data driven

How Financial Leaders Can Become More Data Driven

 

As we head into the next decade, financial leaders of fast-growing companies are focused on how they can better drive decisions based on real-time data. Having access to financial and operational metrics in real-time can influence strategic company decisions. Below are some ways the tech-savvy leader can continue to evolve.

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1)    Eliminating manual work through technology – The top way that financial leaders can become more data-driven is by eliminating manual work by modernizing technology. Companies that are taking advantage of integrated solutions and automation have shorter month-end close cycles, streamlined processes and reliable, real-time information.  By moving to the right cloud-based financial solution, finance departments gain the ability to use seamless API’s connecting multiple systems in one low maintenance ERP solution. Open API allows organizations to choose the systems that work best for them.  Having integrated systems eliminates duplicate entry, reduces the risk of human error and improves job satisfaction. Utilizing cloud technology allows leaders to have visibility to critical data and attain real-time insights.

2)    Shift the direction of the finance department to value-add analysis – Once manual work has been eliminated, your team can now focus on understanding the story the data is telling and predicting the future. By reducing the amount of time spent recording transactions, resources can be redirected to support organizational initiatives such as cost savings, growth, and pursuing your organization’s strategic mission.

3)    Use financial data to create strategic goals – Financial leaders are in a prime position to drive company goals, set KPI’s and achieve measurable results when they have accurate and timely data.  Key performance metrics may include those related to revenue, margins, sales cycle, or other operational measures of success.  A fully integrated, flexible, cloud-based ERP system allows Finance Leaders the ability to quickly model scenarios and analyze the impacts on revenue, profits and cash flow.

Make this decade one of distinguishing your organization’s strategic vision and differentiate yourself as a leader who adds value, drives growth and sets your CEO up for success.  How? Make technology a priority and move to the cloud. It is the first step in driving your company forward and becoming a data-driven financial leader.

 

Contact rinehimerbaker at accounting@rinehimerbaker.com  to find out how you can become more data-driven.