Posts

Using a Slow in Business to Your Advantage

Businesses have stagnant periods throughout their longevity that sometimes are caused by actions that are out of their control such as large customers going out of business, changes in the supply chain, or pandemics.

Currently, the world is facing a business slow due to COVID-19 that companies haven’t experienced before. Employees are quarantined, customers are shutting down for extended periods, and states are calling for mandatory shut-downs. While many executives see this time as a negative to their bottom line there is a silver lining- It’s a time to complete improvement projects that will allow your organization to come out stronger. We have pulled together three ways executive teams can maximize a slow-down.

• Accessing current processes and how they can be improved
Many times executives are faced with needing to automated and improve processes but they lack the time to get these projects completed efficiently. With the inability to travel, and the reduction of travel time from everyone’s day there is more time to look into how to upgrade technology and eliminate manual work. Where should a company start? First look at the processes or business tasks that currently can’t be done remotely. Is there a solution that would allow team members to executive this at home? If so, set up a demo and evaluate the pros and cons of implementing it now. Secondly, take time to follow up on current best practices for HR, finance, sales, and marketing. Is there anything your team has tabled for the year that would be a benefit if you took the slow time now to evaluate? Any improvements that can help with a remote team will only increase your overall strategic power once COVID-19 is controlled.

• Elevating Your Customer Experience
This is a great time to check in with your customers and find out how they are doing during this economic crisis. It’s also a great time to send out a survey through your preferred platform on how they enjoy working with your company. It’s a great time to find out what your team does well, and where opportunities lie to improve.

• Education
Many companies are offering FREE webinars, web series, and information daily to provide thought leadership and helpful advice. Take advantage of these opportunities and use them for the above two bullet points. Rarely in the day to day operations do we have time to work on improving our business

Not just focusing on the bad during the time, but the ways you can improve your own business, and provide value to your customers. At rinehimerbaker, we can help you evaluate your current finance processes and technology package. Contact our team through the form below to get started today.


ready for COVID

Are Your Finances Ready for COVID?

The coronavirus has created anxiety around the globe leaving companies in a vulnerable position with their staff – how do we continue to operate, while keeping our employees’ and the public’s health a priority? Furthermore, how do we do prioritize human health while staying ahead of a potential economic crisis?

Companies that are not on the cloud are currently experiencing not only a loss in workforce availability, but limited capabilities to function due to the lack of access to their data, workflows, and more. These businesses are facing harder financial losses than those that can continue to operate with team members in quarantine.

The companies still thriving are able to do so because they have the ability to continue day-to-day operations remotely because their employees can be anywhere and still access critical company data. Cloud ERP solutions such as Sage Intacct allow companies to not only maintain the status quo through a world-crisis without limiting the work that can be done but also gives them an edge in attracting and retaining high performing employees without geographic restrictions.

The cloud provides a secure way to keep businesses going when worker mobility is limited, plus positions finance departments for success in the future by providing room for more flexible working arrangements.

 

Anywhere, Anytime Benefits of the Cloud:

 

  • Workers can be productive wherever there is an internet connection
  • Additional flexibility helps attract and retain top talent
  • Increased collaboration and version control with real-time data

 

While bracing for the worst of the coronavirus spread, we encourage you to take the time to evaluate how your company can continue to operate efficiently while keeping your staff safe. If you aren’t on the cloud, now is the time to change to ensure your business won’t skip a beat when uncertainty clouds the future.

Contact our team now to start your move to the cloud. 

 


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.

 

 

 

 

 



Does Your Accounting System Make the Grade?

Your accounting system can make or break a finance department’s strategic impact on your company’s growth. If you find yourself having to put in hours of manual work, lacking insight into your business, and an inability to grow your company because of your accounting system it is time to consider if it’s making the grade. Read through our list of what your accounting solution should provide.

What You Should be Looking For in Your Current and Future System:

  • Accurate Bookkeeping- Overall an accounting solution allows businesses to keep track of financial transactions. This includes being able to create income statements, balance sheets, cash-flow statements, and custom reports all without human error. Being able to eliminate errors ensures that decisions for expansion are made on accurate information.
  • Scalability- The accounting system your company uses should have the ability to grow as sales increase. As your business expands through new locations, product lines, expansion into new countries, or additional customers your system should be able to easily add these into its system. Look at your current system if you added a new location to your company how long will it take for your accounting solution to add it? Hours or days? Is there a cap on how many can be added in total or is it unlimited? How easy is it to add a finance employee to your system? If your system is limited in its capabilities to expand then it’s not making the grade.
  • Ease of Use- Having a system that is user-friendly is key to maximizing the insight a finance department can produce quickly. This also allows you to focus on potential employees’ capabilities from a strategic point of view vs. their pre-knowledge of how to use your accounting system.
  • Audit Features- An audit can be an intimidating part of the year if your finances aren’t organized. An accounting system that allows you to add notes to any manual changes that are made as well as a drill-down ability makes it easy to get by with flying colors.
  • Cloud-Based/ Web-Hosted- In the current technology impacted times not being able to access your financial data anywhere anytime will instantly put you behind your competition. Does your current system allow you to have team members spread out across the country? Can you log in at any point in time to access a report?
  • Time Saving Automation- When companies implement new technology one of the biggest benefits they are looking to achieve is time savings. Your accounting system should be working for you. Reports should be instantly produced based on settings that have been saved. Your system should also have the ability to seamlessly integrate with your other software solutions such as your CRM. If your business changes how long does it take to get a new report from accounting?

Does your current accounting system do all of the above? Does it make the grade?

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

 


Sage Intacct release 1

Sage Intacct Release 1 Updates

Sage Intacct’s first update of 2020 has been released for February 21st. This release will include changes to inventory control, purchasing, contracts, and web services. Each update is described below.

Inventory Control:

For inventory control, the newest update is linked to inventory adjustments. Users are now able to create inventory value-only adjustments for specific source transaction lines. Sage Intacct’s instructions for how to use this new feature are as follows “To create a value-only inventory adjustment, create a new inventory transaction and provide the source transaction line you want to adjust. Only purchasing and inventory control transactions with a value-only inventory effect can be adjusted.”

Purchasing:

For Purchasing the newest update is purchasing transaction allocations. Users now have the ability to use transaction allocations to automatically distribute amounts for non-inventory purchasing transaction lines. This can be distributed among multiple dimensions.  This feature only applies to purchase transactions that post to the accounts payable subledger.

Contracts:

For contracts, the newest update is centered around draft contract state. The update allows users to save a contract, contract line, or expense line as a draft without it affecting the general ledger or the contracts subledger. The data can be published by any users who have access once its ready.

Web Services:

For web services, the update includes a new query function. The query update will support more robust complex query statements using a XML-based syntax.

 

To find out more about click here to read the official report from Sage Intacct.


Intacct customer success

Become a Sage Intacct Customer Success with rinehimerbaker

Transforming your business is essential to remain competitive in the complex and unsteady business world. However, this can be overwhelming if you don’t have a starting place. We suggest starting with your finance department since its connected to your employees, production, customers, vendors and more.

 

We have helped all of our customers save hours of manual work, close faster, get better real-time results, create growth, and keep a streamlined team including MemberClicks. They were able to achieve such amazing success that even Sage Intacct recognized them for the work they accomplished after implementing their cloud-based ERP with a Customer Success Award.

 

Find out more in the video below, and then fill out our form to start your journey to transformation today.


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.