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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Many companies that still use outdated technology have month-end processes that can take 15+ days.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.


time poor

Managing Your Business When You are Time Poor

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One of the main constraints owners face is the fact that there is only 24 hours in a day. The needs of a successful business can take up more than 24 hours in any given day rendering them time poor. Below are top tips for managing your business when you are running out of steam daily to help reorganize your company’s structure.  

 

Expand Your Team- 

 Having the right internal and external team can help balance the hours in a day. While your company is in the growth stage the balance between hiring your own key staff members and using outsourced companies is important to redistributing the work load. Startup and growing companies alike should focus their hiring efforts on employees who are involved with the product or service creation and delivery. This will allow the business to stay focused on what they do best and not get weighed down by day to day support tasks. Owners should look to outsource support services such as social media management and accounting.  Creating a balance between internal/external teams helps you redistribute tasks, maintain efficiency,  while minimizing your total costs.  

 

Have a Clear Vision for Each Day: 

 Before beginning each workday take the time to have clear priorities on what needs to be accomplished. Your business priorities should not only be set for you but for your internal team and external partners. The next step is to recognize any distractions that need to be handled before starting your daily tasks. This can include any fires that need to be put out or personal items that need completion so they don’t distract you the rest of the day.  Create weekly check-ins with all of your internal team members and bi-weekly check-ins with your external teams. This will help you stay on top of what is happening and able to change focuses as your business changes.  

 Another way to manage your day to day work is to set up calendar blocking allowing you to focus on each aspect of your business uninterrupted. This is the practice is separating out chunks of time each week to focus on specific tasks or portions of your business. You can set aside Monday mornings for marketing, Friday afternoon for employee checks, etc. This practice helps you focus on and complete tasks in a more efficient way.  

Redefining how you manage your 24 hours a day through internal and external resources can be the difference in creating dynamic growth.

 


Help for All During a Challenging Time

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One thing that companies didn’t plan for six months ago was a pandemic that would swiftly restructure the entire world including how all businesses operate.  With changes in businesses that are allowed to operate, and some companies operating under completely different circumstances, many companies are experiencing a strong decline in revenue. Where do you reach out for help to keep your business operating?  How do you connect with other companies who are also facing the same disruption?

The best thing to come out of this pandemic is the desire for businesses to help one another through a challenging time.  Companies are being relieved of months of rent, customers are ensuring they promote their favorite businesses online, other companies are reworking their production line to produce items healthcare employees are in desperate need of, and B2B businesses are offering free or low-cost services to help one another. This is the time for all businesses to work together towards a common goal of overcoming the largest challenge of our generation and to help each other come out stronger.

How can you take advantage as a company needing help?

Companies such as rinehimerbaker are helping businesses apply for small business loans, disaster relief loans, and outsourcing any finance work that companies can’t handle currently. Cloud-based automation services are also offering multiple free months to help ensure you can still run payments and receivables remotely.

Bill.com is offering customers facing a significant decline in the revenue 3 free months to automate their AP remotely and help them get back on track. To find out if you are eligible please reach out to the rinehimerbaker team. We will help you with setting up a demo and getting onboarded quickly.

This deal ends 4/27/20

 

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


Using a Slow in Business to Your Advantage

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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?

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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. 

 


Does Your Accounting System Make the Grade?

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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

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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

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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.