These are completely unprecedented times and with stay-at-home orders across the nation, hospitality companies are facing new challenges to stay relevant. The overall hospitality industry has taken a huge hit in business and is facing sales that aren’t enough to cover their fixed costs. With that in mind, hospitality companies’ goals for the next six months focus on maximizing profit margins for delivery, take out, new programs that can be mailed out, and virtual programs. Many of these offerings can be completely new to the business making it a significant challenge. Given this, what are a few ways to meet this challenge and bring customers back to your business?
Offering Discounts:
Many of your customers are stuck at home therefore you aren’t losing them to a competitor but rather to no decision or rather lack of opportunity. With that in mind, offering a discount will encourage your customers to call in order even if they aren’t able to eat at your restaurant. With many people out of jobs, or on limited hours a discount could also put your business back into their budget.
New Offering for Stay-at-Home Customers:
Hospitality companies that relied on their customers to be able to come into their place of business such as gyms, or breweries are looking for ways to still engage and be relevant. The big question here is what can you offer to customers virtually? For example, a Pure Barre studio could offer classes virtually- allowing them to still collect their monthly memberships and help customers remain connected. Breweries can offer a drive-through option where customers can still pick up their weekly drink of choice. Local boutiques can offer delivery within a certain radius of their store with virtual shopping appointments.
New Services at Lower Prices:
The economic landscape has drastically changed in the past month leaving many households with a more limited budget for fun or extras. Hospitality has always been in the extra category, therefore, taking a look at what your previous cost as per customer and where ideally you think your customer could afford to be is a huge factor in surviving. Restaurants alone can offer new to-go options that are more cost-effective on their end for ingredients, and eliminate actually cooking them by offering ready to cook options. These options could be family-style and slightly lower than their typical menu. For hotels offering a post-pandemic package that includes a resort credit or is a slashed room rate can entice customers to return later this year even if they won’t have the same travel budget.
The overall key for hospitality companies to survive and thrive is to look at ways they can reinvent themselves to match the new landscape.
At rinehimerbaker, we provide leading cloud-based technology packages as well as best-in-class outsourced accounting to hospitality companies. If you are struggling to keep up with your business from home reach out to our team to see how we can help you change the dynamic and put you back on top.
Setting Yourself Up For A Successful Investment Round Or Sale Web Series
/0 Comments/in Chief Financial Officer, Intacct /by rinehimerbakerAt rinehimerbaker, our goal is to help companies meet and exceed their financial growth goals including having a successful investment round or sale. Having your financials wrapped up in a bow for prospective investment companies can ensure a sale is completed in your benefit. But how do you get your financials ready? Watch our three-part web series to find out our top tricks and tips or contact our team now to have a customized meeting related directly to your companies needs.
Fill out the form below to access the 3-part web series.
Best Practices for Managing Your Finance Team Remotely
/0 Comments/in Chief Financial Officer /by rinehimerbakerIn 2020 more and more companies are offering remote work options for their employees especially under changing circumstances. However, if you haven’t managed a remote team before it can be a daunting task. Below are our top four tips to help you regroup and get your team on track.
Technology
Before you can offer your team the ability to work remotely or from home on a part-time basis you have to have the right technology in place. Cloud-based solutions give your employees the ability to access all of the information they need to get their job done as well as keep the rest of the company up-to-date. Cloud-based solutions are more flexible and easier to administer compared to VPNs and access to on-premise solutions.
Clear Direction and Expectations
When you aren’t in the same place as your employees it can be challenging to ensure you’re all communicating exactly what needs to be completed. How can you keep the lines of communication open?
First outline exactly what you want to be completed and think about what questions you would have if you were given the same assignment or project. Ensure you make time to go through the goals and objectives and let your team ask questions prior to starting their tasks. Give reasonable timelines for projects and offer touchpoints throughout to ensure everyone remains on the same page.
At the end of a project or task have a check-in to see what worked, what was helpful, and what could have been better. Clear communication is key.
Schedule Pulse Checks
Since your employees are working from home or an outside office they are often left to their own devices to ensure they are completing their job. Scheduling regular check-ins to discuss everything going on with their projects, daily tasks, challenges, and take note of what’s going on in their personal life. The more you communicate with each remote team member the better you will understand their workload, where they excel, and what they need from you.
Offer Flexibility
Part of working remotely is having the ability to work at a pace that is best for you. From a manager’s perspective focusing on accomplished tasks vs. hours is key to being a success in these new roles. It also gives your team the ability to take care of their personal life the way they need to which in turns means when they work they will be 100% focused on the tasks your company needs to be completed.
While managing a remote team may be a new concept for some companies, it can be one that is extremely productive with the right steps taken.
Managing Your Business When You are Time Poor
/0 Comments/in Chief Financial Officer /by rinehimerbakerOne 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.
How Hospitality Survives in 2020
/0 Comments/in Restaurants and Hospitality /by rinehimerbakerThese are completely unprecedented times and with stay-at-home orders across the nation, hospitality companies are facing new challenges to stay relevant. The overall hospitality industry has taken a huge hit in business and is facing sales that aren’t enough to cover their fixed costs. With that in mind, hospitality companies’ goals for the next six months focus on maximizing profit margins for delivery, take out, new programs that can be mailed out, and virtual programs. Many of these offerings can be completely new to the business making it a significant challenge. Given this, what are a few ways to meet this challenge and bring customers back to your business?
Offering Discounts:
Many of your customers are stuck at home therefore you aren’t losing them to a competitor but rather to no decision or rather lack of opportunity. With that in mind, offering a discount will encourage your customers to call in order even if they aren’t able to eat at your restaurant. With many people out of jobs, or on limited hours a discount could also put your business back into their budget.
New Offering for Stay-at-Home Customers:
Hospitality companies that relied on their customers to be able to come into their place of business such as gyms, or breweries are looking for ways to still engage and be relevant. The big question here is what can you offer to customers virtually? For example, a Pure Barre studio could offer classes virtually- allowing them to still collect their monthly memberships and help customers remain connected. Breweries can offer a drive-through option where customers can still pick up their weekly drink of choice. Local boutiques can offer delivery within a certain radius of their store with virtual shopping appointments.
New Services at Lower Prices:
The economic landscape has drastically changed in the past month leaving many households with a more limited budget for fun or extras. Hospitality has always been in the extra category, therefore, taking a look at what your previous cost as per customer and where ideally you think your customer could afford to be is a huge factor in surviving. Restaurants alone can offer new to-go options that are more cost-effective on their end for ingredients, and eliminate actually cooking them by offering ready to cook options. These options could be family-style and slightly lower than their typical menu. For hotels offering a post-pandemic package that includes a resort credit or is a slashed room rate can entice customers to return later this year even if they won’t have the same travel budget.
The overall key for hospitality companies to survive and thrive is to look at ways they can reinvent themselves to match the new landscape.
At rinehimerbaker, we provide leading cloud-based technology packages as well as best-in-class outsourced accounting to hospitality companies. If you are struggling to keep up with your business from home reach out to our team to see how we can help you change the dynamic and put you back on top.
Help for All During a Challenging Time
/0 Comments/in Bill.com /by rinehimerbakerOne 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.
Why Your Accounting System Needs an Upgrade
/0 Comments/in Intacct /by rinehimerbaker{ FREE WEBINAR} Do you experience hours of manual work with exports, rekeying, and workarounds every month? Just because you’re in a growing organization that doesn’t mean you’re stuck with an old accounting system. If you experience consolidations that take days, or EOM closings that take half the month it’s time to consider what your options are to upgrade your accounting system.
This webinar is for any company that feels the pain points of a system that doesn’t fit all their needs and they’ve hit the solution’s ceiling. The host will hit the top five key pain points that we see many of our clients facing once they’ve outgrown their system. Take the time to listen in, and see how many you identify with. Then contact our team to see how we can create a best-in-class solution based on your specific needs that won’t hit a ceiling in the future.
rinehimerbaker works directly with Sage Intacct because of the solutions ability to eliminate many issues growing companies face internally. Sage Intacct offers growing companies the ability to scale with their growth and cut their monthly close process in half. Cloud-based ERP solutions are offering companies the ability to work remotely, access to real-time data, and reports within minutes.
Join Jack Sweeney, host of “CFO Thought Leader” and 2 leading Finance Executives to learn:
Sign up now to reserve your spot during the webinar or to ensure that you receive a copy of the recording if you can’t make it.
Contact rinehimerbaker today to make your move to the cloud.
Using a Slow in Business to Your Advantage
/0 Comments/in Chief Financial Officer /by rinehimerbakerBusinesses 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.
Are Your Finances Ready for COVID?
/0 Comments/in Intacct /by rinehimerbakerThe 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:
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?
/0 Comments/in Intacct /by rinehimerbakerYour 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:
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 Updates
/0 Comments/in Intacct /by rinehimerbakerSage 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.