Budgeting and planning is either a necessary evil or an exciting asset depending on who you ask. If you fall into the first category, your accounting software is the likely culprit. Outdated and under-powered software makes budgeting and planning a lot harder than it needs to be. Even worse, it strips away the strategic potential of both. [Read more…] about Driving Growth With Sage Intacct Budgeting and Planning
The financial consolidation process has never been perfect. It’s a time- and labor-intensive process that eats up institutional resources and risks inaccurate or incomplete reporting. Even in businesses with relatively few business units to consolidate, the process commonly takes weeks and creates a lot of disruption and uncertainty along the way. [Read more…] about Why Next-Generation Financial Consolidations are Overdue
Accounting has always been important in family offices, but it hasn’t always been urgent. Closing the books on a quarterly or even just annual basis was deemed acceptable. And even if accounting was slow or prone to error, it was considered adequate.
That may have once been true, but accounting standards have risen significantly in recent years. Instead of closing the books in weeks, in-depth reports are expected within days or even hours. The amount of data to consolidate and analyze is exploding as financial and operational data are combined. And compounding these issues is the fact that accurate, up-to-date financials are essential for effective decision making. [Read more…] about Performance in the Family Office: Turning Accounting into an Advantage
As accounting has grown ever more important the role of the controller has grown as well. In addition to being sound financial stewards and effective organizational managers, they must also play a crucial strategic role. Controllers who are able to generate actionable, in-depth insights out of vast financial data give their companies a distinct strategic advantage. [Read more…] about Controller Q&A: Ask These 5 Questions First
Professional services firms are not behind the times in terms of technology. In fact, one survey showed that 95% of firms rely on best-of-breed technologies. But these firms are also not unique in struggling to use technology to the fullest.
The issue is that while individual capabilities may be strong, cross-functionality and interoperability are weak. Technology serves individual aspects of the enterprise but doesn’t extend across departments, data sets, or workflows. Consequently, tech tools cause as many problems as they solve. [Read more…] about Why Enterprise Technology is Essential to Professional Services Firms
Today’s strategic CFOs have a central role to play in project-based businesses. With careful oversight and savvy strategic thinking, it’s possible for CFOs to maximize project profitability and directly grow the bottom line. Here are five strategies executives can take to cut costs and drive revenue:
Focus on Key Metrics
Large-scale data collection makes it possible for CFOs to track dozens or even hundreds of metrics. Each indicates something interesting, but only a few reveal the true performance of the project:
- Bill Utilization
- Project Margins
- Annual Revenue Per Billable Consultant
- Annual Revenue Per Employee