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 Outdated and under-powered software makes budgeting and planning a lot harder than it needs to be.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…]
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…]
The complexity of project-based accounting is only exacerbated by the need for accuracy, relevance, and currency. Technology helps to bridge the gap, but not every solution provides the real-world functionality companies require to make accounting into an asset.
2017 was an active year for sales tax policy, and 2018 promises to be no different. One of the most contentious tax issues of recent decades – revenues related to online sales – is likely to reach a head this year and force a radical rethinking about how e-commerce is conducted.
For companies that work on a project basis, the KPI is project profitability. The challenge is that determining whether revenue truly outweighs costs is tricky, and no single individual or department has sole responsibility for profitability. [Read more…]
Automation is nothing new to accountants. At least since the advent of the adding machine financial professionals have been using intelligent tools to work more effectively. What is now different is that automation has become essential rather than merely beneficial.
The new revenue recognition rules mandated by AS6 606 recently went into effect for public companies and will soon go into effect for private ones. The details of these rules are familiar to everyone by now. And, unfortunately, so are the complexities, complications, and consequences. [Read more…]