Introduction The mention of purchase orders (PO’s) as part of a company’s internal control toolkit always evokes numerous complaints that using PO’s un-necessarily complicates the purchase and payment cycle. Back in the day when POs were manually processed, not integrated with the ERP or not supported with robust review, approval or workflow functionality, these points…
Overview Accounts Payable (AP) operates in a demanding environment. The volume of AP transactions is substantial, and the payables processing cycle can be difficult to complete, as AP interacts with nearly every department in the company as well as with outside vendors. To successfully meet its processing goals, AP must rely on both streamlined and…
In today’s complex business landscape, the right software tools are more than just aids; they are essential components that drive project success and financial stability. A common area of confusion lies in distinguishing between Project Management and Project Accounting software. Both serve critical yet distinct functions in the lifecycle of a project. This blog aims…
Who wears the data chief crown at your organization? There’s something of a debate about who rightfully owns that title. Some advocate for the CIO, while others side with the CTO. Yet, an emerging trend among mid-market enterprises, especially those with limited IT resources, highlights a different contender: the CFO. That’s right. You—the CFO—are your…
Overview An organized and controlled GL period close is essential to the completion of accurate financial statements. Accurate statements are critical in expense control analysis and support informed financial decisions. Accounting years are based on a number of accounting periods. While monthly accounting periods are the norm, accounting periods do not need to be based…
Overview A monthly departmental expense variance to budget or forecast meeting with accounting, is a useful tool used to proactively control expenses and support department manager accountability. In a budget only setting, a review of department expense performance is scheduled as a part of the financial close. As a part of the closing process, preliminary…
Are your resources and rate structures optimized for profitability? In the professional services industry, where time is money, ensuring profitability requires careful planning and execution. Many firms rely on billable hours to generate revenue, but simply maximizing billable time isn’t enough. This blog explores two key drivers of profitability: rate structures and resource utilization. We’ll…
Most business leaders understand that ERPs are one of the biggest investments they’ll ever make. They also understand that the benefits of streamlined processes, enhanced visibility, and quick, data-informed decision-making have outsized impacts on the bottom line. Still, one question looms heavy on decision-maker minds: “how much is an ERP system cost?” Unfortunately, there’s no…
Introduction The Accounts Payable (AP) department in most companies operates in a demanding environment. The volume of transactions is usually substantial and completing the AP processing cycle can be difficult. AP interacts with nearly every department in the company as well as with outside vendors. To successfully meet its processing goals, AP must rely on…
Overview The most general definition of project accounting would be tracking financial transactions by project including costs, billings, and revenue. What constitutes project accounting in a company is based on several factors including company type, the number of projects and company size. For project centric companies such as Consulting Firms, Architect and Engineering Firms or…
