Accounting software is typically a company’s first big investment in their digital strategy. And, field service providers are no exception. Because, well, there are no exceptions. It doesn’t matter what you sell, who you sell to, or how, exactly, you generate value, everything links back to the bottom line. It only follows that building your…
A lot of new ERP implementations come about due to financial reporting issues. More often than not, financial reporting difficulties can be traced to a Chart of Accounts (COA) which no longer meets the company’s needs. This situation results from the following: The original COA design did not allow for future growth. For example, account…
It’s no secret that the differences in federal and state cannabis legislation can hinder business growth and financial stability, making it difficult for cannabis businesses to thrive in this highly regulated industry. Cannabis businesses face challenges in accessing financial services, limiting their banking options and impacting their operations and growth. And, with conflicting federal and…
A cash forecast is used to monitor a company’s projected cash requirements for a specific period of time. Cash forecasting helps a company to understand the cash effects of sales and expense variances, changes in AP and AR activity, cash spending plans (e.g., capital spending), or changes in cash reserves. Some companies complete the forecasts…
Many AP professionals start their day with an inbox full of invoices to be coded or approval status updates. With the continuation of remote/hybrid work, they’ve lost even more visibility into where invoices are in the process. In fact, on average, AP team members spend more than 40% of their time looking for invoices that…
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. An accounting year is based on a number of accounting periods. Monthly accounting periods are the norm. Monthly accounting periods do not need to be based…
Overview General Ledger, journal entries (JE’s) are made for a variety of reasons. For example, JE’s are used to record GL adjustments, accruals and recurring entries (e.g. depreciation or expense allocations). If external systems are used and not integrated with the GL (e.g. Payroll), JE’s can be used to enter the external system’s transactions into…
Every field service provider struggles to maintain cash flow at one time or another. It doesn’t matter whether you’re a small or large company. It doesn’t even really matter whether you’re struggling or profitable. You may have record-high revenue on paper, but if you struggle to get invoices out the door promptly, you may not…
Maintaining a financially healthy business by understanding cash flow, generating revenue forecasts, and streamlining AR/AP is vital to the success of your cannabis operations. And when cannabis growers and processors begin to expand, it becomes even more crucial to have visibility into specific KPIs to protect the bottom line. In this blog, we outline the five…
The CFO sits in the sweet spot where finance meets strategic planning. They're perfectly positioned to fuel growth and meaningful, sustained change through digital investments. In this guide, we'll discuss six ways digital transformation has changed the CFO role, and what that means for companies moving forward.
