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…
Background Triumph Express Service Canada, Inc., is best known for expertise in shipping customers’ ocean freight between Asia and Canada. Toronto-based Triumph Express is active at all Canadian ports including Vancouver, Prince Rupert, Montreal, and Halifax. The organization is also well represented in China, the India subcontinent, and SouthEast Asia markets. With three decades of…
A Booming Business During the second quarter of 2020, overall edibles sales hit an all-time high of $227 million. Booming growth meant that a top cannabis edibles organization outgrew its “ERP Lite” solution built on QuickBooks and Google Sheets. It was a big goal for the organization to reduce dependency on the limited, siloed products…
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…
Background At 710 Labs, the team prides themselves on the organically sourced inputs they feed their cannabis plants, as well as their intense care for the resin they produce. But don’t just take it from710 Labs them — they let their product speak for itself. Headquartered in California, 710 Labs also has presence in Michigan,…
The ability to collect payments faster is more significant than ever. The economic landscape is increasingly volatile, with fluctuations in market conditions and currency values. This unpredictability makes it crucial for businesses to maintain a steady cash flow to ensure stability and resilience. Secondly, the rapid pace of technological advancements has raised customer expectations. Consumers…
In our How to Build and Maintain an Effective Budget post, we discussed how to build a budget using your ERP’s budgeting functionality combined with Excel worksheet templates and ERP file import. Most companies today prepare some sort of financial budget. Budgets can be built at a very high level (Sales, cost of sales and…
Background A multigenerational family-run business headquartered in California, the team at Westerlay Orchids has a simple mission: to grow the most stunning and highest quality orchids. Westerlay’s path to producing some of the finest orchids available stretches back generations of horticulturists to the greenhouses of Holland. Company founder Joop “Joe” Overgaag was a greenhouse farmer…
An accurate budget is the basis of effective business management. Today, most companies prepare a financial budget. Some build budgets at an extremely high level (e.g., sales, cost of sales and expenses), others build a detailed budget (e.g., sales detail by type, expenses by department, capital spending, projects). Companies may also budget the Balance Sheet…
An accurate budget is the basis of effective financial and operational management. Today, most companies prepare a financial budget. Some build budgets at an extremely high level (e.g., sales, cost of sales and expenses), others build a detailed budget (e.g., sales detail by type, expenses by department, capital spending, projects). Companies may also budget the…
