The Problem With Spreadsheets, Part 4: Tracking Budgets

It’s one thing to have a budget for your department or a customer project, but it’s another thing to actually follow it. Of course, you need to hit certain financial goals and deliver a product according to what you quoted, but how well can you follow a budget using a spreadsheet? Not very well indeed.[…]

The Problem With Spreadsheets, Part 2: Where Did We Go Wrong?

It’s easy to dot the “i” and cross the “t”, but not always as easy to remember to carry the one when working on a mathematical formula in spreadsheets. You often don’t see the formulas when scanning through pages and pages of financial figures. Then, as cells are connected to other cells on additional spreadsheets,[…]

Aren’t Collections a Pain in the Neck?

In an ideal world, we wouldn’t have to make phone call after phone call to collect payments for services rendered.  Collections can be an expensive part of running a business.  The longer they are outstanding, the more it hurts our finances and cash flow.  Switching up the accounting processes may help close the cycle and[…]

Data Rich, Information Poor

You can have all the business data in the world, but unless you know how to use it, your data can be useless.  Each day your business generates volumes of data that you need to make successful decisions and drive growth.  However, getting accurate data and making sense of it can be tricky.  That is[…]

What’s Your Flavor? Specialty Software vs. Enterprise Resource Planning Solutions

Your business is made up of distinct departments, such as accounting, manufacturing or distribution, inventory, shipping, marketing, and other activities.  Do you get individual, specialty software for each department or does an enterprise resource planning (ERP) solution suit your business needs better? I can see how that can be a tough question to answer, but[…]

Growing at Warp Speed

Your business is really taking off and you have customer orders coming in faster than your team can handle them.  What a great problem to have, until things start falling through the cracks.  If orders aren’t entered quickly, then deliveries will be delayed.  If accounting doesn’t get invoices out, you won’t get paid.  Business growth[…]

Untangle Your Hairball of Data

Many years ago, there used to be only a few, very expensive choices for comprehensive enterprise resource planning (ERP) business management software.  Most businesses couldn’t afford to implement these pioneering applications, nor did they have the time for the often lengthy deployment and training phase.  As a result, specialty software programs became popular, which created[…]

What Would You Do With More…Time, Money, Resources?

Playing the ‘what if’ game in business can be good practice, especially if you’re forecasting for inventory or preparing for customer demands. But this time, we’re asking you ‘what if’ you had more time, money and resources?? I can’t tell you what you should do if you had extra time, money, and resources, but I[…]

How to Master Your Touchdown Dance as You Head into that Second Quarter

We have completed the first quarter of this calendar year and are heading toward the halfway mark in the second quarter.  What have you discovered in the first quarter’s data that may influence the second quarter results?  If you are still shocked that some businesses already have first quarter results in their hands, then I wager[…]

‘Mind the Gap’ with Important Financial Data

Like the famous warning noted near trains, reminding passengers to be careful when walking between the train and station platform, accounting departments should also ‘mind the gap’ with important financial data.  Any gaps between payables and receivables, entering contract or invoice data, and turning financial figures into shareholder or tax reports should be carefully tread.[…]