Adel Almnfei’s Post

In the complex world of business finances, the terms ‘bookkeeper’ and ‘accountant’ are often used interchangeably. But understanding the difference between these crucial roles is vital for effective financial management. Dive into our latest blog where we explore the unique responsibilities and expertise of bookkeepers and accountants. https://lnkd.in/gy2fiw_x

𝐅𝐫𝐢𝐝𝐚𝐲 𝐌𝐨𝐭𝐢𝐯𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 💼📊 As we wrap up another week, remember: Every ledger balanced, every financial report completed, and every forecast prepared brings us one step closer to excellence. 🔍 Whether you're crunching numbers, reconciling accounts, or planning budgets, your work keeps the financial world turning. 🌍💡 The dedication to detail, accuracy, and integrity that you bring to every task is what drives progress. Keep pushing boundaries, learning, and improving your skills—because success in accounting and finance is built one calculation at a time. 🔢 Let’s finish the week strong and keep striving for greatness! 💪✨ #FridayMotivation #AccountingAndFinance #ProfessionalGrowth #StayFocused #KeepLearning

🌟 From Challenges to Triumph!    We recently partnered with a large 𝐁𝐞𝐡𝐚𝐯𝐢𝐨𝐫𝐚𝐥 𝐇𝐞𝐚𝐥𝐭𝐡 𝐚𝐧𝐝 𝐒𝐔𝐃 𝐩𝐫𝐚𝐜𝐭𝐢𝐜𝐞 that was facing significant hurdles in their revenue cycle management. With rising accounts receivable and sluggish cash flow, they needed a change—fast!   🚀 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ➡ $140K collected from old accounts receivable in just 3 months! 💰 ➡ Achieved an impressive 98% clean claim percentage in their practice! 📈 ➡ Brought down average AR days below 30 🔍 Our experts dove deep, assessing their current processes to identify root causes of inefficiencies. We provided tailored solutions that not only streamlined operations but also delivered remarkable results.   👉 𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐭𝐡𝐞 𝐜𝐚𝐬𝐞 𝐬𝐭𝐮𝐝𝐲 𝐧𝐨𝐰 - https://lnkd.in/gBtHVz_z

🕘 Ever wonder what your finance team is doing with their time? 🕘 It's one of the most common frustrations I hear from business owners...something along the lines of, "What the hell are they doing for 37 hours a week!?" These are business owners who aren't getting what they need, whether it's inaccurate financial data, wishy-washy reports, or they feel like they're still carrying way too much of the financial load. Sound familiar? Here are some quick ways to assess why this is happening: 1. Are your expectations aligned? Have you clearly communicated what you need at the end of each month, and what you expect on a day-to-day basis? If you’re asking for “something simple,” make sure everyone’s on the same page about what that looks like. 2. Do they have access to the right data? Your finance team can’t deliver accurate insights without the right info. Ensure they have everything they need (with minimal input from you) to get the job done. 3. How efficient are your processes? If you’re wondering where your finance team are spending their time, it might be time to check if their processes are outdated, inefficient, or bogged down with manual tasks. If you're feeling like this, it doesn't have to be that way! Please shoot me a DM for some more ideas on what you can do to fix this common problem. What's been your biggest challenge with your finance team (either in-house or outsourced)? I'd love to hear!

I’m sure a lot of you just think that accountants just spending all day preparing reports that I don’t understand. Well yes, we do! 🤣 But really there’s a lot more than that, the best thing about working with a Virtual Finance Director is having access to the understanding and explanations that they can give you to these reports. 💡 You need a report to explain how efficient your staff are? Great we can help you prepare that report. But if you don’t understand it, there really isn’t any point in having it. 🤷 You need an explanation of what it means, you want that as well? Great we can prepare the report for you and then in our next monthly meeting/review we can spend time talking you through this repost and who you can use the information that it contains. So yes, we do spend our time producing reports but Pisces also spends time explaining these reports to you and helping you use and understand them. 👍 So if you want to find out what this or that report means please send me a DM below and we can get on a call to explain to you.

👩⚕️ Pick a current pain... pause and review...dream your ideal world👩⚕️ Following on from my last post, we have been busy the last quarter challenging legacy ways in our own business - so much so that we applied the Lean Finance Function Workshop that we run for clients to our own accounting firm's procedures. It was a great session to run with our practice manager Angela Chen and bookkeeping lead Alex Klaus to alleviate some pains! Here's some of the things that we uncovered: ✅ There had been a number of different people over the years involved with it and they just picked up how the pervious person did things. By taking the time to pause, we were able to identify waste/aspects that weren't needed so frequently or at all (think complicated reconciliations for no benefit, reporting that wasn't driving desired discussions, etc) ✅ Identifying which people should be involved and what alternative options we have available (to create capacity for team to focus on what matters) ✅ Challenge the regularity of doing accounts and build out a good rhythm around activities (we're not a complicated business, so less is best!) ✅ Identify gaps in knowledge around some of the new tech tools - so a drive on learning about them is in place to make the most of them ✅ Strip back what aspects the finance team should be doing vs a team assistant (quite often the finance team gets pulled into non-finance aspects which creates pains and friction) and allocate tasks accordingly ✅ and many more!

Working on a clients financials yesterday and certain accounts were slightly off. Got to thinking and found the numbers I needed buried in some accounts they weren’t supposed to be in. Love getting that feeling of it all lining up. The flip side of this is the whole picture. I did the write-up. Those numbers were in the wrong account because of me. The reason was, they were missing context of the whole picture. I put them in the account I believed the belonged in until I was able to step back and look at the whole picture and make the RIGHT decision for those amounts. What’s your favorite feeling as an accountant? Recs hitting $0 balance on the first try is up there.

🌞 Year end close looms - are you working on closing the books this Summer? 🌞 Get strategic insights on leveraging Accounting Professionals, Financial Analysts, and PMs for a seamless process. We have supported dozen and dozens of clients every year through and have learned some valuable lessons along the way. Shoot me a message if you are want to hear more about this. You can also take a peek at our new blog! https://lnkd.in/g_7P3Hii #yearendclose #fiscalyearend #closingthebooks #finance #accounting #workforcesolutions #specializedstaffing

Revenue Planning model Credits to Bojan Radojicic, follow him for more practical finance content. Here's the original post ----- One of the most crucial aspects of business forecasting and strategic planning 👇 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘀𝘁𝗿𝗲𝗮𝗺𝘀 𝗮𝗻𝗱 𝗵𝗼𝘄 𝘁𝗵𝗲𝘆'𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗲𝘃𝗼𝗹𝘃𝗲. Whether you're a startup founder, an executive, or just someone looking to understand the financial intricacies of a business, having an effective revenue model can be a game-changer. To help out, I'm excited to announce that I'm providing 3 comprehensive revenue models for FREE! These models can guide you in analyzing: 📌 Recurring Revenue (ideal for subscription-based businesses) 📌 Customer -Based Revenue (great for B2B businesses with less than 1000 customers) 📌 Unit-Based Revenue (applied in case you can reliably estimate revenues per unit such as product, location, sales manager, category, business units, etc. ) If you're looking to fine-tune your forecasting, strategize growth, or simply understand where your money is coming from, these models can be a fantastic starting point. 𝗪𝗮𝗻𝘁 𝘁𝗵𝗲𝘀𝗲 𝟯 𝗺𝗼𝗱𝗲𝗹𝘀? Check this link: https://lnkd.in/dx-uyaNU ----- Follow our page FP&A Secrets to grow your career in Financial Planning & Analysis

👹 Have a tight deadlines for your annual financial statement submission? Your are not alone! For a many years I was struggle with this: Errors in data entry. Manual adjustments. Incomplete reconciliations. Missing supporting documents. Delayed invoices, incorrect accruals. Late submissions of data from departments. Keeping up with changes in accounting standards Tight deadlines while managing day-to-day operations. Frequent updates, lack of training, or unclear guidelines. Even though I had a lot of corporate procedures on closing, I always preferred to have my own check list that ensure my financial fullfill 4 assertions: ✅ Completeness ✅ Accuracy ✅ Existence ✅ Valuation Here is some of my favourite annual closing checklists. Want this in Excel? Just put comment "Interested in annual checklist" so I can share a download link. P.S. If you like this, you may like my 𝗖𝗢𝗥𝗣𝗢𝗥𝗔𝗧𝗘 𝗙𝗜𝗡𝗔𝗡𝗖𝗘 𝗠𝗔𝗦𝗧𝗘𝗥𝗖𝗟𝗔𝗦𝗦. Learn more here: www.bojanfin.com PS. Grab a New Year 35% off, until 15th of January.