American Crafts’ Post

How would you know it’s time to consider working with an outsourced partner for your financial analysis and research? If that’s a question that’s crossed your mind, here are some signs to self-diagnose: 1) If you’re on a growth projection and expanding rapidly. 2) If your data is starting to feel like a messy, ugly bowl of spaghetti. 3) If you get panicked at the thought of getting an audit. 4) If you’re struggling to hire a full-time employee or team to handle your financial data management. 5) If you’re making money but have no idea why you’re still operating at a loss. Did you recognize any of these signs? If yes, it’s time to consider speaking to a trusted growth partner. Chat with me or my co-founder today. ------ #rhodiumanalytics #fpa #financialanalysis #outsourcingsolutions #financialmanagement #financialanalytics

𝗙𝗶𝘃𝗲 𝗦𝗲𝗰𝗿𝗲𝘁𝘀 𝘁𝗼 𝗥𝘂𝗻𝗻𝗶𝗻𝗴 𝗮 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗣𝗼𝗼𝗿𝗹𝘆 1. Hire an "expert" external advisor with misaligned financial incentives 2. Hire a third-party accounting firm with a poor record for accuracy 3. Use suppliers that hide all pricing and quality data from you 4. Don't look at any of the financial details of the business 5. Adopt an attitude that it's all out of your control and follow a 'hands off' approach Of course, most businesses would never consciously do any of this. Unfortunately, most businesses do all of these. This is exactly how most businesses operate their employee health benefits plan. #5 is especially prevalent. If you believe there's nothing you can do, then you're right. But it's just not true. Health plans aren't more complex than any other part of your business. And more importantly, health plans can be successfully managed with active oversight, proven management principles, and common-sense decision making. If you want a high-performing health plan, then do what you'd do in any other part of your business. Remove all conflicts of interest. Insist on transparency, quality, and accuracy from all vendors. Dig into the financial details and use the data to guide your decisions. It's all in your control.

In the past 18 months I feel like Data Analytics has become an ever valuable tool to many businesses. Of course its always been around, but in the modern day accountants can leverage advanced analytics tools and techniques to derive valuable insights from vast amounts of financial data - and clients are starting to find this important when recruiting Accountants! Whether you are passionate about Financial Statements, Budgeting and Forecasting, or Forensic Accounting, Data Analytics offers plenty of opportunities to elevate your accounting skills and make a meaningful impact in your organisation. So what is Data Analytics? Data analytics involves the use of advanced tools and techniques to analyse large datasets, identify trends, detect anomalies, and predict future outcomes. By learning data analytics, Accountants can enhance decision-making, improve financial reporting accuracy, detect fraud more effectively, and optimise business processes. Would you say your passionate about Data Analytics? Do you feel like it will continue to evolve and hold a real importance in the Finance world? #Accountant #SearcHive #DataAnalytics #Recruitment

TOP 10 RATIOS TO ANALYSE A COMPANY'S PERFORMANCE: Measuring the performance of a Company over fixed intervals is crucial for determining its financial health. One way of doing it is through the analysis of financial ratios.🛖 These ratios give a Company an in-depth view of utilizing resources and speak volumes about how the business operates.🙏 Using financial ratios, you can compare various facets of your business’s performance. Ratios also tell you where a company stands in a specific industry. We can say that they give an overview of a company’s financial structure.🏡 You can hire either an outsourced controller or a business analysis service for evaluating and analyzing these ratios.👏👏

Ad Hoc in Business: Understanding the Limits Many businesses use "ad hoc" to describe tasks falling outside an employee's job description [4: https://lnkd.in/d73zWjqp]. While the Labor Code allows superiors to assign tasks [1: https://lnkd.in/dMhGRX7Z], there are limits. Employee Rights: Employees have the right to refuse tasks that are illegal, unethical, or not in their contract [1: https://lnkd.in/dMhGRX7Z]. Unfortunately, , most contracts state that you need to do whatever your supervisors says. I am not sure how anyone agrees to it. Ad Hoc vs. Exploitation: Ad hoc tasks should be occasional, not a way to overload staff [4: https://lnkd.in/d73zWjqp]. Example:  An "investment support analyst" job description listing "ad hoc involvement in strategic projects"  might be reasonable [4: https://lnkd.in/d73zWjqp]. But if this becomes the main responsibility, it could be a sign of a workload issue. I do not personally see any way to discuss concerns with the supervisor or HR in regard to this or many other situations on the job. So if you or human resources staff think it is okay to let someone go or inform him or her about any changes in your contract during performance review meeting, or if you put in the employee contract that supervisor is allowed to ask whatever other tasks than are not explicitly stated in the contract, than do not bother connecting with me.

Small businesses often struggle with finances, focusing mainly on taxes and cash flow. But there's more to it than just the basics! As your operations grow, integrating them with your financial strategy is crucial. How do you plan consistently without feeling like you're throwing mud at the wall? And why do standard reports often miss the mark? The answer lies in professionalizing your finances. Upgrade your systems, implement internal controls, consider hiring a controller, and create custom reports tailored to your needs. Dive into FP&A to anticipate future scenarios and understand the impact of your actions. Peeling the layers of this financial onion is key to business success. The better you get at it, the stronger your business will become. Let's elevate our financial game together! 💼💡 #SmallBusiness #Finance #ProfessionalizeYourFinances #FPandA #businessgrowth

🎇 It's 2024! Now the dust has settled on the festive period and we get back to work and up to speed, it is a great time to check out our January reports to fill you in on some key aspects of the coming month. Our 3 reports cover:- 🌟 January News Round Up 🌟 Personal financial planning in 2024 🌟 Recruitment – Should you hire or outsource accounting? 🗣 As always, we hope that you find this information useful, and if you have any questions about anything mentioned then don't hesitate to get in touch today and speak to one of our team!

5 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐇𝐢𝐫𝐢𝐧𝐠 𝐚 𝐂𝐨𝐧𝐭𝐫𝐨𝐥𝐥𝐞𝐫 While the role is often misunderstood, Controllers bring a blend of expertise, foresight, and leadership that transforms accounting departments into pivotal drivers of business success.   Here are 5 benefits Controllers can provide: 1. 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐎𝐯𝐞𝐫𝐬𝐢𝐠𝐡𝐭 - Controllers provide strategic oversight. They align financial policies with business objectives so that financial strategy supports overall corporate goals. 2. 𝐈𝐧-𝐝𝐞𝐩𝐭𝐡 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 - With comprehensive analysis and detailed reporting, Controllers provide the insights needed to make informed business decisions, identify trends, and address issues before they escalate. 3. 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐂𝐨𝐧𝐭𝐫𝐨𝐥𝐥𝐞𝐫𝐬 focus on improving processes. They introduce robust accounting systems and software to streamline reporting, improve accuracy, and facilitate easier access to financial data. 4. 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞 - By identifying potential financial risks, implementing mitigation strategies, and focusing on compliance issues; Controllers safeguard the company's assets and provide financial stability. 5. 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 - Controllers optimize operations within the accounting department through workflow assessments and process improvements, resulting in faster close times and more reliable financial information. Can’t afford a full-time Controller? The A Team’s Outsourced Controllers can customize these services to fit your unique business needs, offering all of the benefits at a fraction of the cost. https://lnkd.in/eT7wpDuk #TheATeamConsulting #FinancialOversight #OutsourcedController

♻️ WHY YOU NEED TO TAKE FILLING OF DOCUMENTS SERIOUSLY FOR YOUR BUSINESS. Filling documents is an essential part of running a successful business. Documents such as contracts, invoices, receipts, tax forms, and reports help you keep track of your transactions, and performance. However, filling documents can also be time-consuming, tedious, and prone to errors. That’s why hiring a data-entry expert can be a smart move for your business. 📌A data-entry expert can help you with tasks such as: ▪️Entering data from various sources into spreadsheets, databases, or software applications. ▪️Formatting, editing, and proofreading data to ensure accuracy and consistency. ▪️Performing data analysis and reporting to provide insights and recommendations. ▪️Creating and maintaining backup copies of your data and documents. ▪️Ensuring compliance with data security and privacy regulations. ✨️By outsourcing your data-entry needs to a professional, you can save time, money, and resources. You can also focus on your core business activities and goals, while having peace of mind that your data is in good hands. A data-entry expert can help you streamline your document management and improve your business efficiency and productivity. #dataentryservices #dataentryspecialist #virtualassistantservices #businessandmanagement #documentmanagement

Success in the fast-paced business environment of today depends on more than simply creative concepts and adaptable tactics💯 It is mostly dependent on the careful handling of information and data. Precise documentation is not merely an everyday task; it is essential to the effectiveness and expansion of a business. Here's why 👇 ⭐ Compliance and Legal Obligations: Whether it's tax filings, regulatory requirements, or industry standards, accurate record-keeping ensures that your organization remains compliant. Failing to maintain proper records can lead to hefty fines, legal repercussions, and even tarnish your reputation. ⭐ Financial Transparency: Clear and precise financial records provide insights into your company's financial health. From budgeting and forecasting to assessing profitability and identifying cost-saving opportunities, accurate records empower informed decision-making at every level. ⭐ Operational Efficiency: Imagine trying to track down a misplaced invoice or deciphering incomplete documentation during an audit. It's a nightmare scenario that can be easily avoided with effective record-keeping practices. Streamlining processes, reducing redundancies, and minimizing errors are all byproducts of maintaining accurate records.   ⭐ Historical Insights and Future Planning: Your previous achievements serve as an outline for your future activities. Thorough records provide priceless past information that can be used to identify trends, patterns, and potential improvement areas. Proper documentation serves as a strong basis for growth initiatives and strategic planning, whether it be for operational metrics, customer behavior analysis, or sales data analysis. ⭐ Enhanced Customer Service: Timely access to accurate customer records enables personalized service and effective relationship management. From tracking purchase history to resolving disputes, having comprehensive customer data at your fingertips fosters trust and loyalty. ⭐ Risk Mitigation: From cybersecurity threats to natural disasters, businesses face many risks. Accurate record-keeping serves as a safety net, ensuring critical information is safeguarded and easily recoverable in unforeseen circumstances. In a digital age where data is king, the importance of accurate record-keeping cannot be overstated. It's about achieving your organization's potential, not just about compliance and operational effectiveness. Thus, make the time and financial commitment required to set up reliable record-keeping procedures. It's essential to your long-term success and your bottom line 🙌 #recordkeeping #bookkeepingservices #cashbookkeeping