In Pursuit of Profit
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Take the time needed to effectively plan for not only the most fun parts of the new venture, but to think through key accounting considerations that can aid in promoting growth and mitigating financial risk.
There is skepticism around whether special skills are required to recruit well, how much experience plays a part in the process, and if the benefit justifies the cost.
11/17/2023 How to Handle Excess InventoryOriginally published: 1/12/2022 Updated: 11/13/2023 Census Bureau data indicates that U.S. retailers were holding onto $732 billion in inventory in July of 2022, which was a 21% increase compared to the year prior. Held inventory peaked in the US at the end of 2022, and while companies have made strides to work some of that down in the more than a year since, it remains high in many industries with consumer purchasing still depressed by economic conditions. If your company is carrying an abundance of inventory, it is important to act quickly to get it off your books and out of your warehouses. Use this guide to understand why excess inventory is so costly, and what to do about it! 11/9/2023 Where are All the Accountants Now?
For the last few years, it seems like every accounting article has mentioned the shortage of accountants in one way or another. Business leaders, recruiters, and accountants themselves are bemoaning the ongoing accountant shortage. In a time when people have a hard time agreeing about anything, the consensus these days among everyone talking is unanimous – the scarcity of accountants has become a serious problem. And yet, the proposed solutions continue to fall short of addressing the problem in a meaningful way because they fail to take into account why accountants are actually leaving.
11/3/2023 The Intersection of Accounting and AI – The Complete Guide to What Business Leaders Need to Know
It is situations like these that proponents of AI in accounting are hoping to reduce (or eliminate entirely) by using AI applications like automation and machine learning. As our team explains when discussing the future of accounting, Technology can be used to augment accountants’ responsibilities, increasing efficiency and improving job satisfaction. AI is currently the most transformative force in the accounting industry, and with good reason! AI allows accountants to do better work faster, improving accuracy, scalability, data availability, and collaboration to drastically improve business outcomes. But increased accuracy and efficiency are not the only benefits that AI has to offer. AI use in accounting can also improve job satisfaction, providing more fulfillment in the work that accountants do. Reducing the amount of busywork accountants are responsible for frees them up for more strategic activities, allowing them to act in more of an advisor role instead of just a number crunching capacity. This shift can greatly help to retain accountants amid the current labor shortage.
I’ve seen many clients struggle to find accounting help over the last two years across all employment levels – from bookkeeper all the way through CFO. I’ve seen new hires simply not show up for their first day without any notice. I’ve seen new employees resign less than a month after starting for other opportunities or just to leave a work culture they don’t like. Workforce expectations have shifted dramatically over the past five years and employers are struggling to fill open positions amid these changes. In fact, Manpower surveys indicate that 75% of employers report difficulty in finding skilled accounting talent.
However, you can’t guarantee that the process will go this well. Sure, you can communicate that you expect employees to bring this kind of tact to the transition, but you cannot control their timing or actions during the process (and sometimes neither can they depending on the circumstances involved!). Instead, you need to have a formal succession plan in place to safeguard the business against the kind of disruption that can happen when an accountant leaves unexpectedly.
The time to get ready is now! Plan for your accountant’s departure before you need to do it so you can be properly prepared.
I wager many of you have gone through this scenario: You find a job that sounds great and start the interview process. Before you know it, you’re multiple interview rounds in (possibly even to the offer stage) and then you find out that the compensation isn’t a fit. You’ve wasted your time, and the company has wasted theirs.
Scenarios like this are why it is imperative to get clear on compensation expectations and details early and often in a job seeking process to avoid wasting time. So, how should you think about money in your job search? |
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12/7/2023