Getting a Rein on Organizational Functions With The Expertise of a Virtual Controller

Young speaker at a business meeting giving a presentation.

By Shoni Priyanka

Staying on top of one’s finances and working the way through budgetary restraints and defined deadlines can be one of the most daunting challenges for startup companies and other organizations. While taking care of all the issues concerned with the nature of the business, owners and management officials often find themselves at their wits end as they go about controlling all the documentations connected with financial transactions, banking formalities, accounting and taxation procedures, budget planning and other conciliatory activities which require time, energy and knowledge resources.

Under the circumstances, it certainly helps to have an external controller who takes over the responsibilities of managing the basic as well as advanced functions and processes and helping the organization work in smoother fashion.

Who exactly is a virtual controller and what is the periphery of his services and scope of work?

Well, if you do not want to employ a full time controller in house for reasons connected to finance restraints or work culture prevailing in the organization, you would consider going in for the services of a virtual controller – who works online and guides you by providing valuable management insight, customized and well prepared financial reports and value added services in the field of business decision making.

Some of the common ways in which an external expert can assist in controlling the different aspects and functionalities of your business organization are as follows:

• He / she is an experienced agent who can hold your hand and guide you through all the formalities of setting up your accounting system and package and set up the same as per your customized needs and requirements.

• As your business accounting procedures may go through certain changes after the employment of an external controlling firm or agent, they help the existing in house staff get used to the changes in the processes and also train them to use the same.

• If you already have a bookkeeper in house, then the controller co-ordinates the various processes of recoding and reporting financial transactions and makes sure that the work is done accurately and in a timely fashion. He also helps the bookkeeper in the event of any unprecedented problems or issues arising in the course of account management.

• They give adequate time to discuss the various ongoing and other pipelined projects and share their knowledge ad ideas on the department’s profitability as well as the feasibility of the various activities going on in the organization.

• Apart from fixing the asset depreciation schedules for equipments, taking stock of all the assets and liabilities and keeping a close eye on the current purchases, accounts receivable and payable, a controller also helps in tax preparation and filing of returns.

• They go a long way in planning out the strategies, helping in the documentation of procedures and policies, assisting with mergers and acquisitions and planning solutions for various issues connected with any unprecedented events which may arise in the course of the business.

The services of a virtual controller are exhaustive and cover a wide gamut ranging from the basic to most advanced functions. Cost effective and highly experienced, they help businesses get a controller function without locking up any infrastructural and other in house resources.

Article Source: http://EzineArticles.com/?expert=Shoni_Priyanka

Article Source: http://EzineArticles.com/8008926

We provide virtual and onsite Controller and CFO Services to small and medium sized businesses.

Ask us for help – this is what we do.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Standard Cost Accounting in Determining the Estimate Versus Actual

Business meeting

By Victor Viser, Ph.D.

Cost accounting in manufacturing answers the simple question: “Am I making money on this job, and if not then why not?”. Cost accounting is a bridge between financial and management accounting and is a technique used to address the demands of both. It is a systematic application that takes all events in the supply chain and translates them into financial values for analyses by various people both inside and outside the company operations. The most important results of the analyses are findings by which management can reduce manufacturing costs while improving profitability, especially in the multi-sequence operations of manufacturing. While there are several ways to approach cost accounting (e.g., activity-based, throughput, etc.), the generally accepted accounting principles most in line with manufacturing operations are standard cost accounting and weighted average cost accounting. In both standard cost and weighted average cost accounting, managers can best assess production profit results as they are related to a formula for the “standard cost” of manufacturing a product.

In general terms, the computation of manufacturing cost involves many methods and techniques to define the components of cost, as well as determining what will be the basis of cost measurement such as historical cost, market value, and/or actual cost. For managers, the simple point of cost accounting is to determine why production costs are different than what they were planned (or estimated) to be, and then to take the appropriate corrective action. In an integrated enterprise resource planning operation (ERP), where work orders, shop floor routers, and travelers define the job sequencing for a generated sales order, each aspect of the sequence is reviewed in terms of actual versus estimated cost to attempt to discover those production steps than are deviating the most from the planned cost. In focusing so closely upon the production sequence, each and every step can be macroanalyzed in terms of cost as it is related to variables such as volume of output, material, and labor time for production.

For example, to discover actual versus estimate discrepancies in a particular work center or production sequence, management can look to things such as scrap piece counts, set-up times/cost, and material costs as they concern specific sequences. As such data is accumulated, it is easier to come to an understanding as to what specific aspect or sequence in production is costing more than the estimate, and why it is doing so. For those manufacturers utilizing more robust ERP software systems, managers can quickly and easily see actual dollar costs against individual production activities, as well as finding opportunities to streamline operations and reduce costs. If needed, as a result of cost accounting a manager can even determine whether they should eliminate the entire production activity, especially if there is no value added or profit to be made.

With accurate and regular job cost accounting facilitated by ERP software, the modern manufacturer gains a competitive edge through the routine maintenance of cost efficiencies. Indeed, as corrections, as a result of cost accounting, are made in the production system to alleviate inefficient or non-profitable sequences, actual costs come into closer alignment with estimated costs, and in doing so provide a more predictable bottom-line.

Article Source: http://EzineArticles.com/?expert=Victor_Viser,_Ph.D.

Ask us for help.

We provide part-time offsite and onsite Manufacturing Cost, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, QuickBooks Training, Accounting, Cost Accounting, Controller and CFO Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

QuickBooks Certified Online ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist.

Microsoft Great Plains Authorized Real World Consultant.

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Strategic Planning for a Small Business – Overcome the Challenges

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WHY PLAN?

Things are ok. But how do you know you are thinking BIG enough? Are you leveraging the strengths, interests and talents on your team? Will you wind up in a place that will make you happy? What exactly is the best game plan? It is not that you haven’t been thinking about these questions. The business environment is complex and the choices are daunting. How do you answer the hard questions?

For the same reasons that pilots use maps when they fly cross-country and chefs follow recipes, it makes good sense to work towards organizational and personal goals with a written plan. One can operate without a plan, and many do, but the results probably won’t be optimal.

A strategic thinking and planning process can help to create a framework where you take control of the business, instead of sitting back and watching the business taking control of you. For many, the process of planning (thinking, discussing, researching and analyzing) is even more useful than the final plan. A planning process can help to sharpen a vision, evaluate alternative paths, build common understanding and commitment, balance dreams with reality, and transform uncertainty into action.

SOUNDS GOOD BUT MOST SMALL BUSINESSES DON’T PLAN

Although there is a lot of research correlating success with planning, it probably won’t surprise you that the majority of small businesses don’t have a written strategic plan. The reasons why are varied but some common themes include: “It’s not the best use of my/our limited time”, “planning takes away flexibility”, “there are too many uncertainties”, “we have a business plan”, “building consensus is too difficult”, and “it will cost too much”.

These are all real concerns, especially to the small business owner. The dichotomy is that the very reasons why organizations avoid planning are the same reasons that planning can be so effective. Let’s take a look….

TIME- “We are so overwhelmed – hiring, making sure our customers are happy, getting new products out – we just don’t have time to think about next week, forget about next year. Somehow, the future will just have to take care of itself.”
Thinking versus action provides a dilemma for many professionals. We are action oriented. When we are doing something, we feel productive. When we take the time to think, we feel unproductive. We need to do both. Without investing the time and effort to think about where we’re headed, it is likely we won’t get there.

When we become so involved in the day to day that we risk losing perspective, it is time to step back. If we stay mired in the trenches, the easiest solution is often implemented, not the best one. Planning takes time, but it leads to a focused use of the limited time available.

FLEXIBILITY- “We like to stay open to opportunities as they arise.”

Creating a strategic plan doesn’t mean that your business can’t be flexible. A plan sets the foundation so that when things start changing; there is a baseline from which to evaluate new opportunities.

Out of strategic planning come decisions like: “we will approach this target market, not that one”, “we will offer these products or services, not those”, “we will accomplish this objective before anything else.” Written plans demonstrate that careful consideration has been given to the future. It is easier to make these kinds of decisions strategically with a longer-term view. When things get stressful, it becomes difficult to see all of the options well enough to make educated decisions.

“We have a basic idea of where we are headed, why write it down?”

Unwritten goals are simply thoughts that will change as often as your opinions change. The act of writing out goals helps to clarify them and can provide an objective way of tracking them against actual results. Magic happens when you put goals on paper, they start to become real. You begin to make commitments, and are open to opportunities you may not have noticed before.

UNCERTAINTY- “Strategic planning is a business school concept developed when people thought they could anticipate and predict the future. How can we plan in a world that is highly uncertain?”

Uncertainty is a real issue in forward planning. However, putting our heads in the sand probably isn’t the best solution. Most organizations have their strategies, structure, and service offering challenged on a regular basis. To remain successful it is vital to ask the following strategic questions on a regular basis:

Where are we now? Where are we going? How are we going to get there?

Strategic planning helps a business evaluate market opportunities. To do this effectively, the process includes collecting and analyzing information about the business environment, understanding internal strengths, and developing a set of ‘key assumptions’. Optimal strategies are designed based on all of these factors. As the environment changes, so should our plans. One way to assess whether it is time to conduct a new strategic planning process is to check your list of ‘key assumptions’ on an annual basis to see if anything has changed.

I HAVE A PLAN- “I wrote a business plan when I started the business”

The act of strategic planning is often confused with a business plan. Business plans are usually drafted to obtain financing, then wind up filed away. The strategic planning process is an activity that is conducted every few years to evaluate opportunities, wrestle with environmental changes, build consensus, and to create updated goals. The output (a strategic plan) is a short working document that defines the positioning and future of the organization, with an action plan to get from here to there.

ORGANIZATION DYNAMICS- “I could never get everyone to agree on the best way to move forward. Anyway, shouldn’t it be my vision?”

An effective planning process will help to get people talking, and ensure that the business owner/CEO benefits from the ideas of his/her team. A good process is designed to build confidence, support and commitment among all involved. Even if only a limited group is included in the process, the completion of a strategic plan provides a great opportunity to communicate the company’s direction and core values to employees.

The use of an outside facilitator can greatly enhance the effectiveness of a planning process and keep the process on track. There is often a strong tendency of those participating to focus the discussions on today’s problems. An outside facilitator can help to broaden thinking and make sure that new ideas and directions are generated.

COST- “We don’t have a budget for planning.”

With all the activities that make up running a business, setting priorities in the context of a plan is important. Without a plan, the limited resources of a growing business will tend to be scattered in many directions, netting results that take longer and cost more.

What are your personal priorities? Is profitability, work/life balance, a motivated staff, or public recognition on your list? What are the personal benefits of achieving your goals? What are the consequences if you don’t?

If you are serious about your business, it is time to overcome the challenges to planning and start to soar. Don’t hesitate to enlist help. Stop thinking about a better future, TAKE ACTION!

We provide part-time virtual and onsite QuickBooks Training, Accounting, Cost Accounting, Controller and CFO Services to small and medium sized businesses.

Ask us for help – this is what we do.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

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The Benefits of QuickBooks Enterprise For Your Business

By Gary Farrell

Whether large or small, no matter what you sell, your business needs an accounting program that is reliable and accurate, allows for simple generation of reports and is highly functional. Enterprise Solutions from QuickBooks, designed for growing businesses, has the capabilities and flexibility to meet your business’ unique needs as it grows – and it could save you thousands in up-front and ongoing system costs.

QuickBooks Enterprise provides the key functionality you need with incredible ease of use. If you are a business owner or manager exploring the available solutions for improving the financial flow of your work, here are just a few reasons why you should consider this product.

Business Growth Support: QuickBooks Enterprise lets you scale up to 30 simultaneous users as your organization grows. Flexibility: The software is designed to work the way you work, so you don’t have to change your current business processes. This program lets you customize any of its 120+ built-in reports and forms such as estimates and invoices to look and work the way you want. Instant Access: Get real-time, instant access to the information you need to know about your business, when you want it and in the format you want it in, from Enterprises’ 120+ built-in reports, such as Forecast Overview, Forecast vs, Actual, Profit & Loss Budget Performance, and A/P Aging Detail. Functionality: Enterprise Solutions delivers all of the key financial management and accounting functionality you would expect from a sophisticated solution, including: G/L, A/P, A/R, Payroll, Fixed Assets, Job Costing, Budgeting and more.

Consult with a local QuickBooks business advisor today to learn more about migrating your current records to the flexible and manageable QuickBooks software solution.

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We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our QuickBooks services; or to set up a free consultation telephone call.

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9 Benefits of Companies Outsourcing Their CFO and Controller Tasks

All businesses need financial consulting, however not every business can afford to hire a full-time Chief Financial Officer (CFO), or a Controller. As a result, small and medium-sized businesses are increasingly turning to expert outsourced CFO services. Here’s how an outsourced financial consultant can benefit your company:

1. Cost Reduction
Outsourcing a qualified accounting professional to handle your CFO services can help your company save a lot of money. You’ll be getting expert services without having to add additional personnel and technological resources. This can help reduce your company’s overall operation costs.

2. Quality of Services
With an outsourced CFO, you can be assured of quality services because he is a professional who has worked with different industries, and understands what works across the board.

3. Allows Better Focus
It’s very important for businesses, especially small ones, to concentrate on their core competency, and let professionals handle what they don’t understand. If dealing with the financial aspect of your business isn’t your specialty, outsourcing CFO services can help to concentrate more on what you know best.

4. Overall Efficiency
When it comes to meeting deadlines, as well as other requirements of different projects, an outsourced CFO is generally more efficient compared to a hired one. This is because he has experience with almost all financial situations, and you can only expect the best from him or her.

5. Assistance in Getting Financing
Bookkeepers do a wonderful job, but it’s usually an outsourced Chief Financial Officer, who has to present suitable financial statements to a lending body for financial approval. With his or her experience, the CFO will be able to identify the strengths and weaknesses in your company’s income statement and balance sheet, and can equip you with the financial information that the bank may need. Many times, such CFOs will introduce your company to banking sources that match its lending requirements, and thereafter, assist you throughout the financing process.

6. Developing Budgets
Every business, regardless of size requires a revenue and expense management plan in order to successfully grow. An outsourced CFO can help you as the business owner to develop a model that demonstrates what needs to be done to attain a desired gross or net profit, or meet a sales goal. Every company owner can attest to the fact that without a budget, it’s difficult to run the business efficiently, leave alone managing it to become profitable. Therefore, the CFO can work with you to come up with plans that can help you identify the sales level that should be reached to attain break-even profitability, or know when it’s sensible to hire additional employees.

7. Managing Cash
Small companies would love to be able to have sufficient cash to run their everyday operations, however, most of them lack the tool to help them forecast their liquidity needs. When you outsource a CFO, he or she can build a model that forecasts your cash-flow requirements both in the short and long term. In addition, he’ll be able to help your company in prioritizing its cash-flow needs.

8. Assist in Complying with Tax Regulations
Several business owners usually disregard the consequences of failing to pay taxes to the federal and local government on time and in full. In addition, they pay the wrong amount of taxes because of wrongly entered transactions in the ledger. Accurate tax returns can’t be prepared without proper financial statements. Outsourcing CFOs can come in very handy for such businesses because they’ll ensure that financial statements are prepared accurately, and in a timely manner. Consequently, they’ll be able to assist you in navigating and complying with various tax regulations.

9. Upgrading Accounting Software
An outsourced CFO is familiar with a huge variety of software packages. As a result, he can weigh the gains of getting more powerful accounting software against the package’s cost, in order to know if the purchase makes sense. However, that basic software you have in your office may not suit every business type; certain companies for instance, those that deal with manufacturing, have significant inventory management requirements, and need more sophisticated software. An outsourced CFO can offer you very valuable advice regarding which accounting software is right for your business.

As you’ve seen above, companies have a lot to gain from outsourcing CFO services, such as cost reduction, efficient services and cash management. Besides, you’ll get more time to concentrate in the day-to-day running of your business.

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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

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QuickBooks Accounting – Things You Can Expect From An Outsourced Accountant

By Amitaabh Saboo

The QuickBooks accounting software is becoming to be one of the most popular products in the business realm. There are a lot of reasons for this. First of all, you can easily monitor the performance of your business. You can also keep track of your expenses and especially those bills and checks that you have to pay on time. You may also use it in determining the inventory you have for your products.

Indeed, QuickBooks accounting program is a very powerful one. The problem nowadays is you basically don’t have that much time to work on it. This is because there are far more important things that you have to have to take care of, such as marketing your products and services. Your best option therefore is to look for a company who can take care of QuickBooks accounting.

Fortunately, there are already a lot of them, most you can find in the World Wide Web. What’s more, their services are not only limited in entering data into the program. As a matter of fact, here are their top 3 possible services in relation to QuickBooks accounting:

1. Customization and Training for QuickBooks. Do you have your own bookkeeper, and yet he still needs some orientation when it comes to QuickBooks accounting? Definitely, you don’t have time for this. You can then allow somebody else to take care of this for you. Several online bookkeeping companies will not only customize your program but even train your staff on the proper use of the software. This is especially necessary once you opt to personalize the settings of the program. You can ask for the customization of the lists and even of the accounting process. You can even create templates, so you can already print reports with accompanying heading or logo of your company.
The main reason why you may want to pick this kind of service is that your QuickBooks accounting should fit the business that you have. Most of all, this is so you can derive a more accurate financial information of your business.

2. Consultation and Education. Do you already have a QuickBooks accounting system in place but are not sure if it’s the right one? Do you think you need to update it? You can allow accounting specialists to help you out in answering these questions. They can analyze the flow of your transactions through QuickBooks and recommend possible modifications. They can also pinpoint errors in the processes, so you and your team, particularly your bookkeeper, will be able to devise the proper remedies. With consultation, there’s a huge possibility that you can reduce the time spent in QuickBooks accounting from an hour to even minutes, allowing you to save from the hourly wage you pay for your freelance bookkeeper.

3. Review of Transactions. This is in relation to no.2, only that you will permit the company to do the changes themselves. You also don’t have the burden of looking for your own freelance bookkeeper since they already have their own. Most of all, you can relieve yourself of the fixing and the tweaking. All you need to do is to ask for status and financial reports.

Outsourcing QuickBooks Accounting improves financial operations as well as increased the level of efficiency while at the same time curtailing risks and costs. There are many QuickBooks Accounting Service providers that cater to small and medium businesses worldwide.
Article Source: http://EzineArticles.com/1208806

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We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our QuickBooks services; or to set up a free consultation telephone call.

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Does Your Small Business Need an Outsourced Financial Controller?

By Tim Garrison

Many small business owners launch their business to follow a passion, whether that passion is writing, programming, Web design, art, sound & video, or any number of other industries. Your business begins to grow by word-of-mouth and soon, you’re hiring employees or independent contractors to take over part of your responsibilities rather than doing it all yourself.

Somewhere along the line, you grow large enough to hire a small business bookkeeper. Until now, you’ve managed your books yourself, either through QuickBooks or another bookkeeping software, or some system that you’ve devised yourself. Now, you’ve just gotten too big for this system to work anymore.

You hire a bookkeeper who understands financial accounting software and can manage your books on a full-time or part-time basis. This person could be an in-house employee, or maybe a local contractor. Or maybe you’re one of the growing number of smart business owners who hires an outsourced bookkeeper based in the U.S. who works virtually and communicates with you via phone and email.

Things go along well, but now that you’re not doing your own books anymore, you feel a bit out of touch with your company’s broad financial picture. Your bookkeeper can send you the reports and spreadsheets, but it doesn’t always make sense. You need someone to interpret all those numbers in boxes for you. Most importantly, you’ve grown large enough that you need a trusted financial advisor with the knowledge to help you make the best decisions for your rapidly growing business.

If you know anything about financial controllership, you might think a full-time financial controller comes with a 6-figure salary. And you’re probably right. Your business doesn’t have the budget for that — and it’s not what you need anyway.

You just need someone on a part-time basis to review your books with you monthly, provide checks-and-balances for your in-house or outsourced bookkeeper, and help you with financial planning and budgeting on a monthly or quarterly basis. If you think you can’t afford a financial controller, think again. Outsourced controllership services are less expensive than you may think, and will save your business money in the long run with better financial planning.

You may be concerned that, by hiring an outsourced controller, you’ll be giving up “control” of your company. That couldn’t be further from the truth. A financial controller provides you with the information you need to make the best decisions for your company — but all decisions remain yours. A financial controller doesn’t “control” your business. As a trusted advisor, he gives you the information you need to be more in control of your company.

Article Source: http://EzineArticles.com/7114727

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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

imagesRMWHBYUM

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Alignment – A Foundation For Lasting Revenue Growth

Your ability to win or lose more business is about alignment – configuring and calibrating key aspects of marketing and sales execution to optimize revenue growth. What this asserts is that the extent to which the organization consistently meets revenue targets is directly proportional to the degree of alignment between the organization’s parts and its strategic priorities.

Sustaining top-line revenue growth is an ongoing challenge for most companies. It’s no secret that one of the most critical challenges facing every 21st century organization is consistently delivering against the #1 driver of long-term company success-top-line revenue growth. Over the past decade of working with CEOs to design and deliver better long term revenue performance, I’ve seen and see, that those unable to sustain success routinely lack much of a coherent or comprehensive plan. Moreover, their teams have little understanding of how it all comes together and what their roles are, and/or the sequencing of events in achieving future plans.

When it comes to alignment, perception and reality often differ. That said, most executives think their companies are aligned. Over the past few months, they’ve put plans in place to align the organization and focus their resources to achieve maximum growth. They’ve organized a series of group and one-on-one meetings throughout the organization to communicate key initiatives, priorities, and growth expectations and get everyone on the same proverbial page. They sincerely believe that they are leading well-aligned companies, with all members of the management team and every employee clear on the rationale behind the strategic plan and their own priorities and accountabilities to support the plan, with specific time frames articulated.

But the facts tell a different story.
• 85% of executive teams spend less than one hour per month discussing strategy. (Norton)
• 54% of executives say that company’s capabilities do not reinforce one another (Booz@Co.)
• Two-thirds of support units are not aware of corporate strategy or aligned with their own business unit’s strategy. (Norton)
• 60% of organizations don’t link budgets to company strategy.(Norton)
• 95% of employees claim they are not aware of company strategy.(Norton)

It’s clear that organizations may not have their resources as well aligned as they think. Managers would do well to ask themselves and their teams the following questions:
• Are we all synchronized and systematically working towards the same objective-driving healthy revenue growth.
• Do we know the big picture and where we individually and collectively fit into that process?
• Are we clear on the critical factors that drive growth, there dependencies and that we’ve providing proper context for daily decisions being made in support of those objectives?

Without alignment, it’s difficult-if not impossible-for workers in an organization to have context for the decisions they’re making. Alignment and context allow an organization to move confidently beyond its current state to its future desired state.

Alignment is such a simple concept; why is it so difficult to achieve? The importance of aligning the team is hard to dispute, and it seems logical and obvious. But when you consider that strategy is set by very few, maybe once or twice a year, yet the real work is done over a long stretch by many who weren’t in those strategy meetings, you start to see the issue. The workers who ultimately carry out the mission have little understanding about how that strategy was reached, and they had no input on whether they think the strategy is plausible given the reality of resources, budgets, and competition they see out in the field. The result is that most do not have proper context for making good decisions in their daily work.

When you think of all the possible decisions that are made daily, one or two bad calls might appear to have little impact in the overall scheme of things. Most leaders may never be aware of these tactical decisions, or only find out about them when review meetings take place after the fact. But collectively, over time, decisions made outside the context of the organization’s overall direction will drive inconsistency and have significantly negative impact, with little opportunity to recover. This can result in confusion and unnecessary chaos, ultimately reducing the odds for success while driving down productivity and draining morale.

Alignment can be the difference between business success and failure. CEOs struggle each day with new challenges and increased complexity both within their companies and in the external environment. The percentage of companies that have consistently achieved even a modest rate of growth of over 5% for 10 years or more has continued to drop, and the business environment isn’t getting any easier.

Why do some companies succeed where others fail? When you think about it, all companies have the same basic ingredients: unique products or services, value propositions, a marketing budget, managers, leaders, people, buildings, metrics, etc. But, within each organization, the system can’t perform to its highest levels unless its constituent parts are aligned.

Think of professional sports teams. They all have the same ingredients: players, managers, owners, equipment, stadiums, playbooks, the best athletes, etc. Each is a system that is trying to become more successful than its competitors. What brings success? Alignment of the constituent parts. This rule applies equally to championship sports teams, Ferraris, and corporations. For the latter, it means developing and implementing a strategic framework that is translated into specific objectives and measurable initiatives. This framework galvanizes, links, and governs the entire organization, bringing more consistent and repeatable high performance.

Hitting your revenue growth expectations is proportional to your team’s degree of alignment. What becomes paramount is how well the organization can become aligned in order to move faster, make better decisions, and ultimately win more than the competition. This will allow leaders to more successfully align and optimize the collective resources to achieve key initiatives. This is a critical step in becoming more consistent in winning more than your competitors and, as such, should be a managed and formalized process that executives focus on for the long haul.

Article Source: http://EzineArticles.com/7488684

We provide remote cloud based Accounting and Accounting Management services for users of Intuit QuickBooks Enterprise / Desktop / OnLine, Microsoft Dynamics GP, Passport Business Solutions, including Entries, Inventory, Consolidations, Payroll, Analysis, Reconciliations, Budgeting, and Financial Reporting.

We provide these services on an hourly / part time / as needed or project basis, to include Accounting, Distribution, and Reporting functions; remotely or on your hosted systems.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation experience (including QuickBooks, Intuit, Enterprise, Passport, Dynamics, Great Plains, RealWorld, Peachtree, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software), as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt‘s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

We are headquartered in the Tampa Bay area; the majority of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

View our testimonials www.desmidtconsulting.com/testimonials.html

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced And Enterprise ProAdvisor

QuickBooks Certified Online ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Microsoft Great Plains Authorized Real World Consultant

Microsoft Certified Small Business Manager Consultant

Contact us to inquire about our CFO, Controller, Accounting, Dynamics GP, Passport, or Intuit / QuickBooks Services.

 

Intuit QuickBooks Desktop Enterprise – We Provide Remote Accounting Services In Your Hosted Environment

After serving the needs of small businesses for over 10 years, Intuit identified a need to better serve small to medium sized businesses growing in size or complexity. QuickBooks Desktop Enterprise was designed specifically with these businesses in mind.

QuickBooks Desktop Enterprise is the most flexible QuickBooks that adapts to the way you run your business. It scales from 1 to 30 users with everything you need to manage your users and data properly. Its add-on modules cater to your specific workflow needs.

With QuickBooks Desktop Enterprise you can:

  • Get room to grow without sacrificing control over user access.
  • Keep your growing data history to provide the best possible financial data about your business.
  • See your data the way you want with the most customizable reporting tools in QuickBooks.
  • •Manage your end-to-end workflow inside QuickBooks Desktop Enterprise.
  • Access Enterprise any way and anywhere you want, anytime.
  • Let users work at the same time with more activities in multi-user mode.
  • Add monthly Hosting Service to run your Enterprise in the cloud, and connect all your users and get anywhere, anytime access with no network to set up or maintain.
  • Combine reports from multiple company files for clearer business insights.
  • For more complex reporting needs, you can create custom reports with ODBC-compliant applications9 by connecting directly to the QuickBooks database for maximum flexibility in report design.

We provide remote cloud based Accounting and Accounting Management services for users of hosted Intuit QuickBooks Enterprise / Desktop / OnLine, Microsoft Dynamics GP, Passport Business Solutions, including Entries, Inventory, Consolidations, Payroll, Analysis, Reconciliations, Budgeting, and Financial Reporting.

We provide these services on an hourly / part time / as needed or project basis, to include Accounting, Distribution, and Reporting functions; remotely on your hosted systems.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation experience (including QuickBooks, Intuit, Enterprise, Passport, Dynamics, Great Plains, RealWorld, Peachtree, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software), as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt‘s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

We are headquartered in the Tampa Bay area; the majority of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

View our testimonials www.desmidtconsulting.com/testimonials.html

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced And Enterprise ProAdvisor

QuickBooks Certified Online ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Microsoft Great Plains Authorized Real World Consultant

Microsoft Certified Small Business Manager Consultant

Contact us to inquire about our CFO, Controller, Accounting, Dynamics GP, Passport, or Intuit / QuickBooks Services.

 

Better Profit of Your Business Dependent Upon Small Business Advisor

By Nantaram Peggy

While starting a business it is not always that the person knows everything about the business and there are always something or the other lacking behind in knowledge. In fact there are certain things which cannot be understood unless you have practical experience in it or have some expert advice with him. With the question of expert advice it can be said that it is always better to seek the help of some small business advisor who can guide you the best in managing your business and provide your expert advice in making it gain better profit. And therefore the role of the small business advisor is quite important for the better growth and development of any business. In fact there are also other factors that should be kept in mind.

The point is that the small business advisors that you choose should be efficient and trustworthy. In fact this is the primary criteria of choosing a small business advisor. When you do not have much idea of the business you are dealing with, in such a case it is obvious that you may have to depend a lot on the small business advisors and if they are not trustworthy the result may be that they may cheat you by providing false reports and take away your money. Therefore it is essential that you choose the proper small business advisor that can help you the best and is trustworthy as well. It is always better to choose someone who is already having quite a good deal of experience and a good reputation in the field you are working on. Therefore it is better to do some homework before choosing the right small business advisor. On the other hand the impartiality is also a great factor and if the company or the person you choose is partial towards any of your competitors it is most likely that the only sufferer would be you and your business.

Besides that it is essential to keep track of the total progress of the business and for that an accurate financial reporting plays a very important role. In fact when you have the total and proper reports of your business every week or every month it is easier for you to keep track of the progress of your business. In fact the accurate financial reporting can also be helpful in several other ways like providing you the actual state of your business and the things you are lacking behind in. Not only that, but with the help of accurate financial reporting it is easier for you to fix the future plans for your business for its better development with advice of the small business advisor. In fact when you do not have the proper reports it is not possible for anyone to understand the state of the business clearly and therefore there should be no mistake in the reporting for the better growth of the business and for better profit.

———–
Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite Advisory, CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our Advisory, CFO and Controller Services.

imagesRMWHBYUM

dyn gp

Why You Should Have an Advisory Board

By Robbi A. Gunter

Many small businesses have a Board of Directors to make executive decisions and to oversee the company’s various activities. Your business may or may not have a Board of Directors, but you will want to consider organizing an Advisory Board to help boost your company’s success and credibility within the local and business communities.

The Benefits

Advisory Boards typically consist of three to five professionals with expertise in various areas of business. Individual board members may have experience in finance, marketing, your specific industry, purchasing, or another area of business operations. An Advisory Board will give you the benefit of working with seasoned professionals whose interest lies in helping your business thrive.

Members of Advisory Boards do not profit from their work with your business. Although you may compensate the board members by covering their travel expenses, providing meals, or offering stock options or monetary payments, their purpose is to give you guidance in developing a successful company. Advisory Board members will generally be more objective than Board of Directors members because they are not seeking any return from their time and work investments. You can expect the advice from Advisory Board members to be honest and straightforward.

Advisory Boards are an excellent resource for business knowledge as well as advice. The members usually have years of experience in their field and have likely encountered many problems along the way. “Experience is the best teacher” is absolutely true when it comes to operating a business, and the lessons learned from your Advisory Board’s cumulative business experiences are more valuable than any training course, book, or lecture. These professionals have “been in the trenches” and can offer realistic and relevant advice.

You will not be the only one profiting from having an Advisory Board. Professionals that are members of an Advisory Board are part of your business because they want to be. They love what they do and want to reach out to other business owners to pass on their knowledge and enthusiasm. Advisory Board members welcome the opportunity to network with other like-minded professionals while helping business owners build or expand successful companies.

Impact on Your Business Credit Profile

One of the greatest advantages of incorporating an Advisory Board into your business plan is the positive effect this can have on your business credit profile. Your association with proven business leaders will boost your presence in the community. This can potentially draw more interest from investors and also enhance your credibility with community leaders and local lenders. Taking a strong interest in your company’s future by coordinating an Advisory Board will let others know that you are serious about your business’ success.
——————
Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our Advisory, CFO and Controller Services.

imagesRMWHBYUM

dyn gp

Are You Running Your Business Without a CFO? Seriously?


By Jon C Daiker

The role of Chief Financial Officer (CFO) -and the structure in which CFOs operate-varies significantly across organizations. Market complexity, revenue sources and budget size are important factors that drive how the CFO role is configured-and how the role evolves over time.

The past decade has seen dramatic changes to the role of CFO – an evolution from a “bean counter” who reported the numbers and controlled over-all costs to a dynamic, strategic member of the management team. The responsibilities of today’s CFO have gone well beyond the finance function as more time is expended on strategy and operating issues and less on budgeting and accounting. Increasing business pressures, government regulatory intervention, the tight economy and a need to measure the operating performance of a company in order to stay ahead of the competition has transformed the “green eye-shaded” CFO into a key business partner of the CEO.

An interim CFO can fulfill a vital role in keeping a company on track, both in terms of day-to-day operations as well as longer term strategic objectives during these transitions. According to The CFO Expert, Samuel Dergel, even if a company is truly serious about hiring their next CFO and makes the search a priority, it could take up to 3 months to complete the search. “Can a company afford to leave this position unfilled for up to 3 months or more”?

In order to answer that question, let’s look at some of the responsibilities of the CFO on which organizations have become very dependent.

Cash flow is of utmost importance for all companies, and a tight economy really exacerbates managing the cash flow situation. To be successful, today’s CFO needs to manage both sides of the balance sheet.

On the asset side, managing the company’s accounts receivable balance becomes critical. How many days’ sales are outstanding compared to a year ago, compared to industry standards, compared to the company’s best ever? Has the company’s aging deteriorated? What can be done to accelerate collection? How much will it cost? What has been written off and why? Does the credit extension policy need revision in light of economic conditions? No business can afford to lose sight of any credit extension factors and the collection of outstanding accounts receivable balances. Who is the key to all this? —-the CFO and the financial staff.

Again, on the asset side of the balance sheet, a potentially huge use of cash that needs to be managed is inventory level. In a tight economy, consumer spending habits change. In response, production output probably needs to be reduced. However, cutback production too far and sales may be missed. A lot of analytical work needs to be done by the CFO and the financial staff to understand which SKUs are moving on a regular basis and which ones have started to stagnate. If production is cut, what facility is most efficient and has the capacity to meet new needs? What are the economics of the labor agreements in the plants where downsizing would occur? No business can afford to lose sales, build inventories without demand or make bad decisions on plant cutbacks. Who is the key to all this? —- the CFO and the financial staff.

One last area of concern on the asset side of the balance sheet is capital improvements. Even in good economic conditions, capital investment decisions are somewhat subjective. There are always a lot of assumptions that need to be made and challenged. A tight economic environment only intensifies the decision making process. And when funds requested are for an intangible like software, assumptions are difficult to challenge and evaluate. No business can afford to forego ROI and Payback analysis at any time, let alone in a tight economy. Who is the key to all this? —- the CFO and the financial staff.

Turning to the right side of the balance sheet, accounts payable and accrued expenses can be an important source of funds from a cash flow perspective and require more scrutiny and management in tough economic times. Understanding vendor agreements and negotiating better terms are responsibilities of the CFO and the financial staff. No business can afford to leave a stone unturned if the goal is to maximize cash flow and minimize borrowing. Who is the key to all this? —- I think you know the answer!

One of the CFO’s primary responsibilities in all economic environments is ensuring there are adequate funds available through loans, lines of credit or equity. These agreements require continual monitoring to avoid default. Also, determining if market conditions are right for a refinance or equity offering are equally important. No business can afford to default – the market waits for no one, so be ready to refinance when appropriate. You know who is the key to these transactions.

The tactical responsibilities detailed above all support the day to day activities of cash flow management which by itself is a full time job. And that is before the control and reporting aspects of the CFO’s responsibilities are considered. When you add all the regulatory responsibilities that are now part of the CFO’s portfolio, the CFO is truly moving from “bean counter” to “jack of all trades”.

The CFO’s responsibilities go well beyond finance into balancing compliance and risk management with overall business performance. A CEO needs the CFO to take a leading role in shaping strategy that drives bottom line results while managing risk. Market conditions are continually changing and the CFO needs to recognize change as it relates both to control as well as business performance.

The executive team needs to seize opportunities as they arise. Understanding and monitoring evolving business drivers and developing models that portray the “what ifs” of new market conditions requires diligence as well as consistency. Management needs to know the deeper sense of how business will be affected by various scenarios. The CEO is no longer relying on marketing and business development to make these decisions without having applied the financial analysis tools of the CFO and the financial staff. No business can afford to approach these scenarios in a haphazard way, as a wrong turn could cost the company millions of dollars and a potential loss of market share. Who is better equipped to address these issues?

Increased business pressure and the tightening of purse strings are causing the CFO and CIO to work more closely together to leverage technology to cut costs and improve processes. The need for real-time operational and financial data and analyses is being demanded by management and the need to respond to the fast pace of today’s market conditions. Processes need to be streamlined to adapt to the ever-changing business and market demands to meet key business goals and improve the bottom line. Again, these decisions are more subjective and can negatively impact the bottom line if the appropriate analysis and due diligence are not performed. Here, again, you can’t afford to proceed down the process improvement path through technology improvements without the scrutiny and challenge of the CFO and the financial team.

With the changing focus of the CFO’s responsibilities and financial management in general, the CFO is becoming a strong business leader. More involved with the evolution of the company’s culture, concerned with the development and mentoring of the financial team, the CFO must now instill financial acuity into the whole organization. Assisting the CEO and other key management personnel with talent management is only the tip of the iceberg. Today’s CFO must instill a sense of confidence and credibility with all stakeholders….employees, customers, partners, business analysts, and shareholders.

The CFO’s role is no longer one just of stewardship, statistician and historian. The narrow purview of years past of reporting, compliance and controls, while still part the CFO’s responsibilities, has evolved into strategist, visionary, technology leader and communicator. The CFO role has become the glue that holds everything together and moves the organization forward—balancing compliance and risk management with business performance goals. CFOs have emerged as the key business partner to the CEO. CFOs require an understanding of the company’s markets and the evolving business drivers, as well as broad knowledge of the organization and the relationships between functions. And CFOs require the communication skills to recognize the concerns of all stakeholders and assure them that the accountability and integrity of the company and its management is not being compromised. A business that wants to become or remain a market leader and create value for the shareholders/owners cannot afford to be without the strong business leadership of the CFO for any period of time, including the candidate search window, without jeopardizing the company’s performance. That is why an experienced Interim CFO can add value in a time of change, provide steady and seasoned direction in a turbulent business situation, and continuity and counsel to the CEO, executive team and eventually to the new CFO. Every business of substance could use some CFO assistance whether it’s full-time, part-time, or on an interim basis.

———————

Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

imagesRMWHBYUM

dyn gp

Microsoft Great Plains Dynamics – We Provide Remote Accounting Services In Your Hosted Environment

Microsoft Dynamics GP (formerly Great Plains) is a robust, reliable, and secure accounting system for small and mid-size businesses. For over 25 years, Dynamics GP has delivered comprehensive out-of-the-box business management functionality, from operations management and financial management to manufacturing and project accounting. Dynamics GP connects the many moving parts of your organization, giving you better visibility into and control over what’s going on in your business.

Microsoft Dynamics GP enables you to make smart decisions that have a direct impact on your bottom line – increasing margins and improving your cash flow. Simple to learn and to use, Dynamics GP works with your existing technology and scales as you grow to deliver long-term value.

Dynamics GP includes:
• Financial management and accounting
Manage your cash, assets, budgets, and banking—with built-in analytics and account-level security.
• Inventory management and operations
Track and manage your production, inventory, orders, returns, and vendors.
• Sales and service
Manage your sales, service contracts, and field resources.
• Business intelligence and reporting
Get real-time visibility and analytics to track performance and act with insight.
• Human resources and payroll
Hire, train, and pay your team with the help of complete employee profiles and evaluation tools.

We provide remote cloud based Accounting and Accounting Management services for users of hosted Microsoft Dynamics GP, Intuit QuickBooks Enterprise, Passport Business Solutions, including Entries, Inventory, Consolidations, Payroll, Analysis, Reconciliations, Budgeting, and Financial Reporting.

We provide these services on an hourly / part time / as needed or project basis, to include Accounting, Distribution, and Reporting functions; remotely on your hosted systems.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation experience (including QuickBooks, Intuit, Enterprise, Passport, Dynamics, Great Plains, RealWorld, Peachtree, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software), as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt‘s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

We are headquartered in the Tampa Bay area; the majority of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Microsoft Great Plains Authorized Real World Consultant

Microsoft Certified Small Business Manager Consultant

QuickBooks Certified Advanced And Enterprise ProAdvisor

QuickBooks Certified Online ProAdvisor

Contact us to inquire about our CFO, Controller, Accounting, Dynamics GP, Passport, or Intuit / QuickBooks Services.

 

QuickBooks Help Save Small Businesses Money at Tax Time

Many small businesses use QuickBooks for their bookkeeping software. It is a fabulous way to maintain financial records in a convenient way, especially around tax time. If done correctly, your QuickBooks file should make tax time a breeze. However, if you have made small mistakes in recording throughout the year, you may be paying more taxes than you owe. Overpaying is never a good thing for a small business, so to avoid this situation you should have a qualified consultant review your files to look for mistakes you may have made during the year.

One way an error can happen when a business owner contributes their own money to their business. It happens now and then that you may have to use your money for a business expense. If this money is simply recorded as income, it will be taxed. This type of income must be specified as an owner contribution to the business within your QuickBooks file in order to avoid being taxed. Don’t make this mistake and find yourself paying tax on your own money.

Often, instead of giving money to use for your business, a business owner will loan money to their business. These are funds that will be paid back to the owner, possibly at a more stable financial time in the business. Remember, you only pay sales tax on income not on loans or contributions. Record this type of credit as loan so it will not be mistakenly taxed as income.

Many business owners use credit cards to make purchases for their business. QuickBooks is able to sort these charges and recognizes them as expenses for your business if they are recorded correctly. Suppose you purchase new office furniture from a superstore and simply record the total amount spent. QuickBooks needs to know what type of expense this was so that it could be correctly classified. This would be an office expense, and would be a tax deduction for your business. Take the time to specifically record credit card charges rather than just a one-time charge to your credit card company in order to receive accurate deductions.

QuickBooks also keeps track of how much sales tax you will need to pay to the state. However, if you have not recorded each of your income and expense transactions correctly, the sales tax payment may be too high. For each sale to customer, the amount of the tax must be recorded separately from the cost of the item. The amount you will pay to the comptroller will also need to be correctly recorded through the ‘Pay Sales Tax Liability’ window.

Finally, a common mistake people make both in business and in personal finance is incorrect recording of ATM or debit card purchases. It’s easy to swipe your card making a quick transaction and be on your way. It is crucial to record each debit or ATM use correctly. Think of it as each time you use a debit card, it’s just like writing a check and must be recorded just like a check would be.

Anyone who uses QuickBooks knows the value of this software. It makes the business owner or bookkeepers job much easier. However, it is always a good idea to have an experienced QuickBooks help consultant review your file at tax time to make sure you are not paying too much in taxes.

Article Source: http://EzineArticles.com/5146558

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We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our QuickBooks services; or to set up a free consultation telephone call.

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When You Need Accounting or QuickBooks Help for Your Business

By Desirae Washington

If you have recently started a business or have been in business for a while and are now in need of bookkeeping or QuickBooks help, it may be time to seek the help of an experienced and qualified professional. You may attempt to do you own bookkeeping or fix problems related to your QuickBooks file yourself, but at some point this may do more harm than good and the money you saved is suddenly not worth the hassle. There is no reason that you can’t take care of your own books as long as you have the necessary training and time on hand. You also have to take into consideration the dreadful nightmare if your unorganized books result in an IRS audit of your tax returns. Your accounting system must be well-kept so that you know how profitable your business is doing and that your tax returns are prepared accurately.

When you encounter one of the issues below, it is time to get bookkeeping help or QuickBooks help for your business.

You have started to pay yourself or your employees and now have payroll taxes to pay and payroll forms to file.
You can’t tell which expenses are ordinary, necessary and reasonable for tax purposes.
Your bookkeeping system does not provide a clear picture of income and expenses.
Your QuickBooks file has general ledger errors resulting in inaccurate tax data.
Your profit margin does not look accurate.
You have a headache from your own bookkeeping.

If you are a sole proprietor, you do not need to hire employees and pay payroll taxes. If your business is a corporation, partnership or LLC and has decided to add employees, one of the most important procedures becomes processing payroll and paying payroll taxes. You will need an EIN, to withhold taxes from employees, pay employment, unemployment and social security taxes. You will file quarterly and years payroll taxes as well as year-end W2 forms. This can be a daunting task if you decide to do it on your own. You may want to seek a payroll company, professional accountant or bookkeeper to process your payroll to avoid costly mistakes.

One of the main reasons business are audited by the IRS is due to improper classification or deduction of expenses. If the expense is not ordinary, necessary and reasonable for tax purposes, you may face an audit from the IRS. Personal expenses should always be kept separate from business expenses and should never be included on your business tax returns. You have to be able to back up and justify each and every business expense deducted.

If your business QuickBooks file is not setup properly, your general ledger accounts may cause a problem with bookkeeping and tax preparation. Getting a Certified QuickBooks ProAdvisor or Accountant to provide QuickBooks help and bookkeeping help before your business tax returns are prepared could help you avoid costly mistakes. Your income and expense must be properly categorized to generate accurate financial statements and tax returns.

Your accounting system should provide a very clear picture of the business income and expenses. If you know your business made profits for the year, but your QuickBooks accounting file is showing no profit or a loss, there may be a problem that needs to be researched and fixed. You should not attempt to fix the problem yourself if it would get your books into a further mess. Get QuickBooks help to determine if your books are setup properly and all income and expenses are flowing to the proper accounts. This is detrimental to proper tax return filing.

If you are just fed up with doing your bookkeeping yourself and the headache is just not worth it, it is time to hire a professional bookkeeper or accountant so that you can focus on growing your business and other important areas of business management. If you can’t afford to hire a full-time bookkeeper, you may want to look into part-time bookkeeping and accounting help from an outside company that specialize in bookkeeping and QuickBooks help. A Certified QuickBooks ProAdvisor can provide such as QuickBooks review, QuickBooks setup, QuickBooks quarterly tune-up and QuickBooks training if you wish to continue doing your own books but need to learn the basics to produce accurate books and tax returns.

Article Source: http://EzineArticles.com/7375127

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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our Accounting and QuickBooks Services.

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