Does your Accounting Operation need improvement? 6 questions to help you find out…

The pace of business continues to speed up in the age of the connected economy.  Businesses are constantly challenged to come up with more efficient and productive ways of operating to stay competitive and profitable.    One area that can help you make better decisions is accounting.  However, this can be one critical area that business owners are often reluctant to touch.  With today’s technology, it can offer the best ROI in terms of reducing transaction costs and helping you get better information to make better decisions  (Accenture, Deloitte also confirm this). Here is how to determine if your accounting has room for improvement: Is the total cost of your transactional accounting function less than 2.5% of revenues? Do you have a completed set of financials and variance analysis completed by the second work day every month? Do you have key accounts (banks, credit cards, vendor and customer accounts) reconciled by the fifth work day? Can you get real-time reports of how much you are spending by vendor and services compared to expectations/budgets? Do you have real-time cash reporting and a rolling 16 weeks forecast of cash and revenue? Do you have real-time reports on your inventory turns and sell through by product? If you have answered NO to even one of these questions then you need to look at improving your accounting practices. Logicon Solutions has helped business owners transform their finance and accounting teams into a cash flow generating, business building, decision support powerhouse.  Exciting? Yes! We can show you how improving your accounting will consistently help you make better decisions for your company. Schedule a free...

Cloud Based Accounting – Why you need it. Now.

The internet has changed the face of business today and is continually redefining the landscape. Traditionally, a user’s desktop computer (called a client) or server was fully contained with hardware and software. This means that accessing data and programs was done exclusively within client server structure.With today’s rise of the internet and ever-present devices such as tablets and smartphones, the new approach is Cloud Computing and previously unattainable benefits are now at your fingertips. Cloud based systems allow the access of data and programs outside of one’s own computing environment. Applications, databases, email and file services are stored in ‘the cloud’ instead of internal storage in PCs. Although the original attraction of the ‘the cloud’ is safe data storage, unaffected by crashes, disasters and “oops” moments, there are many other benefits of the cloud: No need to start over The idea of moving operations to cloud computing is daunting for most businesses that rely on traditional methods of computing. This poses a significant hurdle while switching from the existing hardware and software on the PC to a cloud application. In reality, cloud services offer a seamless transition. Meaning, small businesses that don’t have the time to reformat and update years’ worth of files can switch to cloud services very easily. Features like integration of data from current office software and web apps help a business to be on the same page without making a fresh start on cloud. That’s great news! Sharing, collaborating and document control Cloud storage revolutionizes the internal communications of many small businesses. In the absence of cloud computing, employees have to send files back and...

3 Keys to Data Driven Decision Making

The 3 Keys to Data Driven Decision Making   The potential benefits of big data & analytics should come as no surprise to any companies operating today. Data has provided business owners and executives a priceless tool to illuminate previously imperceptible trends and strategies, leading to strengthened operations and employee relations and an improved customer experience. According to a study conducted by Adaptive Insights, nearly 70% of CFO’s rank data-based insights as the top influence on strategic business decisions. This means a significant number of decisions are being driven by data.   In order to take advantage of this level of data integration in an effective manner, here are 3 crucial points to consider:   Transactions and Data: Mining Your Raw Materials Some people get overwhelmed by the amount of data or the data sources to pull from in order to get the information they need.  On top of that, the various systems and tools generating and providing data through today’s continuously developing tech can seem overwhelming.   The key is to keep the big picture in mind and ensure you stay focused on the question you are trying to answer or insight you are looking for. “Analytics is largely about discovering relationships that aren’t intuitively obvious. By definition, the interesting discoveries are intuitively very uncomfortable — if it doesn’t seem right and you can’t trust your gut, then you’ve got to trust the numbers. That’s hard for people” says Bob Meara, senior analyst at Celent. If there is some level of hesitancy when it comes to incorporating data & analytics, just remember that goal; you are trying to answer...

Improving Efficiency of Financial Reporting

The manual process of completing a business’s external or public reporting has become unnecessarily time consuming, often leaving employees over burdened with busy work. What many CPA’s, CFO’s and other executives are starting to realize, is that by automating these processes preparation time can be dramatically reduced, and incorrect disclosures can be avoided. How are manual processes ineffective? A majority of financial statements are prepared using Word and Excel, leading to a process that consists of thousands of manual steps. These steps include a large amount of typing, copying and pasting, as well as revisions and maintenance across multiple documents. When a change is made to just one number, it often has to be reflected in several other places. All of these manual steps leave the door wide open for input errors and inconsistencies, which can cause an incorrect disclosure. Moreover, compliance rarely dictates the structure of manual reporting, giving rise to inefficiencies and lack of attention to current standards. How can the right automation software improve efficiency? The biggest boost in efficiency that automation generates is through the 100’s of hours of time it can save. One of the most effective pieces of automation software we have come across, is from IFRS System, and with it companies saw preparation time reduced by hundreds of hours. A big reason for the amount of time saved through automation is the elimination of consolidation spreadsheets. Instead of 20+ drafts, employees in charge of public reporting would only have to work through up to 4 drafts. This obviously entails a change to pre-existing processes, but it will ultimately increase productivity and improve...

Boost Productivity with AP Automation

Manual accounts payable processes are universally known to be very involved and resource heavy, often resulting in some amount of error along the way. With effective AP automation these concerns can be alleviated, creating opportunity for a range of benefits. The perks of automation have resulted in its implementation among AP professionals for the last couple of years, and are beginning to inspire a more widespread acceptance within the industry. Though there are several benefits to AP automation including decreased costs, reduced errors, and a streamlined process, we want to highlight the boost to productivity it will undoubtedly provide. According to the 2014 Automation Study conducted by The Institute of Financial Operations, respondents including finance executives, shared services directors, and AP managers, reported a range of automation use within their process scaling from less than 10% to 90%. One of the conclusions this study provided, was the discovery of a trend towards more efficient and time saving processes with the use of automation. “While 72 percent of respondents said it takes them five days or fewer for data entry, validation, and approval of an invoice, 10 percent reported completing the process in less than a day – and 9 percent said they do it in less than an hour.” This meaningful time saved by eliminating routine tasks is unprecedented, and can be re-distributed for any number of projects or new initiatives, or even inspire members of your team who were previously bogged down with labor intensive tasks. Company resources can be maximized when there are fewer people and physical supplies needed to process invoices. Staff are consequently left with...

Three 2015 Business Intelligence Trends

Three 2015 Business Intelligence Trends Last year brought along several changes within the realm of Business Intelligence. We saw mobile BI rise in popularity and Big Data investments increase among business owners, as well as a heavy focus on cloud & security. These shifts in process & technology are always evolving, and with them come new ways in which to succeed. The following are three trends that we believe 2015 has in store for Business Intelligence. 1. Heightened Data Interaction In 2014, the ways in which we were able to interact with our digital information grew with the increased usage of dashboard and BI software. This year, organizations will continue to invest in and experiment with Big Data solutions as the analytical advantages of this approach become even more crucial for success. The task of collecting and reviewing data has become much more interactive with the development of lightening fast analytical tools. It is now easier than ever for users to extract significant data to analyze or experiment with. 2.  Transformation of Data Governance According to Gartner, this year, 25% of all global companies will have some sort of data officer in place. With companies creating and collecting data, in amounts exceedingly higher than ever before, it is imperative that they explore cutting edge methods to control and govern said data. Data governance can be completely customized and implemented to ensure effective and dynamic use, all towards the goal of executing from a well-informed and resourceful perspective. 3. Blossoming Mobile Capacity With mobility clearly on the rise, there has been an increasing amount of focus on the development of...
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