Best in Class Accounting for your Business…Yes you can.

Accounting Automation, Accounting Data, Expense Automation, Payables Automation, Task automation …With today’s economic climate and fierce competition, companies must ensure their accounting operations are competitive in terms of efficiency, effectiveness and productivity. A recent article by APQC highlights some interesting ratios on what it costs to run the best of class accounting operations in the world today.  Sounds expensive? It may come as a surprise to know that best of class accounting operations cost only 0.4% per $1000 per revenue. Another study by CIMA revealed that best in class accounting operations are between 0.6% and 0.7% of total Revenue. The biggest change in the last 5 years has been that the cost of technology to achieve those savings is as low as a few dollars per day as opposed to hundreds of dollars per day in the past.  With new available technology we are now integrating for our clients and we are seeing accounting costs tumble for some small and mid-sized companies by as much as 30% to 60% in some cases! Want to find out the true cost of taking advantage of new accounting technologies? Want to find out the true cost if you don’t? Schedule a free Strategy Session with Gerry Anderson, President of Logicon Solutions to review the options available to improve your accounting processes and Increase your Profitability! You provide a quick review of your challenges and we provide you with information on how you can overcome these challenges based on proven systems that work. We will look at how you can implement the fixes and your next steps to immediately improve your cash flow and reduce your accounting costs.   Gerry Anderson,...

Make Money with Your Data

  Less than thirty years ago, most small and medium-sized businesses knew their customers personally and had a depth of wisdom on their customers, best and worst. The local butcher knew which cuts of meat his patrons liked best. The baker knew when people came in for their bakery items. The barber knew the preferred hair cuts and shave types of his ‘regulars’ and when to expect them to arrive for their next hair cut.Between big box stores, global manufacturing and the internet, business as we knew it has transformed. However, with that transformation has arisen new transactional data, called Big Data, to help everyone across companies understand and help their customers better than ever. And it’s not just big enterprises with sophisticated IT capabilities that benefit from Big Data. Thanks to cloud-based providers—which offer access to massive amounts of data, and the ability to analyze it, without great cost—today’s small businesses can use Big Data to better understand customers, optimize operational efficiencies and better plan for the future. Free Big Data-enabled services You’re probably already using one or more of the many cloud services offering Big Data capabilities. Google Analytics, which can help you understand where your web traffic comes from, how site users behave and optimize your site to convert visitors to customers. Twitter, Facebook and Yelp, which can provide real-time insight into customer sentiment about your brand. LinkedIn, employing specific keywords to find prospects, partners or job candidates. QuickBooks, which offers free industry-wide data analytics. Government sites, to search for census, economic, or environmental or weather data. Public databases like CrunchBase, which offers information about the...

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...

Variance Analysis and Decision Support – The differentiator for the future

As our society becomes more digital and data compilation is becoming close to free, it is becoming more and more clear to our team on which organizations will survive and which ones will be shrinking and dying in the years ahead.   While companies are still using excel to do some basic analysis, what is quite surprising is that alot of finance and accounting professionals are still not aware of or have not leveraged the power of data management and mining technologies for their company.  In fact, a lot of them risk being marginalized by the rise of the data scientist and being overtaken and put out of business by their competitors. At a recent course we taught on variance analysis, of the 32 attendees from a wide range of organizations, only one was implementing an automated variance analysis and decision support system to capture and provide data from multiple points in their processes to help their business make better decisions.   A vast majority of the attendees were still conducting variance analysis in excel, only on their income statement and some of them 15 to 20 days after the month end. Of all the clients we work with, we are now seeing some of them becoming poised to take advantage of the opportunities in today’s marketplace and monetize those opportunities due to their investments in following systems: Automated accounting processes (purchase to pay, order to cash, reconciliations) that leverage the network effect while reducing transaction costs to less than $1 per Centralized data repositories of both financial, performance and market data that allow 360, 3-d views of the business and the markets they are operating...

Creating Business Value

One of the biggest problems we see are people that are not focussed on activities or tasks that continue to add value to their business or their clients. We have seen a lot of folks stay in their comfort zone doing the ‘routine’ without realizing that by doing this, their value and the value of their  business is decaying. To help create business value, we recommend three steps: Automate routine tasks With our society now digitally based, there are a lot of software and tools to automate routine tasks like data entry from one system to another or to automatically calculate material to make decisions upon.  While everyone is good at creating material in spreadsheets, they don’t take it to the next level of automating the upload of that data into the system that needs that data to do the next step.   If your time is worth than $15 per hour, you need to hire a programmer to help automate the data transfer from one system to another.  You will be able to get a payback in less than a month. Learn to listen Quieting your mind and actively listening to what your client is saying is crucial.  so many people are thinking about how to reply without really taking the time to pay attention and understand what their client is saying.  If you focus to much on your thoughts or focus on how you are going to reply, you are not going to get the ‘secrets’ to truly create business value. Constantly ask questions for confirmation People are sometimes afraid to go back and ask for confirmation of what...
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