What’s it worth? 

Do you spend additional time duplicating information and creating reports offline?  There is a great deal of value in the ability to print the custom reports directly from your accounting system.  Consider this: 

Intrinsic Value – The most important aspect 

By providing your accounting department the resources to perform their jobs in a timely fashion, you will accomplish the following: 

  • Increased Productivity

Eliminating the need to retype information into a Word or Excel document can cut time requirements dramatically.  Printing directly from the system is so much quicker—just print or export to one of the many export formats.  Are these reports the project managers or other non accounting staff run?  Make them available 24/7.  Don't have them bottleneck in Accounting.  Accounting has critical deadlines (payroll & compliance filings) that should and will take priority over producing these reports.

  • Improve morale and sense of teamwork of your accounting staff.    

Accounting staffs often feel alienated from the team and perceived as only a necessary evil.  If they feel management supports them with tools to do their job efficiently, their morale will improve.  With improved morale comes better productivity and less employee turn over.  If you are in the Architectural, Engineering, or Construction (AEC) industry, chances are you are utilizing industry specific software such as Intuit Master Builder, Timberline Office,  Axium Protrax. Ajera Core, or Ajera Complete.  Due to the power this software yields, learning them can take months.  Mastering them can take years.  Employee turnover in these situations is extremely detrimental to the accounting function and thus to the quality of information produced by it.

  • Gain the respect of your accounting staff.

The Accounting Staff will recognize your ability to understand the various departments and functions within the company and thus respect you for it.

The intrinsic benefits translate into a proactive accounting environment.  Your accounting department could be affecting the bottom line rather than just reporting it!

 Shorten the reporting cycle.

Record the data in the accounting system and have quality information in the hands of management and project managers within minutes.  This includes branch offices. 

Shorten the billing cycle & increase cash flow.

Consider this.  The ultimate goal for the billing process is to “rubber-stamp” approve and mail.  Once the last payroll is posted, bills should be printed, approved, and out the door within 24-48 hours.  Many firms have achieved this level of efficiency with my assistance.

Was your August activity billed on an invoice dated September 15th?  If so, it is probable that the payroll you paid out on August 15th was not billed until 30 days later on September 15th, and not collected until October 15th (assuming 30 days outstanding).   If that is your firm, you are running a negative cash flow by 45 – 75days.  This cycle can be improved substantially in two simple steps.  Step 1 is to improve the speed & efficiency in producing your bills therefore shortening your billing cycle.  Step 2 is to double your billing cycles from 12 to 24 or 26.  Keep in mind, step 2 cannot be achieved until step 1 is mastered.

The key to achieving this level of efficiency is to eliminate lengthy, time-consuming double entry and producing your invoicing directly from the system the system!