Category: financial reporting

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Why Small Businesses Need Proactive Accounting

It has been demonstrated time and again that businesses working with experienced accounting professionals can benefit from the strategic financial guidance and compliance support they may provide. Yet these factors alone are often not enough to make the business owner happy. For most small business owners and growing enterprise stakeholders, the lack of proactive advice compounded by slow responses to business requests are the primary reasons for leaving their CPA.

Even if they don’t know how to ask for it, small businesses want proactive attention from their accounting professionals. Small businesses want and need to get information when it matters, and they need help deciphering what the information really means.

It is common for professional accounting firms to simply wait for their clients to provide after-the-fact information from which reports are prepared and delivered long after their relevance has passed. These firms often see no sense of urgency in helping clients address the business issues facing them in real-time.

Business owners attempting to grow a small enterprise from their budding small business especially need the benefit of experienced insight into operational metrics, cash flows and overall business performance. Without this meaningful data and advice delivered in real-time, stakeholders don’t really know what is going on or if they’re on the right path.

Advice on business planning and financial strategies should come to business owners from their accounting professionals, but it often does not. It is interesting that so many firms list business planning and strategy among the services promoted on their websites, yet they just sit back and wait for clients to ask for help.

Regulatory and reporting requirements for businesses are ever-increasing, so it makes some sense that many professional practices continue to focus on taxes and compliance work. Firms may find it challenging enough to keep up with changes to these core services provided. Yet this is why practitioners should take notice and accept that their ability to meet changing market and customer demands is wrapped in their ability to leverage technology to do what people and process can’t do alone.

Information technology is needed to speed up the bookkeeping, accounting and reporting processes, and it takes even more technology to help turn data into relevant and useful information. This is where Mendelson Consulting and Noobeh cloud services can help.
Working with businesses of all sizes and encouraging participation by the accounting professional, Mendelson and Noobeh help businesses implement the technology that facilitates faster collection of information throughout the business and then applying solutions that reflect those numbers in ways that helps users visualize the meaning of the data.

Mendelson and Noobeh help CPAs and accounting professionals remove threats of competition and irrelevance by helping them work closer with and deliver greater value to their small business clients. Applying proven, innovative technologies with improved processing methods and controls leads to better information provided in a timelier manner, which returns to the client as a better result offering greater insight. This is what small businesses want from their CPA, and Mendelson Consulting and Noobeh Cloud Services helps professionals deliver it.

jm bunny feetMake sense?

J

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For Franchise Business, Platform Agility Helps Deliver Customer Value

In every corner of the franchise world, businesses are talking about growing value. Customers are pursuing lower prices and are spending less, and the competitive marketplace often pushes businesses into a race to the bottom. With pressures coming from all sides – rising labor and supply costs, inflation and the cost of capital, changes in consumer spending habits – franchise operations are looking for ways to differentiate themselves and delight customers while supporting profitability and growth.

Value is not simply a discounted price on an item. To the buyer, value is often found in the quality of the product or service, and fast friction-free transactions made without errors. New bundles of products and offering new add-ons may also improve the customer’s value perception. The introduction of online and mobile ordering and partnering with third-party delivery services is not only an enhancement to the customer experience but can open new revenue streams by reaching new customers and serving current customers better.

Understanding where changes might be made to not only improve value to the customer, but also to the business and stakeholders, is the challenge. Only through close monitoring of operational and financial data will businesses understand what adjustments are needed to achieve the desired results. Yet the complexities of data collection, integration and reporting often pose barriers to exposing the information needed to fully inform stakeholders.

Mendelson Consulting and Noobeh Cloud Services understand that many franchise organizations are faced with challenges in identifying, collecting, combining and reporting on their operational and financial data. Working with Microsoft Azure and having team members and partners experienced in working with a wide variety of financial and operational systems, Mendelson Consulting and Noobeh help businesses create the foundations for flexible, agile and massively scalable data collection, storage and analysis.

From standardizing accounting systems and processes to establishing data lakes and foundations for data analysis and reporting, Mendelson Consulting and Noobeh have the range of services and solutions and partners to help support new, established and fast-growing franchise operations. Its about delivering more value… to our clients and to theirs.

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J

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PowerBI, Data Warehouses and Combining QuickBooks Enterprise Data with Other Data

Businesses of all types are looking for ways to discover more useful information hidden in their systems. With a desire to implement business intelligence tools such as Microsoft PowerBI, companies need the ability to combine and analyze data coming from a variety of sources. The data can help businesses inform their conclusions rather than leaving it up to “gut”, supporting decision making in all areas of the company.

The tools for exposing and combining data are many. Enterprise ETL (Extract/Transform/Load) products have been available for many years. When it comes to SMBs and the applications they utilize, the options aren’t quite as prevalent nor as powerful. In most cases, businesses are left to working with data exports and a bunch of linked Excel worksheets.

Noobeh understands that businesses need their data available for integration, analysis and reporting. Noobeh are experts in deploying SMB applications such as QuickBooks Enterprise desktop, Acctivate Inventory, Sage ERP, MISys Manufacturing and more, all on the Microsoft Azure platform, positioning the applications and their data perfectly for use in business analytics and data warehouses.

Data warehouses and data lakes are growing in popularity because there is simply too much disparate data present in any growing business to effectively analyze it one data silo at a time. The number and variety of data sources in a single small business can be far larger than the company realizes until it attempts to capture and report on that data.

Any approach to data warehousing should consider the potential number and variety of data sources involved. This is among the reasons for Noobeh electing to work with Microsoft Azure and PowerBI. The Azure platform provides the infrastructure services and platform tools to enable data connections needed, powering the data warehouse and exposing the data to PowerBI and other reporting and analysis tools.

Even QuickBooks Enterprise desktop data can be extracted into its own standalone data warehouse, connected to a broader data warehouse and then combined with other business data. When businesses can combine data from their various solutions, even those which may still be desktop-bound, the power of the information and intelligence contained in it can be revealed.

Whether the purpose is process improvement, performance monitoring, management reporting or combined operational intelligence, collecting and storing the data is the first step. Noobeh is there to help make it happen.

jm bunny feetMake sense?

J

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Enhancing Business Insight: Noobeh Cloud Services and Azure-Based Solutions

Technology is evolving and so are our ways of using it. While the rules of accounting haven’t changed for years, the solutions we use to do the work have changed a lot. Yet there remain many businesses that haven’t yet embraced the idea of fully digital workflows, integrating and automating how data moves through the “system” to provide a comprehensive view of the business and how it is performing.

This is where accountants and bookkeepers can best serve their clients, by helping them implement the platforms and solutions which transform operations and provide greater insight into these areas.

Over 20 years ago, a technology model was developed which allowed businesses and the accounting professionals who serve them to work directly and collaboratively in the clients’ accounting system. By hosting QuickBooks and Sage desktop products on host servers, small business users and their accountants could both access the software and the data in real time.

This new approach was a boon for accountants, bookkeepers and others working with small business clients as it not only enabled closer work, but also provided those advisors an opportunity to do more – and more complex – work with the client. Yet many platforms and working models created barriers to broadening the scope of service or access to client systems, limiting to just basic accounting products like QuickBooks, and not effectively addressing the rest of the business need.

As technology has evolved, so have these transformations.

More accounting professionals understand the benefits as well as the necessity of moving from analog to digital workflows, removing manual entry and improving efficiency and accuracy of data. Yet this improvement doesn’t require changing accounting software and undoing years of learning and business knowledge. Rather, the platforms and connections must be the primary focus, replacing the manual with automation and smoothing out the bumps where data isn’t flowing at all. If the system isn’t in place to handle the complete flow of the data, there is a break. Like a pipe leaking water, this break results in data loss – which is also loss of business intelligence.

A key to all of this is the consideration of where the data ultimately resides. When business data exists in closed silos – whether web-based software or closed hosting platform – it takes a comprehensive approach to collection, storage and analysis. This is among the benefits to be derived from the modern cloud and Noobeh’s Azure-based hosting approach.

Noobeh’s hosting is not just about the desktop or the applications.

The cloud platform, and Azure in particular, also provides resources for data analysis and business intelligence, workflow and data flow automations, improved security and identity management, IoT and computing on the network edge.

For professionals looking to evolve their practices by helping clients go beyond basic recordkeeping and reporting, it’s time to delve into the operational details, data flows and development of real business intelligence and insight. Noobeh Cloud Services and Mendelson Consulting have the platforms and the supporting services to help bring it all together, improving profitability and performance of their clients through the intelligent application of technology.

jm bunny feetMake Sense?

J

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Help Your Business Streamline Operations and Bolster Agility

The landscape of information management is swiftly evolving, demanding that businesses prioritize enhanced efficiency and innovation within their IT infrastructure to attain peak performance and profitability. Cloud platforms emerge as indispensable allies in this pursuit, empowering businesses to streamline operations and bolster agility across various workflows, from finance to customer service and beyond.

In today’s technology-driven business environment, a modernized IT framework is imperative. While web-based applications and cloud-based software are often seen as panaceas, they frequently fall short of expectations, leaving businesses entangled in a web of inadequate solutions. The crux lies not just in software, but in establishing a robust IT foundation that seamlessly integrates applications and processes, enabling efficient data flow without the risk of errors or loss.

Cloud platforms not only facilitate seamless collaboration and remote access but also provide centralized data access, enhancing workflow efficiency and inclusivity (no more data silos!). Furthermore, the integration of connectivity solutions ensures smooth data flow throughout the system, minimizing errors and maximizing accuracy.

As businesses increasingly rely on interconnected data ecosystems, there arises a demand for professionals who are adept at navigating and optimizing these connections. Traditionally the realm of IT specialists, this responsibility is now shifting towards accounting and finance teams, reflecting the profound financial implications of every business operation.

Noobeh cloud services and Mendelson Consulting teams work with accountants, CFOs and operations professionals who wish to transform business activities into digital workflows and dynamic sources of intelligence and insight.

Using platforms such as Microsoft Azure, PowerBI and more, plus leveraging solutions such as Clearify’s QQube for QuickBooks, Noobeh helps growing businesses implement the platforms and services that support greater efficiency now, and which have the agility to adjust and adapt to changing conditions, ensuring future support and service.

Gone are the days when accounting and finance were mere repositories of historical data; today, they serve as frontline guardians of business viability. Microsoft Azure cloud platform and services from Noobeh, your business applications, and direct data integrations furnish businesses with real-time insights, transcending conventional silos of historical data and illuminating the intricacies of business performance.

jm bunny feetMake Sense?

J

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Preparing Your Business for Exploding Growth

Preparing for exploding growth in a business requires careful planning and strategic decision-making. To develop the information necessary to support these activities, businesses must implement their processes and systems to properly collect the data required. Unfortunately, many organizations fail to develop the systems which will support increased activity and business growth, only recognizing after the fact that the process support and the data they need isn’t there. To prevent being caught off guard with more business demand and not enough organization to support it, follow these recommendations to set the business up for success over the long run.

Set clear goals and adjust as required. You need to know what the business purpose is… the objective you hope to achieve with all this activity. Establish SMART goals – specific, measurable, achievable, relevant, and time-bound. With a set of smart goals and a well-defined objective, the business has a clear direction and a guide to assist in decision-making.

Build infrastructure that is scalable. If the business infrastructure can’t handle increased demand, the business can’t grow effectively. Scalable information technology and software systems, robust production capabilities with adequate human resource availability, and increased efficiency in supply chains will help the business meet increasing demand, while improved reporting and business intelligence helps to anticipate potential bottlenecks, allowing for plans to be developed to address them.

Make sure finance and accounting are set for growth. Strengthen overall financial management and review your financial processes to ensure they can accommodate growth. Implementing the right systems and software is necessary to not just optimize production and operations, but to provide a foundation for establishing sound accounting and financial practices which will help the business secure funding and manage cash flow effectively. A good way to evaluate your preparedness for growth is to prepare financial forecasts and stress tests to gauge your business’s financial resilience under various growth scenarios.

Streamline operations and automate where it makes sense. Evaluation of businesses processes is an ongoing task if your business is to continuously work to improve efficiency and effectiveness. Where opportunities for optimization and improvement exist, consider using automation and technology solutions to help streamline operations and reduce manual effort while remaining focused on enhancing customer experience and satisfaction through streamlined processes and improved service delivery.

Plan for Risk and Contingencies. You should try to identify potential risks and challenges associated with rapid growth, such as increased competition, supply chain disruptions, or changes in customer preferences. Develop contingency plans to mitigate these risks and ensure continuity of the business and operation. It may even make sense to consider diversifying your revenue streams to reduce dependency on a single market or product.

Monitor, adjust and adapt as needed. Key performance indicators (KPIs) should be regularly monitored, as should market trends, to stay informed about your business’s progress and to stay on top of industry developments. Use data analytics and reporting tools to gain insights and make data-driven decisions instead of operating on emotion. The business that plans for growth must remain agile and adaptable, adjusting strategies and operations as needed to accommodate changes in demand as they occur.

Preparation for rapid growth requires a proactive approach and continuous evaluation of your business’s readiness. Regularly reassess your strategies, make necessary adjustments, and stay focused on delivering value to customers as you scale.

Mendelson Consulting and the Noobeh cloud services teams are advisors and consultants with expertise in scaling businesses, and can provide valuable insights, guidance, and support throughout the growth process and beyond.

jm bunny feetMake Sense?

J