Trust is best earned rather than simply expected. It is the responsibility of management to cultivate the confidence of their employees. It is impossible to motivate employees and attain their respect without trust. It is a two-way street. High levels of assurance shared between management and employees generate longer employee retention, exceptional morale, strong loyalty, […]
Building Trust in Your Workplace Read More »
Every now and then we use a product that we fall absolutely in love with. As an outsourced accounting and HR service organization we use a number of different solutions from Quickbooks and Xero to Netsuite. The latest product that we’ve loved has been to drive our outsourced recruiting, and that product is HireMojo. [Disclaimer:
HireMojo – Products We Love! Read More »
According to a global survey commissioned by the Chartered Institute of Management Accountants (CIMA) and the American Institute of Certified Public Accountants (AICPA), only thirty six percent of the respondents said “they can easily ensure consistent, quality decisions at all organizational levels” and a staggering eighty-nine percent said “a stronger partnership with finance in decision-making
Using Managerial Accounting Principles to Increase Operating Efficiency Read More »
Approximately six million California residents became eligible for paid sick leave for the first time on 7/1/15 due to the “Healthy Workplace Healthy Family Act of 2014 (AB 1522).” The legislation was authored by Lorena Gonzalez a Democrat from San Diego. On July 13, 2015, Governor Jerry Brown signed Assembly Bill “AB 304 Sick Leave:
New California Paid Sick Leave Law Requirements Read More »
How do businesses operate collaboratively in our global environment and still continue to thrive in the face of increasing competition? The answer is that businesses must embrace functioning as highly result oriented ecosystems called teams. In a letter prefacing the “The United Nations Principles for Responsible Education Management,” the Dean of the U. C. Berkeley
Five Pillars of Teamwork Read More »
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have released new Revenue Recognition regulations that must be complied with by all public and private companies in all industries worldwide in 2017. The changes are wide sweeping to say the least. For many industries, the new standard will be a total
New Revenue Recognition Standards Effective 2017 Read More »
Human Resource (HR) risk management plays a vital role in businesses of all sizes. It affects mission critical decisions in every aspect of a business. This conclusion was meticulously developed in the article titled “Human Resource Management and Productivity” by Nicholas Bloom of the Stanford University Department of Economics and John Van Reenen at the
Human Resource Risk Management Increases Productivity Read More »
The primary mission of a business should be long-term profitability not just revenue growth. “Profitability is a measurement of efficiency.” It ultimately is the deciding factor in the success or failure of a business. “It is expressed as a relative, not an absolute, amount. Profitability is “the ability of a business to produce a return
Focus on Profitability Not Revenue Growth Read More »
A huge myth in Human Resource (HR) management is that you can increase your profitability by simply reducing labor costs. Labor costs are a function of how much a business pays its labor force and how much that labor force produces in a given period of time. The problem with just reducing labor costs is
A Key Determinant of Profitability is Production Not Labor Costs Read More »
Proper strategic planning is required to keep current operations in alignment with the company’s long-term goals. When this process is not in place, things fall through the cracks fast. Getting back on track means discovering and repairing loopholes in the system. The benefits of everyone rowing in the same direction are highlighted in the following
Strategic Planning Analysis Finds Two-Hundred-Thousand Dollars in Unbilled Revenue Read More »
One of the most potent Key Performance Indicators (KPI) for companies in general and Startups in particular, is their “Cash Burn Rate.” This indicator shows how much cash the organization is spending each month. The “Cash Burn Rate” is the underlying component of the company’s “Break Even Point” calculation. This is the point at which
Startups Must Monitor Their Cash Burn Rate to Survive Read More »
The Sarbanes-Oxley Act created a new regulatory authority called the Public Company Accounting Oversight Board (PCAOB) in 2002. It replaced the American Institute of Certified Public Accountants (AICPA) rules about auditing businesses. The law was the most comprehensive change in financial reporting since the Great Depression over eighty-five years ago. Please see the article titled
Accounting Errors Can Be Devastating Read More »