Category: Systems

Is it a Process or a Procedure? Understanding the Difference

When you break down the process into a set of defined procedures, those procedures become work instructions. The instructions define multiple procedures and the roles of various individuals responsible for those procedures, so when they come together they define a successful process.

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Mastering the Chart of Accounts – Part 1: Income and Expense

Understanding the types and hierarchy of the line items in your chart of accounts will make it easier to maintain clean books, and use your accounting software properly. The chart of accounts categories fall under a few basic groups: income and expense, assets, liabilities and equity accounts.

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Developing Strategic Objectives for 2012

Strategic objectives should be selected to address the major challenges facing the company. To make these SOs manageable and actionable, limit them to no more than eight, and it’s vital to prioritize them.

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The Time of Reckoning – Closing the Books for 2011

Closing the books means you are ending your official accounting period so you can start the next period with a clean slate. It means that once the books are “closed” there will be no more changes to the financial documents for the closed period. So accuracy is critical. The closed books are the “gospel” of what has happened in the financials for your company.

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Strategies for Budgeting Success

Start by reviewing the numbers that show your actuals (from your P&L report), your forecast (based on where you think you can make adjustments), and the difference or variance for each line item. Now you have a working budget!

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