“There is too much on my plate” – a reality lived daily by business owners and employees alike this time of year. Ironically enough, too much on the plate is a common reason for not being able to get things off the plate – how is time found to check things off our to-do lists? Does it have to be this way?
After surveying our clients, we were able to make a list of top priorities that business leaders plan to tackle in 2023 to stay ahead, and ultimately clear their plates with automation and implementing better technology to take over some of the heavy lifting.
Our goal is to help you relieve stress, eliminate wasted time, control spending, and create focus and opportunities for your organization.
Have you considered the following initiatives for the new year?
Lease Accounting Compliance & Software
Late to comply with the new lease accounting standard ASC 842? Looking for additional help with maintaining compliance in 2023? ProNexus has already helped several clients implement the new lease accounting standard, ASC 842 and IFRS 16.
Additionally, we have invested in Lease Accounting Software and have developed tools and IP to implement the new standard and to offer clients the option to outsource ongoing ASC 842 or IFRS 16 compliance to our firm. Using Excel to manage ongoing compliance can be risky and incredibly time-consuming. Our lease software is designed to comply with the new standard by providing you with the necessary journal entries, amortization schedules, and related footnotes.
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Financial Planning & Analysis (FP&A)
Individuals and businesses alike have endured extreme stress in recent years, and there’s no sign of the situation improving anytime soon. Along with the continuing impact of the COVID pandemic, companies are currently dealing with effects of inflation, supply chain shortages, and rising interest rates, among other challenges. While you can’t control the state of the economy, there are steps you can take to ensure your business is prepared for what’s to come. As you start your financial planning for 2023 and beyond, follow these steps to solidify your strategic plan and reach your business goals.
- Set the past as your baseline to predict the future.
- Add assumptions on what could change in the future.
- Add strategies and assumptions to visualize different outcomes.
- Assess your risk tolerance using cash flow forecasts for each scenario.
- Work with business leaders and board members to test strategies.
ProNexus delivers FP&A services that can help accelerate your business with data-based actions. With specific expertise based on your industry, technology, and desired outcomes, ProNexus will enable you to understand what is working, what is not, and how you can take action to get the results you want.
- Budgeting & Forecasting
- 13-Week Cash Flow Forecast
- Business Analysis
- Data Visualization (KPIs, Dashboards)
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New ERP or Accounting System
Are you in the market for a new ERP or Accounting System?
In a complex and competitive market, most businesses are looking to increase their efficiency. If you are currently operating multiple, disparate systems, you may struggle to operate at peak efficiency. One way to improve productivity is to streamline your operations with a fully integrated solution.
We have helped clients across industries create optimal digital environments aligned with their technical capacity, business requirements, employees’ needs, and customers’ expectations.
Take our ERP System Modernization Assessment to help evaluate if a modernization of your current ERP System is recommended for you.
Things to consider when evaluating an upgrade or replacement ERP system:
- ERP systems have undergone a world of change and have added many new capabilities.
- Increasing misalignment between your current ERP system and your changing business requirements is a driving factor in updating and/or replacing your ERP.
- Your business has grown and needs a more capable enterprise resource planning system.
As you begin to evaluate solutions, it’s easy to get lost in comparison of features and functions. Those granular capabilities are important, but it’s even more important to stay focused on your business goals, take an honest assessment of where you are on your digital transformation and determine where ERP fits into your strategy and how it will enhance your business.
Download our ERP Evaluation Guide to get started.
If you are not ready to take on an ERP Implementation, ProNexus also has tools that can help you leverage your current technology and spend less time compiling data, and more time analyzing your data in real-time.
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Accounting Optimization
Have you thought about optimizing the efficiency of your accounting function using modern cloud-based tools and systems?
If you’re still waiting to jump on the cloud computing train, don’t worry you’re not alone. However, organizations that have been quick to adopt cloud-based accounting software are already seeing the benefits. The biggest downside of using traditional methods like spreadsheets is that you’re at risk of errors and data loss, as well as lower productivity.
We are sure that productivity is one of the keys to success for any organization. So, this raises the question of why are we still using time-consuming accounting methods. Wouldn’t you prefer to have more time to focus on your business?
Cloud accounting software offers organizations the chance to improve their overall productivity and gives business owners a much clearer picture of their finances. So, if you’re struggling to understand your finances, or your accountant asks you for information that can’t be easily traced, why not look into a more productive system or process?
With cloud accounting, you can optimize your accounting and operations resulting in improved efficiency levels across your organization. Here are 5 ways to automate your business using cloud accounting software:
- Purchasing – With cloud accounting software, your organization can add POs with workflow approvals to control spending and fast-track their purchasing process. POs can be routed via email for approvals to department managers, finance, and/or based on spending thresholds to manage spend before invoices arrive. Additionally, your organization can import budgets into your accounting system and set up spend management alerts. Alerts are a great way to warn users entering POs that the amount will exceed budget.
- Accounts Payable (AP) - By implementing an AP automation solution, your organization can add OCR capture to emailed vendor bills to reduce manual data entry and the potential for human error. In addition, you can automate employee expenses and control spending with OCR receipt capture via smartphone. With AP automation, you can also improve your productivity without having to sort through the mail, match invoices to purchase orders, key the invoice into the accounting software, and print and mail the check.
- Accounts Receivable (AR) - By using a cloud accounting solution, your organization can set up bills, statements, and dunning notices. These notices will automatically email customers to get paid faster and reduce Days Sales Outstanding (DSO). Additionally, you can automate time capture to flow into invoice preparation, allowing you to invoice customers faster. Lastly, your organization can easily automate your customer invoice process, allowing you to save time and money.
- Cash Management - Many businesses fail due to cash flow issues. Your cash management process plays a large role in your organization’s success and having a positive cash flow is essential. Our organization can choose a cloud accounting system that links to your bank and will automatically pull in transactions with an auto-matching feature to streamline reconciliations. Furthermore, by automating your business’s cash management process, you can better manage day-to-day transactions, cash balances, and fund transfers.
- GL Updates - Cloud accounting software automatically updates the sub ledgers and GL in real time. This gives you visibility into financial and operational performance. This automation provides visibility into your account balances, revenue, and profit all within customizable dashboards. Additionally, setting up this automation can reduce the posting of repetitive journal entries and allow employees to focus on responsibilities that add more value to the business.
ProNexus has partnerships with several cloud-based solutions and has a team of experts with knowledge of many others out there. The automations available in cloud-based accounting software help organizations eliminate manual processes, increase productivity, and ultimately reduce costs.
Contact ProNexus to learn more about the ways to automate your business and financial processes.
Outsourced Accounting
As a business grows, we see owners being pulled in different directions and wanting to focus their time on the core of their business. The bookkeeping gets pushed to the side and often becomes a late-night task. In fact, as a business continues to grow many owners realize they have outgrown bookkeeping altogether and need more robust data that comes from management accounting. Management accounting is the provision of financial data and advice given to a company for use in the organization and development of its business.
When a small business or nonprofit is in a growth phase you need basic financial reporting for compliance and to make sure your business is up to date. Management reporting is used to forecast and make business decisions backed by real-time data and key performance indicators.
So how do I know when I should outsource my accounting?
If one or more of the following triggers have occurred, you probably are ready to rethink your current accounting solution:
- Reaching $1 million in revenues
- Employing eight to ten people
- Accepting outside investor capital
- CEO can no longer be involved in every aspect of the business
- Entering the accelerated growth stage of the business lifecycle
- Needing to get more out of QuickBooks than billing and collections
- Wanting technology systems to interface and talk to each other
- Requiring more sophisticated financial reports for data-based decision-making
What can I gain from Outsourced Accounting?
- Allows business owners time to focus on their core business
- Improve cash flow, lower costs, and improve technology
- Leverage the use of a fully integrated ERP system at a fraction of the cost to own your own ERP
- Removes in-house burden
- Gives you access to CPAs at all levels on an as-needed basis (CFO, Controller, Staff Accountant, etc.)
- Compliance vs Reliance
- Decision-ready financial intelligence
- Increased operational efficiencies
- Peace of mind
Why outsource accounting with ProNexus?
Business Process Outsourcing (BPO) is a fast-growing business solution. Increasingly, businesses, both large and small, are turning toward outsourcing as their preferred solution – with accounting being one of the primary outsourced tasks.
ProNexus’ customized management reporting and KPIs help our clients drive performance and profitability through data-driven decisions and accurate accounting.
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We would be happy to conduct a complimentary intro call to help prioritize the needs that would best serve your organization. We have lots of clients that have begun to take advantage of this to ensure their future growth and profitability for 2023 and beyond.
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ProNexus Admin: Nov 7, 2024 5:14:52 PM
Rafael Vidal, President & Co-Founder, ProNexus, LLC