All businesses should review their expenses periodically. Prudent expense management helps ensure that valuable cash resources are used wisely. No matter what the circumstances, here are some Best Practices for reviewing and managing expenses.
For businesses carrying too much debt, take early and decisive action. Each business is different, but here are some options.
There’s more to accounting than compliance. A well-run accounting function is multiskilled and supports business leaders to accomplish a range of different outcomes. We describe 5 important ways a business can benefit from the breadth of skills in an accounting function.
The COVID-19 pandemic is driving significant and unpredictable “price spikes”. Let’s look at what business leaders should be thinking about in this environment.
Your Business Model is not something you change lightly. Only fundamental shifts in your market, vision or business priorities will justify modifying how you make money. That said, a vibrant and resilient organisation is ultra-sensitive to change and responds quickly.
Survival has been on the minds of many leaders recently. But businesses are shifting their focus to resilience. What does it take to build businesses that can survive AND thrive in the longer term? Past methods may not work as well in the ‘new’ environment. Then again, what will really change? In this article, we’ll look at some attributes of resilient businesses.
Business owners often complain they lack information to make decisions, in spite of many solutions which claim to provide intelligent, customised reporting. Identifying business problems that need solutions and then the data sets which support decision-making is a better approach and we accountants can add value in this process. Read how.
Understanding how a customer or prospect VALUES your service is critical to getting pricing correct. This article details an approach to understanding value and various other important factors to grow the profitability of your business.
Old habits may be keeping your business from maximizing profitability. Breaking these habits will strengthen the business. OBT’s accountants are well-placed to help you change since we deal with the relevant numbers, can perform the analysis and can make actionable recommendations. Don’t get stuck with old bad habits, especially where there are opportunities to quickly improve the bottom line.
Depreciation affects your bottom line, your tax bill, and the value of your business. Those are three good reasons to learn what depreciation is and how it works. Here are the basics.