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I never came across an accountant like you before!
Are you missing out on the benefits of budgeting
Larger companies prepare regular budgets or forecasts. Yet, in most owner-managed businesses there are no budgets or forecasts. Ask them why and they’ll give you all sorts of reasons. They haven’t got time. The current climate is so uncertain its nearly impossible to...
How banks evaluate lending requests
I was talking with a banker recently about their lending policies at the moment. One thing was very clear. In the current climate, they expect companies to have up to date accounts. The days of the bank accepting accounts from many months ago are gone. Now they are...
A framework for Improvement: TOTE principle
Applying the TOTE principle to business. In personal development work, the TOTE principle is an iterative problem-solving strategy using feedback loops. This principle can be applied equally well to business. The First T is for Test. Test the environment and identify...
Getting Better information from your Accounts
I remember once attending an Insolvency Update. One of the speakers, who regularly works on examinerships, commented on the lack of good accounting information in most of the companies that go into examinership. This really struck a chord with me. In most of the...
Simple tips to improve Cash Collection
Cash collection is often an an issue for businesses. It's very important to find a working way to be able to implement cash collection since giving credit is at times unavoidable in many businesses. Over time, I have accumulated a number of tips you can use to avoid...
Bridging the Gap Between Operations and Finance
Yesterday, I was asked for more context about “bridging the gap between operations and finance”. That phrase was said to me by a participant after a training workshop and I felt that it is a good summary of what I try to do. I was a late convert to accounting, having...
Doing Business in a Time of Crisis
In early December last, I participated in an online Webinar Series organised by Udaras na Gaeltachta. The theme of the series of “Webinars was Doing Business in a time of Crisis” and my topic was “Regenerate Your Business”. Here is a recording of my...
Business Planning Interview with Enterprise Ireland
A while ago I spoke on business planning at an Enterprise Ireland event. Afterward, they recorded a short interview with me about business planning. Here is the video. You can also view the video on the Enterprise Ireland website. [video width="1280" height="720"...
Putting Your Accounting Knowledge Into Practice: An Engineering Perspective
What should a business owner do to make sure he has the best possible information at his fingertips? How do you start putting this accounting knowledge into practice? We’ve already discussed how to identify the key transactions of the business. Also, how to record the...
Most Common Problems with Product Costs
Over the years I have found out that most clients are not confident in the product costs. Unfortunately, if the costs of the products are wrong then their product prices may be incorrect. They could be too expensive, losing them business, or possibly they could be...
What is a VIES Return?
Over the past year, I have been getting questions from clients about VIES. Typically, a client has received a letter from Revenue advising them that they should be submitting a VIES Return. However, the clients typically don’t know what VIES is and have no idea how to...
What Does An Outsourced Financial Controller Do?
If you struggle to get reliable financial information, or you cannot understand the information that you are getting, then you should consider taking on an outsourced or part-time financial controller. I was talking with a business owner recently who is running a...
What KPIs should I use?
One question that business owners regularly ask me is "what KPIs should I use?". Most business owners are familiar with the idea of KPIs and they understand that they should have them but they are not sure where to start. I have been working in management for over 20...
Which Is The Right Type Of Accountant For You?
Which type of accountant is right for you? Do you need to hire an accountant but you don’t understand all the different types of accountants and how they differ? Your relationship with your accountant is very important. A poor decision could have negative...
How Good Are You At Managing Your Business Finances
I have provided part-time controller services to many businesses over the years. The level of financial management in businesses varies from business to business. There are a number of broad categories that could help in managing your business finances. No Financial...
Assess your Financial Management Capability
The financial management capability of Irish SMEs varies significantly. I have been working with many Irish SMEs over the past 20 years. During this period I was helping them to assess and improve their financial management capability. Over time, I have observed a...
Why you always get unexpected Financial results
Have you ever been presented with a set of accounts where you get unexpected financial results? It’s really frustrating. Maybe you’ve had a very busy period with strong sales and you are expecting to see a very healthy profit in your accounts. In contrast, you have...
Managing Foreign Exchange – Preparing for Brexit
In the past few months, I have been getting more and more questions from exporting companies who are worried about managing foreign exchange after Brexit. There are a number of areas that cause concern but two, in particular, are common for the companies I have been...
Using Your Accounts To Manage Your Business
https://youtu.be/wAlCNHEgfFo Hello, Do you ever wonder how some businesses are able to use their accounts to help them manage and improve profitability? In this short video, I will give you an approach that will change how you think about, and how to use accounts to...
Who AccountsPLUS are NOT a good fit for
I know that AccountsPLUS is not going to be a good fit for everyone. Over the years, I have worked with many different colleagues and with many different clients. As I review my experiences, I realise that there are some types of clients who don’t benefit from my...
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