In contemporary Western society we are all familiar with the 12-month, 365-day year. This system, known as the Gregorian calendar, was established in 1582 by Pope Gregory XIII to coincide with Earth’s orbit around the Sun. However, while suitable for astronomical purposes, this system is not always best-suited to managing...
Cash flow is the lifeblood of a business. To survive and thrive, a company must apply cash flow management best practices to support generating sufficient cash from its business operations, investments and other sources to meet payroll, purchasing material inputs and supplies, paying for utilities, making required payments on...
In today’s economy, mergers and acquisitions (M&A) can deliver exceptional value, if managed properly and efficiently. In most cases, the key to such success is a well-managed, thorough merger and acquisition integration process. However, this procedure can be fraught with complications, since every case will need to be managed differently....
Determining the break-even point is crucial to determining margins, which, in turn, aid in financial planning for the next year. Break-even analysis determines both the minimum amount of sales required to avoid a loss or to “break-even” at the end of the fiscal year and permits you to adjust...
Generally Accepted Accounting Principles, or GAAP, is considered to be the standard for financial accounting in the U.S. GAAP is used to guide accountants through the business of recording, summarizing, and preparing financial statements. One of the most hotly contested issues over the past three decades regarding the development and application...
Managing Director Resource Planning Solutions Corporation Previously in this series we discussed the importance of first designating the critical success factors necessary for an organization to achieve its stated objectives, and then assigning key performance indicators (KPIs) in order to accurately measure such factors. We...
Managing Director Resource Planning Solutions Corporation This is the third in a series of articles detailing best practices for the implementation of strategic planning and methods for performance measurement. Previously we discussed methodologies for the outlining of critical success factors, which are the activities or...
Managing Director Resource Planning Solutions Corporation This is the second in a series of articles focused on best practices for the implementation of strategic planning and performance measurement. Such methodologies are integral to the success of all kinds of businesses, from small-scale enterprises to multinational...
Managing Director Resource Planning Solutions Corporation Strategic planning and performance management are of significant importance to the survival of today’s businesses. From small businesses to multinational, Fortune 500 companies, these factors are critical to their operational success. This series of articles will outline a number of...
For the purposes of maintaining control over internal accounts and safeguarding long-term accounting consistency, it is integral to create efficient period-end closing procedures. Though these systems can be complex, a well-planned set of internal controls can make the period-end closing procedures more manageable as well as ensure a desirable...