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Dear Business Owner: Accounting Can Be Your Friend
Photo via Photodune Accounting. The bane of many a solopreneur or small business owner. What is it about accounting that gives this group of people, you, such willies? Perhaps it because the whole...
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5 Ways to Have a Better Accounting Department
We exist in a world where the businesses that perform the best are usually the most efficient. Resources are scarce and today’s small businesses need an edge to succeed. All too often, the mantra “do...
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Know Your Metrics – Days Payables Outstanding (DPO)
Accounting is inherently numbers driven. As accountants, we express the performance of our organizations in numbers. Our primary outputs are the financial statements of the organization. The income...
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Why You Need to Get Off the Island
Many organizations are organized in a silo manner. Sales has its own silo. Product development has ts own silo. So, it goes without saying that finance typically has its own silo. However, in many...
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Moving from the Budget – Is it Right for Your Organization?
The annual budget. Is there a more sacred and standard financial management tools? To most of us, it would seem that the annual budget is the foundation of financial management. There are gigantic...
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Leverage The Power of a Pie Chart to Regain Your Sanity
Photo by Devonyu via iStockphoto For those of us who try desperately to be organized, our to-do list is a sacred piece of paper. It governs our day, guiding (forcing?) us towards the most important...
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Make the “Start” Towards an Awesome Career Today
I will readily admit to anyone that I am a voracious reader. Both fiction and non-fiction. I think being a reader is one of the most important ways to grow. I doubt much of my fiction reading will...
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How the Concept of Value Streams Can Help Your Reporting Flow Better
A few posts back, I revealed my secret weapon for eliminating confusion and disarray in your P&L reporting. Cleaning up your P&L is a logical first step in making your organizations financial...
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The Wanderer’s Approach to Being a Better Accountant
So, what makes one a successful accountant? I have been around long enough to have seen my share of “tips and tricks”. I also remember enough about my college education to remember some of the...
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Work Orders: The Biggest Myth in Your Decision Making Process
The work order. One of the staples of manufacturing companies around the world. For “direct” employees, it is a fact of life. You work, you keep track of your hours. It is how it is done in the...
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Clean Things Up and Make Your P&L Easier to Use
In recent posts, I showed we could evolve a common analysis exercise that accountants are typically called upon to do, improve it a bit, and then improve it in a significant way. We took the make/buy...
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Using a Bird’s Eye View to Drill Into a Make/Buy Decision
In our two previous posts, we discussed an, um, arcane way of looking at make/buy analysis and then improved on it a bit. While both were probably not unfamiliar to you, hopefully it is a bit clearer...
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The “Better” Way of Looking at Make/Buy Decisions
In the last post, we took a look at what I call the absolute “wrong way” to do a make/buy decision for a part, or even a service for that matter. If you remember, the root of the problem for the last...
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A Look at Make/Buy Analysis and How Not to Do It
Today, I would like delve into an area that typically involves cross-functional analysis within an organization. In other words, it is an area that allows us, as accountants, to provide outsized value...
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All Accounting Is Not Created Equal: Financial vs. Managerial Accounting
As accountants, we sometimes forget that there are actually two branches of accounting. Well, from an academic standpoint, at least. The world of accounting, on an oversimplified basis, is split up...
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What Everyone Ought to Know About Inventory
It is my job (mission?) at Business Accounting Mastery to get us, as accountants, to think in ways which are not necessarily in line with “conventional thinking”. You know, rock the boat a little bit....
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5 Ways That A Book Changed the Way I Look at Accounting
Today, I wanted to share a great resource I have come across that I feel can help you transform your career and the performance of your department. I truly believe that. Simply reading this book...
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The #1 Accounting Mistake You Can Make
You might be surprised to hear what the one colossal mistake you can make as an accountant is. To be honest, it is one many of us make more often than we care to admit. I am guilty of it too often....
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The #1 Question To Ask Yourself As An Accountant
What is the most important question you need to ask yourself as an accountant? The one thing you need to have an answer for so that you can be a success at what you do? You might be surprised. It is...
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A Little Something About You
In my last post, I told you little bit about myself. Why I wanted to be something a little bigger than “just an accountant”. Why I wanted to share a thing or two with you as fellow accountants. So,...
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