While addressing finance, accounting and HR issues, many companies make the mistake of putting the cart before the horse, jumping into proposed solutions without having the data to back up their decisions. Unfortunately, this eagerness hinders overall success and ability to optimize these functions.
Although many businesses and organizations make these decisions with the best interest of the company in mind (and these may be good steps to take in the future), these hasty solutions often don’t address the fundamental issues the organization is truly facing.
In an economy experiencing unprecedented circumstances including the pandemic, rising interest rates, supply chain issues, a tight labor market complicated by the “Great Resignation” and quiet quitting and more, what you think you need may drastically vary from what is actually needed.
For this reason, it is important to first have your company implement a finance and accounting assessment to examine all aspects of your finance-related operations and create a specific action plan. The same is true for your HR operations This improves accounting and finance policies and performance, leading to successful, long-term results.
PBO Advisory Group’s Founder Mike Ford is a member of Forbes Finance Council, a group of senior-level finance executives who share their expert insight on issues within the financial services industry. In his most recently published article, featured on Forbes.com, Mike highlights the benefits of these assessments, everything involved in the process, the deliverables and how to begin.
Read Mike’s full article in Forbes here.