التخطيط المالي - شبكة المحاسبين العرب

الثلاثاء, 21 يونيو 2022 14:18

كيف يمكن لتحليل البيانات تبسيط شركتك

على الرغم من أنه سيتم استخدام تحليلات البيانات على نطاق أوسع في المستقبل في المراجعة والتخطيط المالي، لذا فإن إتقان تحليلات البيانات لا يزال عملاً قيد التقدم.

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المحتوى بالإنجليزية How Data Analytics Can Streamline Your Firm
In the not-so-distance past, accountants spent the majority of their time sorting through stacks of paperwork, posting accounting entries manually, and making sure that those endless stacks of paperwork were properly filed at the end of the day. When technology arrived, it allowed accountants to spend more of their time using their expertise, offering their clients a more advanced menu of options including tax planning, expense analysis, and consulting.

Most accounting firms welcomed technology into their firms; adding new products and programs designed to streamline operations while reducing paperwork. But like anything technology-related, as soon as one process is put into place, another more advanced process, program, or product is introduced. Simply keeping pace with the latest technology can quickly become a job all on its own.
What are data analytics?
While computers, tablets, notebooks, and software applications will continue to evolve, one area that accountants should be taking a longer look at is data analytics. Used to predict and better achieve designated outcomes, data analytics can be used in monitoring, auditing, and financial planning, and can be particularly helpful when used to better identify client behavior.

There are four types of data analytics:

Descriptive analytics – Descriptive analytics is used in reporting and helps to provide insight into historical information.
Diagnostic analytics – Used when examining variances between sets of results, diagnostic analytics is used to determine why something occurred.
Predictive analytics – Predictive analytics is used when looking to the future, helping firms predict possible outcomes by examining past data.
Prescriptive analytics – Prescriptive analysis assists in choosing the best option to achieve desired results.
Though data analytics will be used more broadly in the future for everything from auditing to financial planning, mastering data analytics is still a work in progress. Before data analytics can be effectively used, partners and staff must develop the skills needed to use the process properly.

How to get started in data analytics
Depending on your current skill level, there are a variety of tools and methods you can utilize to become better skilled at data analytics.

Utilize free and low-cost resources
There are a variety of resources available on the internet that can help you become acquainted with data analytics. While they won’t give you the knowledge that you need to implement data analytics firm-wide, they can help you identify both strengths and weaknesses and where you may need the most help. For example, there are numerous websites available that provide a detailed overview of data analytics that can also help point you to more in-depth study opportunities.

CPE credits
Since you have to obtain CPE credits, why not take a data analytics class? This is a great opportunity to learn more about the process, explore the analytics you’re already using in your firm, and explore the possibility of using data analytics more extensively in your firm.

For those looking to learn more about data analytics, the AICPA offers a variety of resources to both members and non-members including certification programs in data analytics, cybersecurity, robotic process automation, and several others. The AICPA also offers the Certified Information Technology Professional (CITP) credential to members, which validates expertise in the area of data analytics. More information is available here.

Conferences and in-house training
Conferences can be a great way to hone your skills. There are numerous data analytics conferences happening both online and in person. Sending a few key individuals to these conferences can be helpful since they can return to the firm armed with knowledge that can be shared with other staff members.
Bring in a professional
If you have room in your budget to hire another employee, you may want to consider hiring someone skilled in advanced technology including data analytics. This can be particularly beneficial if you’re looking for someone to train others in your firm on data analytics and advanced technology. If you don’t have the budget for a full-time employee, consider bringing in a consultant that can take charge of training employees in the basics.

Accept that there will always be something new to master
By the time you become familiar with data analytics and begin to use advanced technology in your firm, there will likely be other new skills to learn. As a CPA, continuous learning is key to remaining competitive, and becoming comfortable with change can be key to staying relevant in your field.

Make technology key in your firm
Technology isn’t only data analytics. It’s also the processes you utilize and even the software you use. That means eliminating multiple programs for multiple functions and making the move to a more integrated software system. It also means making the move to cloud technology and leaving those on-premise applications behind. Making the commitment to understanding and adapting advanced technology in your firm can help you create a more streamlined work environment for you and your staff.

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موسومة تحت

الإثنين, 06 سبتمبر 2021 20:31

قيادة أصحاب الأعمال

يجب على العملاء الذين يمتلكون شركة، في مرحلة ما، التفكير فيما يتجاوز حياتهم أو على الأقل رغبتهم في العمل. بالنسبة للكثيرين، ينتهي ذلك في النهاية ببيع الشركة. سواء كان البيع لفرد من العائلة أو موظف أو طرف ثالث، يجب تقييم العديد من فرص التخطيط المالي قبل البيع النهائي بوقت كاف.

معلومات إضافية

المحتوى بالإنجليزية Leading business owners to the exit
By John P. Napolitano
September 02, 2021, 9:00 a.m. EDT
7 Min Read
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Clients who own a business, at some point, must think beyond their lifetime or at least their desire to work. For many, that eventually concludes with the sale of the business. Whether the sale is to a family member, employee or a third party, many financial planning opportunities need to be evaluated well in advance of that ultimate sale.

The opening conversation should be about when your client would like to exit the business. Many have a hard time articulating the “when” because they probably do enjoy how they spend their time in the business. Most CPAs and accountants will end the conversation as soon as the client indicates that they do not know when they would like to sell. But the accountant who really cares about the client will at least ask the client to choose a hypothetical jumping-off point so the planning can begin. The timing of when to sell is an important detail in the forecasting and planning for the client. The ideal situation is having a client who exits on their own terms, not because they have to.

The purpose of the initial number-crunching exercise is to help figure out how much the client needs to net to remain financially independent for life, as well as to fulfill any other financial objectives they may have. To do this, you will need to have a decent idea of what the value of the business is at the time of engagement. Of course, a full valuation is recommended, but many clients balk at forking out that kind of money when they don’t know when they may exit. At this point, you may ask the client what they think the business is worth and what valuation they’d like to use for the forecasts. Hopefully, they’ve paid attention to industry activity and have some comparable sale information inside their head. If not, pick a low number to be conservative, and let the forecasting begin.

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No one knows what tomorrow may bring, so I believe that the best practice would be to have your client’s business in shape and ready to sell at all times. It is never too soon to be prepared to sell in case of the worst possible scenario, such as the owner’s death or disability.

This would include making sure that there is some level of financial statement package from an outside accounting firm that can be relied upon. Depending on the size of that business, it may be a compilation, review, or audited set of statements. For a very small business, a compiled set of statements and tax returns may suffice. For any business where a buyer is likely to utilize outside financing, a review or audit may be best.

For larger businesses, the audit would be the preferred set of financials presented to a prospective buyer. In fact, not just a set of audited financial statements, but audited financial statements from a larger firm with a solid reputation. If you are a small firm, do the right thing and encourage your client who is ready to plan for a sale to work with a larger, known firm for that engagement. You may still be involved with some of the work, but the report is best coming from the larger firm.

In addition to the financial statements, a quality of earnings report is also frequently desired by buyers and lenders alike. This is commonly a routine part of the due diligence process and is designed to flesh out one-time issues or matters not evident from the financial statements alone. Ideally, when your client decides to sell, there will be at least three years of such statements and reports already prepared. This helps in the event of a sudden need to sell the business. The cautious owner and advisor would encourage clients to start on this sooner rather than later so the sale process can be expedited, whether it’s voluntary or not. And, P.S., if it’s not a voluntary sale, and you already have these documents together, a buyer may have more respect for your client’s business savvy, which could ultimately lead to a higher purchase price or a quicker transaction.

In addition to the two aforementioned financial information packages, a diligent seller or advisor may suggest that your client begin building their “data room” as soon as they can. The data room is a term used to describe a place, typically electronic, where data is stored and ready for examination by any interested party. Most buyers will want at least three years of such data, so the sooner your client begins to build that, the easier it will be when they eventually do go to market with the company.

If your client is predisposed to an intrafamily sale or a group of key employees, this data may not be as critical, but it still matters.

If the sale is to a group of key employees, conversations are most helpful when started early in the process, assuming that these key employees have an awareness of the financials, including the owner’s compensation and profit distributions. In fact, if you’ve got the management team already in place to succeed your clients, you may start with smaller sales now, rather than waiting to do one large transaction later. The advantages of starting these transactions sooner are many.

First, you are giving the group of buyers a chance to have skin in the game now. This may keep them motivated to continue working hard to grow the business, rather than waiting until they stand to benefit via ownership. The second part of that is as owners today, they are now your client’s partners and owe the owner a duty of care that is more than implied as fiduciaries to each other. And third, it makes it easier for customers to view your client’s successors as owners already, thereby mitigating the possibility that the client’s retirement is viewed as a total change of ownership and leadership.

Keeping it in the family

For a sale to a family member or a group of family members, there are other considerations.

The first tough consideration is, is your client selling to them because they are family or because they are uniquely qualified to successfully run and operate this business profitably? If the answer is the former, they may want to reconsider or come up with a more robust plan. A sale based on nepotism alone may alienate their best employees, damage client relationships, and eventually cause a problem for the business.

They should consider having other nonfamily owners or at least key employees with employment contracts where they stand to benefit from continuing to profitably run the business. If their family member objects to this concept, they should have a meeting of the minds to talk about their thoughts or need to reconsider them as successor candidates.

It’s the same concept when a client has more than one family member. If they are all working in and familiar with the business, the client needs to immediately start by having titles and job descriptions for all family members employed. They need to set the stage that, like most businesses, this one will be professionally owned and operated. There will be a president, key management people, and whatever else is needed. If their brother is not capable of being president but can function as the director of customer service, he needs to understand that his compensation and benefits will be commensurate with the job, and not equal to the president simply because he is family. The benefits of employment need to be dictated by the job and performance. The benefits of ownership are those that are shared equally among the owners.

When there are family owners who do not work in the business, make sure that the corporate governance documents do not give them any operational powers. They can be owners, maybe even directors, if the client feels they have talent and energy, but nonactive owners who meddle too much may cause a rift that deteriorates over time. Business owners may be well advised to equalize their estates to exclude those not working in the business from future ownership.

One tactic that I’ve used successfully is to engage with a mergers-and-acquisitions specialist sooner than you may think necessary. Some firms will help with many matters as far as five years in advance of the sale. A good M&A consultant can give your client a current valuation for a reasonable cost, as well as deliver a report to identify the weaknesses they see in your business and what the client may do to improve. They should consider engaging with a firm each year up until the sale so they have some continuity and can start to track their advice and their execution on the idea. They may also help with spotting trends in the client’s particular industry or with buyers that can help the client be even better prepared to maximize