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Using Management Reporting For Employee Review

Posted by on May 6, 2016 in Uncategorized | Comments Off on Using Management Reporting For Employee Review

Management reports can be an invaluable tool for making data-driven decisions in your business, and they are a wonderful thing to have in hand when doing employee reviews. Here is what you need to know about implementing them in your employee review system.  Benefits of Using Management Reporting in Reviews Employee reviews can seem to be a subjective and fallible process. Since you aren’t able to see every single employee contribution personally, it’s hard to know where to start when reviewing employees. Management reports can help you deliver a more objective review and help your employees know how they will be evaluated. If you consider the management reports as a conversation starter, they can be very helpful in tracking down problems and successes in employee performance.  What to Track? There are a number of helpful accounting details that can give you an idea of your employees’ productivity. For instance, the number of billable or direct hours can be a helpful tool. You can see how much time your employees spend working directly on projects and income-generating tasks versus how much time they spend on administration and other in-house tasks. With this information, you can reevaluate the tasks that you assign to employees to increase their utilization. You may also need to address how some employees spend their time. Tracking employee absenteeism and hours worked can also pay off. For instance, you’ll be able to see which employees aren’t pulling their weight within the company. You may be able to reward employees who have gone the extra mile, or you may realize that you need to redistribute the workload to make the share of work more fair for everyone. Whichever statistics you choose to track, you may need to speak with an accountant to set up an internal accounting system that makes it easy to track these statistics.  Outsourcing Your Management Reporting Doing thorough management reporting can take a lot of time and effort that you may not have as a decision-maker. If you’re in this position, it’s possible to outsource this duty to a third party accountant. They may deliver weekly, biweekly, monthly, or quarterly reports on each employee so that you can have a consistent record over time.  In short, using management reports to track employees’ value can help you to make efficient and thorough decisions. By using a reliable accountant to get these numbers easily, you can integrate this system into your management routine without having to carve out a lot of extra...

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Finding The Right Personal Accountant For Your Needs

Posted by on February 25, 2016 in Uncategorized | Comments Off on Finding The Right Personal Accountant For Your Needs

It’s a known fact that almost all businesses use the help of a professional accountant, but most individuals do not typically utilize their services. If you are self-employed, have investment property, or you just need some help with your personal finances, hiring an accountant is a viable option. Before you pay someone to assist you with your personal financial situation, make sure you choose the right type of accountant that will be able to meet your needs and goals. Using A Bookkeeper A bookkeeper is a great choice for people who need accounting services “a la carte.” Bookkeepers can perform several duties for you like helping you sort through and pay your personal bills or even help you with balancing your checkbook. They can also look through your credit card bills and other financial liabilities to help you get the best interest rates and consolidate your debt. Most bookkeepers charge an hourly rate so you can hire one on a temporary, one-time basis if you like. Once a bookkeeper gets you on the right track, you can continue to make your payments and deal with your personal finances on your own moving forward. If you need their help again, you can always call them to come and assist you later at a flat or hourly rate again.  Utilizing A Professional Accountant Professional accountants typically have a college degree in the subject as well as a lot of hands-on financial training. They should be able to help you with your financial bookkeeping, but they will typically charge more per hour than a bookkeeper will. Professional accountants can help offer you advice on a variety of things including home refinancing and personal income taxes. Most individuals opt to hire a personal accountant if they simply don’t have the time to worry about their finances and need someone to assist them with various duties. Most accountants are bonded and insured so that your interests and privacy are protected. Enlisting A CPA A CPA is also referred to as a Certified Public Accountant. In most cases, CPAs are hired by companies and not by individuals. They usually have a master’s degree in accounting and have also received official certification in their field. The cost to hire a CPA is significantly higher than a bookkeeper or a personal accountant, and they’re most commonly used by individuals who are also small business owners. In fact, if you contact a CPA, they will typically send someone from their firm to help out with your finances rather than do the work themselves. When it comes to managing your own financial situation, an accountant can help you navigate the choppy waters of taxes, bills, investments, and more so that you will be able to make sound financial...

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