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Make Your Scope of Work Statements Stand Out

Posted on June 1, 2020 in Around the Web ,Business Process Improvement ,Industry Discussion by
Make Your Scope of Work Statements Stand Out

Good Scope of Work Statements Establish Boundaries and Responsibilities A well-defined and communicated scope statement is one of the primary methods of managing a client’s often-changing expectations of what they will ultimately receive from a project. This is developed during the proposal phase of the project — initiated as part of the sales cycle — and is included within the more comprehensive scope of work document. There are really two types of scope of work statements, each serving a different purpose in clarifying the scope […]

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Don’t Be a Cash-Blind Owner Part 3: Cash Burn Rate

Posted on May 11, 2020 in Around the Web ,Blog by
Don’t Be a Cash-Blind Owner Part 3: Cash Burn Rate

This is the final installment in our blog series about cash flow management, and cash-blind owners. What are cash-blind owners, you wonder? Simply put, they are integration firm owners who are completely oblivious to the monthly cash flow activity of their business. To determine whether you fall into this category, you can ask yourself whether you know the answers to these three questions: Do you know your company’s days sales outstanding (DSO)? Do you watch your company’s sources & uses(S&U) of cash? Do you know your monthly […]

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Resource Management – Getting What You Need from Workers

Posted on April 14, 2020 in Around the Web ,Blog by
Resource Management – Getting What You Need from Workers

What is the best way for systems integrators to handle resource management? Resource management is such an important issue, it invariably leads to other questions: How do we manage the utilization of our resources effectively? How do we set objectives that our people can meet? How do we motivate and incentivize people to meet those objectives? How do we set up clear and definable metrics? There are three steps: 1. Alignment Establish and communicate to our people the organization’s vision and mission. This allows employees […]

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Don’t Be a Cash-Blind Owner Part 2 – Sources & Uses of Cash

Posted on April 6, 2020 in Around the Web ,Blog by
Don’t Be a Cash-Blind Owner Part 2 – Sources & Uses of Cash

What makes a financially successful integration business? One with high profits? One with a solid financial plan? Many owners believe that, if profits are solid, then the company is solid. As we revealed in Part 1 of our blog series, Don’t Be a Cash-Blind Owner, however, they’re pretty upset when they find out that isn’t reality. These are “cash-blind owners” – owners who don’t know anything about their cash flow. How do you know whether you’re a cash-blind owner? Try answering these three simple questions: Do […]

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5 Revenue Recognition Challenges That Can Be Overcome with Automation

Posted on March 30, 2020 in Around the Web ,Industry Discussion by
5 Revenue Recognition Challenges That Can Be Overcome with Automation

While revenue accounting has always been complex, ASC 606 has introduced new revenue recognition challenges for integrators. Thanks to the recent changes in FASB’s ASC 606 standard, revenue recognition is increasingly top-of-mind for CFOs and Controllers. Over the years, as we have worked with hundreds of companies to assess, analyze, and streamline their revenue accounting processes, we have identified five common challenges that can be overcome through the implementation of a robust revenue accounting automation tool. 1. Grouping and Aggregating Data With an increasing number […]

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Why Are Standards Important, and How Do We Get Our People to Follow Them?

Posted on March 2, 2020 in Around the Web ,Blog by
Why Are Standards Important, and How Do We Get Our People to Follow Them?

When we follow standards, it allows us to establish, measure and assure a certain level of quality, and predictability, to our clients and to one another. These days, many people have a hard time understanding why some people don’t seem to know how or care about doing the “right things” the “right way.” It seems that it’s more important to them to do things “their way,” instead of following a standard method which delivers the defined results, and is repeatable across all of the individuals […]

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Create Predictable Cash Flow with Monthly Recurring Revenue

Posted on February 24, 2020 in Around the Web ,Blog by
Create Predictable Cash Flow with Monthly Recurring Revenue

How important is cash flow to your integration business? A blog post based upon The AV Profession podcast from AV Nation. Most integrators agree that having a backbone of solid cash flow is the lifeblood of an integration business. There has been a lot of discussion in the industry, that developing monthly recurring revenue is one of the best ways to achieve this. Monthly recurring revenue creates predictable cash flow. On this episode of The AV Profession, Tim Albright and Steve Riley of Navigate Management Consulting, […]

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