Insight Tag: Business Advice

Inventory management is a critical component that can make or break a company's success when it comes to manufacturing. Effective inventory management ensures that you have the right materials, in the right quantities, at the right time, and in the right place. By mastering this essential aspect of your operations, you can reduce costs, improve efficiency, and ultimately, boost your bottom line.

As a business owner, expanding your operations into new states can be an exciting prospect. However, with growth comes new responsibilities, including the obligation to file taxes in those states. Unfortunately, not all businesses are aware of the potential pitfalls and risks associated with state and local taxes, leaving them vulnerable to scams and costly mistakes.

Effective fundraising is critical for many not-for-profit organizations to fully fund their programs and execute the mission. But how do you know if your fundraising efforts are effective, and you are using the best strategy? Analyzing key fundraising metrics can provide valuable insights to help you optimize your approach and get the most out of your fundraising investments.

Welcome to the second installment of our Comprehensive Budget Series. Previously we explored the why, when, and how of budgeting. In this article, we’ll focus on the practical steps involved in building a budget that aligns with your goals and supports your organization’s financial health. We’ll discuss strategies for allocating resources, making informed decisions, and addressing challenges that may arise during the budgeting process. No matter what type and size business you’re managing, the principles and techniques covered here will help you create a budget that sets you on a path to success.

In its April 2024 meeting, the Governmental Accounting Standards Board (GASB) approved the issuance of Statement No. 103 regarding changes to the financial reporting model.  The new standard will revise and build upon the requirements in GASB Statement No. 34. The full standard will ultimately be published on the GASB’s website.  Key changes in the … Continued

Not-for-profits play a vital role in addressing community needs, relying primarily on donor generosity. Effective financial management hinges on accurately tracking asset restrictions, which are critical for decision-making. This article outlines net asset classifications, highlights best practices for their management, identifies common challenges, and suggests resources for future guidance. 

Every manufacturing company aims to stay ahead of the game in terms of managing resources effectively.