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How do you empower ambition?
McKinsey recently published their recommendations to improve finance department efficiencies and effectiveness over the next decade. They first told businesses to move beyond transactional activities to find new efficiencies. Then, they suggested companies consolidate their financial information into a single source of truth to improve data management. McKinsey also encouraged businesses to use data visualization and advanced analytics to strengthen their decision-making. Their final recommendation was for businesses to reimagine their financial models. How do you empower ambition?
Lately, there’s been a lot of talk surrounding Microsoft Dynamics GP — often called Microsoft Great Plains, Microsoft Dynamics Great Plains, Microsoft GP, or Dynamics GP — possibly nearing its end-of-life stage. Some say Microsoft is ending support for Dynamics GP in 2025, others say 2026 or 2028, and others say that the rumors aren’t true and it isn’t ending at all.
FAQs
Q: Is operating income the same as EBIT? A: Almost, but not quite. EBIT (Earnings Before Interest and Taxes) includes any non-operational income, whereas operating income focuses solely on earnings from core business activities.
Q: Can operating income be negative? A: Yes, a negative operating income indicates that a company’s operating expenses exceed its gross revenue, signaling operational inefficiencies or challenges.
Q: Why is operating income important? A: Operating income provides a clear view of a company’s operational efficiency and profitability, independent of external financial activities. It’s a crucial metric for investors, creditors, and management to assess the health and performance of a business.
The State of Accounting: The Imbalance in the Industry
The accounting industry, often seen as the backbone of financial management, faces a significant imbalance. Beyond the traditional balancing of books, the profession struggles with a demographic shift that threatens its sustainability. The exodus of talent, coupled with challenges such as long hours, outdated technology, and limited career progression, paints a sobering picture of an industry needing transformation.
In this article, we delve into the state of accounting, exploring the reasons behind the talent drain and proposing solutions to steer the profession toward balance and prosperity.
In the fast-paced world of finance and accounting, precision and efficiency are staples of a good finance automation software. Simplifying the invoicing process is one of the best ways to streamline your financial management.