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Posts Tagged ‘Contract Accounting and Bookkeeping’

California Budget 2014

What is the status California budget for 2014 Read the rest of this entry »

Power of Collaborative Diversity

Mr. John (Giancarlo) Meazzo, M.A GMA’s President  provides executive coaching in financial management, operations and business management.   He always shares business concepts and theories with his clients.

To achieve success, business owners need the expertise of other professionals in the various disciplines of business.   Example of this concept: American and British mathematicians were brought together to decode the secret codes of the German electro-mechanical device called Enigma.   These mathematicians were unable to decipher the codes.   Later the secret service brought professionals together from different walks of life such as professors, crossword enthusiasts, linguists, and chess champions to crack a secret coded Nazi device.  They decoded the Enigma codes three times!   This is an example of the power of collaborative diversity.

Power of Collaborative Diversity offers individuals an opportunity to create plans for change at the organizational level.  It allows for a deepened awareness of how your own thinking, experiences, and beliefs can either hinder or contribute to success.  The goal is to benefit from a collaborative, systematic approach to assessment, visioning, and planning for change.  Organizations that are committed to leveraging diversity will tap into the richness of multiple viewpoints, create supportive learning- centered work environments, and ultimately multiply their capacity to achieve their mission.

Stagnating, uncertain of the future?  No direction, no goals, feel like you slipped into a fog bank or the doldrums?    Success is made of phases.  Motivation is key for survival and success.  Motivation will drive (spark) your spirit, soul and heart to want to succeed.   You need to be your own catalyst.   You need to want to make something happen.  Nothing will happen unless you want it and make it happen.  Collaborative diversity is a tool used to plan success such as in Strategic planning (a key element to you’re your success).  It is just but a phase in the hierarchy of success planning.

“Power of Collaborative Diversity brings together in a three dimensional model the diversity of experiences that are present as a result of cultures, ethnicities, educational and professional background as well as the breadth and depth of the levels of intelligence, knowledge and experience.   The result is an interlaced collaborative exchange of thought and ideas that bring about solutions to problems and changes in the standard methods and thoughts”  quote of Giancarlo Meazzo, M.A.


 

Consolidation of Subsidiaries in Accounting Software

Mr. John (Giancarlo) Meazzo, M.A. President of GMA noticed that at times clients are uncertain on how to set up consolidated companies in their accounting software.  Company consolidation lets you combine the charts of accounts (and general ledgers) of a number of existing companies to create a new consolidated chart of accounts. The new consolidated company created in this way will let you see consolidated financial statements for a number of subsidiary companies (different entities) operating under an umbrella organization.  Naturally a chart of account can be set up in a single company with various department (same legal entity e.g.one balance sheet).   It is important (and at times clients do not know) that different general ledgers be maintained for each of the subsidiaries.  GMA used various software such as Peachtree, MAS90, ACCPAT, BIP, Software International, and others.

 

For example, say your company is a food service organization that incorporates a restaurant, a food distribution service, and a catering service. You could combine the charts of accounts of these three sub-companies to create a new consolidated chart of accounts for the entire organization.

Consolidated companies you create act exactly like any other company in your general ledger. You can add to their charts of accounts, maintain customers, vendors, and employees, and report on company just as you would in any other company.

The result would be a company that contains the charts of accounts of the three subsidiary companies. Now you’d be able to track general ledger information, budget, and create financial statements and general ledger reports for all the subsidiary companies within your new consolidated company. This would greatly simplify and streamline your financial duties for the three subsidiary companies.  GMA is the guru in setting up accounting systems and converting from one software to another.

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Why Outsourcing Business Services

Many cannot afford a qualified professional mostly due to the high cost and scarcity of top notch experienced accounting and financial management consultants. Mr. John (Giancarlo) Meazzo, President of GMA3000.COM, is the guru of outsourced accounting and financial management. GMA assisted companies with $1 million to $3 billion in revenues and has provided much needed “turn around” support and outsource services.

We can share a secret, for many companies a part time qualified (seasoned) contract CFO may the best alternative to a full time non-qualified CFO.  See an example of the smart alternative to a staff CFO. The contracted CFO should have at least 30 years experience as a CFO and should have worked in at least 5 companies.  We found that CFOs that had only a couple of positions, lack the diversity of experience that is usually needed for such an important position.   In some companies a CFO performs clerical work just to keep them busy.  Many invest a great portion of their time in performing work that can be easily performed by accountants.  The CFO should develop systems and delegate the responsibility for their use to their subordinates.   This will allow the CFO to concentrate on key issues and to assist the corporate executives in planning and financial management. The right experienced CFO will set the foundation for success and growth.   Many companies have closed as a result of inexperienced professionals.   Most non finance executives or board of directors do not know the difference between an accounting manager, controller or CFO.   As a result they fail when hiring this very important position.   Also there are many companies that have highly qualified bookkeepers with a title of CFO.   This can be disastrous.     The CFO should not under-employee himself.  The core of his time should be to insure all operations to financial systems are working well.  The CFO should understand and implement controls, budgets, 5 year plans, direct the financial aspects of the business operation and much more.

The Today’s companies are finding that outsourcing accounting is smart business.

A Gartner Group report indicates that “market perception has shifted from outsourcing as a way for companies to meet short term financial objectives to a technique for strong companies to improve competitive advantage”.   In addition, a recent Chief Executive Magazine/Andersen Consulting survey stated that half of the CEO’s surveyed said they used business process outsourcing (BPO) strategically, but more than 90% said they expected to have strategic outsourcing or strategic sourcing relationships by the end of this year. In short, strategic select task outsourcing is emerging as a cost effective tool for “unbundling” the corporation. Outsourcing can effectively create alliances and partnerships with the professionals in various fields of expertise. The market for outsourcing is estimated to be several billion dollars by the year 2011, according to an Accenture survey.

GMA has provided its clients with “boutique” accounting and financial management outsource services.   At the initial part of our engagement we review all systems to determine weak areas and areas that need immediate attention.   Internal controls are essential to eliminate any potential for theft by employees.   We also invest time to train supervisors, department heads and management.  We educate them in how to make use of financial reports as a tool to operate their departments.  We support the dissemination of financial data and train staff in budgeting, planning and communication.   Engaging companies such as GMA to perform reviews in accounting and financial systems may be one of the best investments a company can make.

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