As companies look to do more with less or make difficult decisions on where to scale back, understanding the business's current financial state is vital to making the right decisions.
Decimal’s outsourced accounting services fix your financial operations to give you the financial visibility to cut costs, measure the impact, and determine success.
We work closely with our clients to review the financials from multiple angles to truly understand how the business performs. With consistent reviews, we can avoid surprises and identify possible red flags in spending habits early on.
With our team and software working together, manual tasks are automated so that financial information is seamlessly shared between systems. This allows the most current view of the performance by avoiding periodically batching in data throughout the week or month.
Our team has accounting and software experts for each industry and business model. Finding the right tech stack that supports your business needs while improving processes will make a cost-cutting exercise much easier and find efficiencies along the way.
This review should go through recent financial statements, department budgets, and operational processes to identify overspending areas and get a complete picture of the current state of business. Without this review, the cost-cutting measures could be too severe or hurt business productivity.
Once the current business state is understood, the team needs to determine specific goals for the cost-cutting exercise. Whether the company is targeting a reduction in overhead, reigning in spending habits, or looking to improve margins with process improvements, the goals need to be documented along with the target in cost reduction.
Cost-cutting across a business isn’t an activity that can take place in a silo. There needs to be representation from each department and a complete understanding of each business unit’s processes and current resources. From there, aligning with the business's goals, the team can start to dive through the financials and identify areas to reduce spending without impacting overall productivity and employee satisfaction.
Now that a plan has been developed, the next step is to launch the action plan across the business with clear milestones documented. With each milestone, the team will want to assess the impact of cost reductions to determine if it is meeting the goals and will work alongside other departments to meet the overall company goals.
After successfully completing the cost-cutting exercise across the organization, the company needs to make sure that spending doesn’t reach previous levels unless the company has scaled to a point to justify it. Implementing strong internal controls to oversee spending across departments and enforce spending limits will help prevent the misuse of funds.
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We start by learning your business operations, goals, and capabilities. Unlike other outsourced accounting solutions, once we understand the current state, we identify areas to improve the total process rather than continuing the status quo. We truly take an “operations-first” mindset with our solutions.
After we have collaborated to agree on the process and technology, we will get your unique accounting operational system in place. We’ll set everything up and can even train the relevant team members on the new capabilities. Your business systems will seamlessly integrate to reduce manual work and increase financial visibility.
After implementing the solution, Decimal will look for ways to improve processes. With new technology being introduced every day, we’ll always be looking for ways to keep elevating accounting operations. As your company grows, we’ll have the processes in place to grow together without any issues.
With our team working daily on the accounting tasks, we categorize numbers correctly and with the detail you need to make decisions.
We set everything you need to pay bills quickly and easily. All you need to worry about is approval while getting the benefit of stronger internal controls.
See the true picture of cash flow in your organization with our team lining up invoices and coordinating payroll details.
The right accounting software support shaves time off repeatable tasks and better connects your business operations.
Have questions about who we are or what we do? Find those answers here.
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