View On-line - or - Add the iLetter to your valid e-mail addresses.

October, 2011

Compliance or Management Reporting?

A struggle in many companies is the investment in resources to meet accounting compliance reporting requirements and the amount of resources left over to provide management with information to manage the company. When companies are small it is difficult to afford staff and time to do both so you know which one - compliance - gets accomplished.

Consequently good information on how the company is performing is not effectively used to manage the business. You would think that over time this would be corrected. However, as the business grows resources to provide management reporting are often sacrificed in favor of more immediate needs - sales, engineering, capital equipment, facilities - to meet growth objectives.

Planning

Compliance Reporting comes from the basic accounting practices that record the core operations of the company which are then used to produce the monthly, quarterly, and annual reports along with tax reporting as well. While useful to officially report the company’s top-level performance it does not provide owners and executives with sufficient detail with which to effectively manage the company.

Management Reporting provides much more granularity and detail in accounting information that not only provides greater historical information but also forward-looking information on how the company would perform under different business scenarios. This type of information is model based and supports better decision-making at many levels in the organization.

The data used in compliance reports is defined by general accounting standards whereas data used in management reporting is based upon the needs of . . . Read More.

Regards,
Mike Brice
Phone: (206)226-1617
Email
Blog


Feature Article

"How to Assess Your Leadership Skills"

by Tatiana Serafin, Inc.com

Have you taken inventory of your leadership skills lately? Here is a good article to use as a benchmark and roadmap to strengthening your leadership profile. Click here to get a detail list of seven factors that could a way for you to improve your leadership effectiveness.

Key leadership success factors include:

  1. Clarify what your job is.
  2. Invite feedback.
  3. Define goals.
  4. Refine your story telling skills.
  5. Check in on employees.
  6. Look into leadership training.
  7. Expand your circle.

Note: As owners and executives we are more likely to engage a golf pro or personal trainer to improve our athletic performance but when it comes to working on our leadership effectiveness we are hesitant to accept input and training.

Break the mold and be aggressive to improve your own performance as much as the performance of your business.

Management Resources
Articles:
Leadership: Good comedians are usually good presenters. So can doing stand-up help close the deal?
Why Learning to Tell Jokes Is Good for Business


Legacy: Much more than a reputation or a simple history of your work life, your legacy reflects how your behavior influences others - for life.
Three Keys to a Great Leadership Legacy


HR: For the boss, firing someone is hard. But for the employee, being fired is financially and emotionally devastating. So let’s make sure you don’t make a bad situation worse by saying:
11 Things You Should Never Say When You Fire an Employee

The Right Stuff?: Looking at the pictures of the four past CEO's of Hewlett-Packard stretched across the top of the New York Times business section, I thought of what Casey Stengel used to say about his New York Mets ball club - "Can’t anyone here play this game?"
Fixing a Troubled Company: Advice for Meg Whitman


Personal Development: Are you a micro manager or just attentive to details? How can you get involved without being seen as a micro manager? Determining how involved to be in the day-to-day is one of those eternal management questions.
Get Involved without Being a Micro manager: 3 Tips


Tax Tips: Business Travel Tax Tips for the Self Employed
Tax Tips for Sub S Corporate Structures


Innovation: On September 16, President Obama signed into law the Smith-Leahy America Invests Act (AIA), the first significant change in patent law since 1952. The law, passed after six years by a bipartisan admixture of lawmakers, was billed as a measure to streamline the patent process and reduce costly legal fights.
Are We Greeks or Romans? New Patent Law Means Challenges for U.S. Innovators


Organization Development: What do you do with struggling salespeople?  It's a problem that's vexed multi-national corporations and start-ups; assistant managers and presidents of boards. 
How to Improve Your Struggling Sales Team

Video(s): 
Outsourcing: Benefits and risks of outsourcing.
The Venture: Outsourcing: Is it right for your business? (7:36 min)


Blogs: 
Business Growth: The best time to prepare for expansion is during recession. Every recession is followed by growth. But how do you get started? Here are five steps.
Five Steps to Long-Term Growth


Learn More About
BRICE CONSULTING

Products & Services

Consulting

. Planning Process
.. Value & Strategic
.. Business
.. Metrics & Dashboards
.. Organized Financials
.. Executive Coaching

Assessments

.. Process Review & Analysis
.. IT Effectiveness

Projects

.. Project Management
.. VOC Product Definition

For more information contact Brice Consulting

Click here to submit your comments and questions to Brice Consulting.