Tag: accounting best practices

Why Effective Financial Management is Critical for A/E Firms

We can’t tell you how many times through the years a financial management role has been deemed “non-essential” to the success of the firms we’ve worked for or with. That is, until the time that the effectiveness of a firm’s financial management can make the difference between the business surviving and folding. Now, as the world struggles with a pandemic and the aftermath, is one of those times.

Read Full Article

How to Craft and Implement Your Recession Action Plan

The COVID-19 pandemic has the U.S. and global economies staring into a significant recession. How will it affect your architecture and engineering (A/E) firm? That’ll be determined by how you respond to this challenge. One of the best ways to develop and implement a strategy for surviving a recession is to look back at the last serious economic downturn and review what worked and what didn’t for firms that were in business at the time.

Read Full Article

Laying the Foundation for Your Recession Action Plan

The COVID-19 pandemic has the U.S. and global economies staring into a significant recession. How will it affect your architecture and engineering (A/E) firm? That’ll be determined by how you respond to this challenge. One of the best ways to develop and implement a strategy for surviving a recession is to look back at the last serious economic downturn and review what worked and what didn’t for firms that were in business at the time.

Read Full Article

Why Successful Firms Go Beyond Accounting to Financial Management

Many architecture and engineering (A/E) firms see the terms “accounting” and “financial management” as synonyms. But the truth is that while they’re related, they are very different practices. And while limiting its focus to the former will allow an A/E firm to meet its financial obligations and survive, the latter is required for firms that want to thrive.

Read Full Article

Handle Your Financials in 5 Simple Days Each Month

Many firm management systems on the market perpetuate the industry’s obsession with perfection. However, we’ve discovered that in order for firms to be financially healthy, they have to shake this obsession. Factor is designed with simplicity in mind and facilitates the production of draft financials within five days and final financials within ten.

Read Full Article