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06
Jun 2018
Wednesday

You probably know the signs that tell you when it’s time to get new tires for your car. The tread appears worn. The car starts pulling to the right or to the left. It’s easier to skid on the roads in snow, ice, or rain storms. Sure enough, you check the records, and it’s been four years since you last upgraded your car’s tires. Time for new ones. If only more businesses considered their ERP systems the way drivers consider their automobile tires, there would be less frustration in the business world. ERP systems, like car tires, can become outdated, outmoded, or “worn out.” Is it time to upgrade your ERP system? Signs It’s Time for a Chance: When to Upgrade Your ERP System Best-in-class organizations, or those that perform significantly above industry average, are more likely to upgrade their software than the average organization. If you’re striving for best in class performance, it’s time to “check the tires” of your ERP system and see if you spot any signals that it’s time for an upgrade. Lower productivity: Perhaps the ERP system helped boost productivity when you first installed it. Now, however, it is just getting in the way of […]

30
May 2018
Wednesday

Are you still struggling to close out your monthly books, not days but weeks later? Worried about compliance? Wondering whether you are leaking money because you aren’t tracking expenses properly? These are common questions among business owners in all industries. Their companies struggle with financial management, perhaps getting the basics right, but not using enough of the tools at their disposal to track services, manage expenses, or keep up with their invoices. Let’s take a look at the seven most frequently encountered problems and how the right software, such as Sage Intacct, can help you solve them. Taking too long to close the books. According to an infographic from Sage Intacct, just five years ago, 70% of all companies were able to close out their monthly books in just six days. Today, that number has dropped to just 50%. The solution: Use a cloud-based system for financial management. Cloud-based systems that integrate with operations, CRM, and other systems constantly update as new data is received, enabling you to work rapidly with real-time information. Information is also shared across the cloud so you’re never working on stand-alone or siloed information. Siloed information: Speaking of siloed information, that’s also a problem in […]

24
May 2018
Thursday

          Toronto Firm Partners with Sage Intacct to Tap into Growing Market for Cloud-based Financial Applications Toronto, CA– May 24, 2018– IWI Consulting Group, a leading technology consulting firm focused on Sage software products, today announced a new partnership with Sage Intacct, the customer satisfaction leader in cloud financial management software. As a Sage Intacct Partner, IWI will sell, implement, support, and develop enhancements for Sage Intacct’s award-winning cloud financial applications. IWI, a Sage Preferred Partner, is aligning with Sage Intacct in response to increased demand for Software as a Service (SaaS) business solutions from its prospects and clients. According to Krish Thurairajah, President of IWI Consulting Group, “We are committed to delivering the best products and services available to our clients. With the addition of Sage Intacct to our existing Sage product line, we can offer a full spectrum of best-in-class financial systems to mid-sized companies in the Greater Toronto Area.” Sage Intacct is the only company the AICPA (American Institute of Certified Public Accountants) acknowledges as the preferred provider of financial applications because it offers deep functionality to streamline and automate complex financial processes and delivers unmatched visibility/insight into what’s driving company performance. Layered […]

23
May 2018
Wednesday

Now is the time to ensure your company complies fully with GDPR If you haven’t heard about GDPR, now is the time to read up on it and ensure that your company complies fully with the new regulations. GDPR provides a comprehensive update of European Union data collection, storage, and usage laws and is the biggest change to these laws since 1995. In the past two decades, data collection, usage, and storage has undergone a revolution akin to moving from spinning wheels to the mass manufacturing of cloth; in other words, it is a Data Revolution, similar to the Industrial Revolution. Back in 1995, cell phones were just that—phones—and the only way to connect to the internet was through a cumbersome, squealing thing called dial-up that ran through (gasp) an actual telephone line. People didn’t think too much about their data. The worst thing that could happen was an onslaught of junk mail from your data shared to other companies. Today, the world is quite a different place. We leave data footprints every time we log into our cellphones, laptops, tablets, or other devices. Our likes, dislikes, preferences, ideas, family and friends is all tracked through keystrokes and breadcrumbs. The […]

16
May 2018
Wednesday

Sage software is made for small to mid-sized businesses. The company understands the challenges that small manufacturers face and provides state-of-the-art software that grows with your business. Sage Business Cloud from IWI Consulting is one such product. It offers complete, comprehensive business software in one package so that whether you need to build out your accounting or operational support, you can do so easily and quickly. Cloud computing is truly changing the way businesses access software. It’s put powerful software at the disposal of small companies that may not have been able to afford such robust software in the past. Without the need for heavy investment in the infrastructure, hardware, and support personnel to maintain such systems, you can get all the benefits without the headaches of expanding your software. A Simple Definition of Cloud Computing Cloud computing is in the news a lot these days, but you may be unclear about the definition of just what constitutes the cloud. There are many characteristics which make software truly “cloud” software, but these are the top characteristics to keep in mind. Cloud software is: On-demand – cloud computing is available on demand, 24/7, through internet access. Pooled service – instead of […]

09
May 2018
Wednesday

Sage Intelligence Delivers on Its Promises Business intelligence solutions can help you find, assess, and use data aggregated from many departments within your company. The MIT Sloan Management Review reports that 91% of executives are either planning a big data initiative or have such an initiative in progress. Clearly, data and analytics remain an important component of business success. One often overlooked part of the success of any business intelligence initiative is the user interface or the dashboard through which you manage the information received from the system. Without good dashboards, your data initiative may not be as successful as you hope it will be. Reasons Why Data Initiatives Fail Too much of a good thing is often just as bad as not enough of a good thing. That’s often the case with data where too much data can result in inactivity. Such “data fatigue” can lead to people abandoning business intelligence solutions before they’ve really given them a chance to succeed. To reduce data fatigue, you can take several steps to improve business reporting. Implementing a standard reporting process is a great first step. So, too, is deciding upon a standard set of business reports that everyone agrees are […]

02
May 2018
Wednesday

Sustainable packaging is a buzzword these days for the food manufacturing industry, but it’s not what you think. Yes, care for the environment is important; we have only one planet that we share and if we don’t take care of it, we’ll be out of a place to live. Sustainable packaging is more than a nod to environmentalism. It’s smart business sense—and here’s why. Food Engineering, a publication for the food manufacturing industry, published an article related to this very topic. In it, they quote an article from the State of the Industry—U.S. Packaging Machinery Report 2017 from PMMI, The Association for Packaging and Processing Technologies in which the demand for easily recyclable packaging materials is expected to grow. If you aren’t investigating or actively using sustainable packaging, now is the time to do so, because the consumer base is shifting towards Millennials who value such touches in their products. What Is Sustainable Packaging? Sustainable packaging for the food industry is a concept with a loose definition. However, it should meet some or all the following characteristics: Safe to use – packaging that does not leach questionable (although acceptable in the industry) chemicals into food products Easy to recycle – […]

25
Apr 2018
Wednesday

What does it take to be known as a good financial leader? Is it finding the right business systems for your company? Or is it being a go-getter, a decision-maker, and a resource-finder for your teams? It’s this and more. The characteristics and traits of a good financial leader are like those of any other leader. Many of the traits of a good financial leader are the traits of a good person in general, and of a strong leader in any role. What It Takes to Lead – 6 Characteristics of a Good Leader Ethical foundation: All leaders must have a solid ethical foundation. Financial leaders need a strong ethical framework from which to base their decisions. Accountants and CFOs must be rigorously and scrupulously honest, providing the clearest picture they can of the businesses’ situation and finances so managers can make decisions. Without the foundation of honesty, business leaders will make decisions based on incorrect assumptions and facts. Work-life balance: All work and no play does indeed make Jack or Jill dull. Good leaders understand that while hard work is valuable, family relationships and friendships, health and wellness, and a spiritual foundation are all equally important. Good leaders prioritize […]

19
Apr 2018
Thursday

Sage software offers several solutions to enhance productivity and business data accuracy. Now, Sage Intacct is part of the financial product family. Before buying accounting software, it’s important to do your homework and research all packages, including those offered by Sage software, thoroughly. Here, we’ve put together a special buying guide with the key questions you should ask before investing in new accounting software for your business. You can get the complete guide, 2018 Buyer’s Guide to Accounting and Financial Software, at no charge. Read on for a few important points gleaned from this document.   Accounting Software: What Does Your Business Need? Accounting is more than the proverbial “bean counting.” Good accounting data can be used to develop strategies and plans to take your business to the next level. But to have trustworthy accounting data, you need to be sure that your accounting software delivers what it promises. Financial software systems that aren’t right for your business can hinder rather than help productivity. As you explore software options, consider the answers to the following questions. These questions are intended to help you think about your software needs.   5 Questions to Ask Before Buying Accounting Software Do we need […]

11
Apr 2018
Wednesday

The use of barcode scanners can reduce shrinkage and improve inventory accuracy in your business. Shrinkage may be caused by many things: theft, spoilage of perishable items, or mistakes. Barcode scanners help reduce mistakes by automating the inventory process. Automation improves inventory accuracy and reduces manual counting errors. Shrinkage Facts According to the National Supermarket Survey, often used as a bellwether in the area of shrinkage and loss control, 64 percent of losses are due to operational issues compared to 36 percent due to theft. In other words, problems in how a business is managed—and how inventory is managed—account for the majority of shrinkage problems reported by supermarket retailers. You’re not selling milk or soup, but what you are selling is also subject to shrinkage. And, according to the same survey, operational-caused shrinkage is often due to human error. Manual counting, for instance, opens the potential for many mistakes and under-reporting of inventory, leading to incorrect data and a higher shrinkage percent. Spreadsheets are often used with manual counts and these are notoriously prone to errors. Making one typing mistake can lead to inflated inventory counts or errors that can be carried throughout a report. This derails your best efforts […]