1. Choose Software Designed for Nonprofits

The first step is selecting accounting software tailored to the needs of nonprofits. Unlike for-profit businesses, nonprofits must track donations, grants, and expenses by fund, ensuring that every dollar is accounted for according to its intended purpose. Look for software that allows fund accounting, which helps you categorize income and expenses by donor or grant. This makes it easier to prepare detailed financial reports that satisfy both legal requirements and donor expectations. 

Nonprofit accounting software should also support the management of multiple revenue streams, such as donations, membership fees, and fundraising events, as well as tracking in-kind contributions and volunteer hours.

2. Prioritize Cloud-Based Solutions

Cloud-based accounting software has become increasingly popular due to its flexibility, accessibility, and cost-effectiveness. For nonprofits, cloud-based systems offer the added advantage of being able to access financial data from any location, allowing staff and board members to collaborate more easily. Additionally, cloud-based software tends to be more secure, offering built-in data backups and updates that ensure compliance with the latest regulations.

Cloud systems also integrate seamlessly with other tools, such as donor management software, which improves overall organizational efficiency by eliminating manual data entry and reducing the risk of errors.

3. Ensure Proper Internal Controls

Financial transparency and accountability are critical for nonprofits to maintain trust with donors and stakeholders. Your accounting software should have strong internal controls that help prevent fraud and ensure accuracy. Implement role-based access control, so only authorized personnel have access to sensitive financial information.

It’s also crucial to regularly reconcile accounts, track expenses against budgets, and establish an audit trail. Look for software that automates these tasks, allowing you to easily generate reports for audits and board meetings.

4. Automate Financial Reporting and Compliance

Nonprofit accounting software should simplify the process of generating financial reports, especially those required for compliance with IRS regulations, grant reporting, or annual audits. Automating the creation of financial statements such as the Statement of Financial Position and the Statement of Activities can save significant time and reduce the risk of errors. 

Software with built-in compliance features can help nonprofits stay in line with regulatory requirements, such as filing Form 990 for U.S.-based organizations. This ensures that your nonprofit meets legal obligations while focusing on its mission.

5. Integrate with Other Nonprofit Tools

Accounting software should not operate in isolation. The best systems integrate with other nonprofit management tools, such as customer relationship management (CRM) software, fundraising platforms, and payroll systems. Integration minimizes data duplication, streamlines operations, and provides a comprehensive view of the organization’s financial health.

6. Regularly Train Staff

Finally, regular staff training is essential to maximize the benefits of accounting software. Ensure that everyone who uses the software understands its functionality and how to use it effectively. This includes understanding how to input data correctly, generate reports, and maintain financial records. Continuous learning opportunities will keep your team updated on software features and accounting best practices.

Larry Chester emphasizes that while a foundational knowledge of finance is a given, it is only the starting point. Today’s CFO must embody a blend of operational insight, technological prowess, and creative problem-solving. This multi-faceted approach is essential in driving the company’s growth and navigating the complexities of the modern financial environment. “A great CFO needs to be more than just a numbers person,” Chester asserts. “They must be able to understand and influence every aspect of the business.”

The evolving role of the CFO reflects broader shifts in the business world. Rapid technological advancements, increased market competition, and the need for innovative solutions have transformed the CFO’s responsibilities. They are now expected to be at the forefront of corporate strategy, working closely with CEOs and other executives to shape the company’s future. This strategic partnership requires a deep understanding of the business’s financial and operational aspects.

Moreover, a successful CFO must be a visionary leader capable of anticipating and responding to market changes. This includes being proactive in risk management, capital investment, and driving initiatives that align with the company’s long-term goals. “The modern CFO is a business leader first and a financial expert second,” Chester explains. This shift necessitates continuous learning and adaptability to stay ahead of emerging trends and challenges.

In conclusion, becoming a great CFO requires a blend of skills beyond financial acumen. Understanding operations, leveraging technology, and fostering creativity are essential qualities that distinguish exceptional CFOs. By embracing these attributes, CFOs can drive their companies toward sustained success and innovation in an ever-changing business environment.

A CFO Must Be a Skilled Financial Executive

In the complex world of corporate finance, the foundational requirement for any Chief Financial Officer is an in-depth understanding of finance. This encompasses far more than just a grasp of accounting principles; it involves a comprehensive knowledge of how money flows within a company and interacts with external entities like banks and investors. A skilled financial executive must be adept at financial planning, risk management, and investment strategies to ensure the company’s long-term stability and growth.

Understanding Financial Systems

At its core, the role of a CFO is to maintain the financial health of the organization. This means having a robust understanding of financial systems and processes. From managing cash flow to navigating the intricacies of financial markets, a CFO must be capable of making decisions that safeguard the company’s financial future. Larry Chester of CFO Simplified notes, “A great CFO needs to know how to leverage financial data to make informed decisions that align with the company’s strategic goals.”

Building Strong Financial Relationships

Beyond internal financial management, a CFO must cultivate strong relationships with banks, investors, and other financial stakeholders. These relationships are crucial for securing loans, attracting investment, and managing financial crises. A CFO’s ability to negotiate favorable terms and maintain investor confidence can significantly impact the company’s financial resilience and growth potential. Chester emphasizes, “Building and maintaining these relationships requires not only financial expertise but also a high degree of credibility and trustworthiness.”

Navigating Financial Regulations

In addition to managing internal and external financial interactions, a skilled CFO must stay abreast of the ever-evolving landscape of financial regulations. Compliance with local, national, and international financial regulations is critical to avoid legal pitfalls and maintain the company’s reputation. This requires continuous education and adaptability to new laws and standards. Chester explains, “Regulatory knowledge and compliance are non-negotiable aspects of the CFO role. A great CFO ensures that the company adheres to all financial regulations, thereby mitigating risks and protecting the organization’s integrity.”

Strategic Financial Leadership

Ultimately, a skilled financial executive is not just a guardian of the company’s finances but a strategic leader who drives the organization towards its financial goals. This involves strategic planning, forecasting, and aligning financial resources with the company’s objectives. A CFO must be able to translate financial data into actionable insights that guide the company’s direction and facilitate sustainable growth. Chester concludes, “The best CFOs are those who can balance financial stewardship with strategic innovation, ensuring the company’s financial practices support and drive its overall mission.”

Understanding Operations: Beyond the Balance Sheet

A Chief Financial Officer’s role extends far beyond the traditional confines of finance and accounting. To drive meaningful change and improve profitability, a CFO must deeply understand the company’s operations. This knowledge allows them to identify inefficiencies, optimize processes, and ensure that financial strategies align with operational realities.

Aligning Financial Strategy with Operations

The true value of a CFO is revealed when financial expertise intersects with operational insight. For instance, a printing company struggling with profitability might have not just financial issues but operational ones as well. Larry Chester of CFO Simplified recalls a scenario where analyzing the profitability of individual products and production runs provided critical insights. “By diving into the details of the company’s production processes, we were able to identify which products were underperforming and why,” says Chester. This holistic approach enabled the company to make informed decisions about which products to focus on and which to phase out, directly impacting the bottom line.

Operational Efficiency and Profitability

Understanding operations means looking at every aspect of how the company produces goods or delivers services. This involves more than just numbers on a spreadsheet; it’s about understanding the workflow, the resources required, and the potential bottlenecks. “You can’t improve what you don’t understand,” Chester emphasizes. “A CFO must be able to evaluate the efficiency of operations and work with other departments to implement improvements.” This could mean investing in new technology, re-engineering processes, or reallocating resources to ensure that every part of the operation is contributing to overall profitability.

The Role of Data in Operational Decisions

Data plays a crucial role in bridging the gap between finance and operations. A CFO needs to leverage data analytics to gain insights into operational performance and identify areas for improvement. “Data-driven decision-making is key,” Chester explains. “By analyzing data from production, sales, and customer feedback, a CFO can pinpoint inefficiencies and opportunities for cost savings.” This analytical approach enhances operational efficiency and supports strategic planning and forecasting.

Collaborating with Operational Leaders

A successful CFO must also collaborate closely with operational leaders to align financial and operational strategies. This partnership is essential for developing realistic budgets, setting achievable goals, and ensuring financial plans support operational needs. Chester notes, “Effective communication and collaboration with operational teams are vital. A CFO must be able to translate financial insights into operational actions and vice versa.” This collaborative approach fosters a unified vision for the company’s success, ensuring financial decisions are grounded in operational realities.

Technological Acumen: Embracing Innovation

In the rapidly evolving business landscape, a CFO’s technological proficiency is no longer optional but essential. Harnessing technological advancements can significantly enhance a company’s financial operations, streamline processes, and provide a competitive edge. A great CFO must be familiar with the latest financial software and understand how technology can be leveraged to drive business growth.

Leveraging Data Analytics

One of the most critical aspects of technological acumen is leveraging data analytics. Modern CFOs use sophisticated analytics tools to gather insights from vast data. This capability enables them to make informed decisions based on real-time information. “Understanding how to interpret and utilize data is crucial,” says Larry Chester of CFO Simplified. “It’s not just about having the tools; it’s about knowing how to apply them to improve business outcomes.” Data analytics can reveal patterns and trends that might not be apparent from traditional financial reports, providing a deeper understanding of the business and its market.

Integrating Technology with Financial Strategy

Integrating technology into financial strategy involves more than just adopting new software. It requires a comprehensive approach to how technology can support and enhance every aspect of financial management. For example, automation tools can streamline routine tasks such as invoicing, payroll, and expense management, freeing up the CFO and their team to focus on strategic initiatives. Chester emphasizes, “The goal is to use technology to make financial processes more efficient and accurate, which supports better decision-making.” By embracing technology, CFOs can improve accuracy, reduce costs, and increase productivity.

Cybersecurity and Risk Management

With the increasing reliance on technology, cybersecurity has become a paramount concern. A CFO must protect the company’s financial data from cyber threats. This involves implementing robust cybersecurity measures and staying informed about the latest threats and solutions. “Protecting financial data is critical to maintaining trust and integrity,” Chester notes. “A CFO must work closely with IT to develop and enforce security protocols.” This proactive approach to cybersecurity helps safeguard the company’s assets and ensures compliance with regulatory requirements.

Driving Innovation Through Technology

Beyond improving existing processes, technology enables CFOs to drive innovation within their organizations. This can include exploring new business models, entering new markets, or developing new products and services. “Technology opens up a world of possibilities for innovation,” says Chester. “A forward-thinking CFO will look for ways to leverage technology to create new opportunities for growth.” By staying abreast of technological trends and understanding their potential impact, CFOs can position their companies at the forefront of their industries.

Continuous Learning and Adaptation

The technological landscape constantly changes, requiring CFOs to engage in continuous learning and adaptation. This means staying updated on the latest advancements and being willing to invest in new technologies that can benefit the organization. “Continuous learning is essential for staying competitive,” Chester explains. “A CFO must be committed to ongoing education and be adaptable to change.” This mindset ensures that the CFO and their organization remain agile and responsive to technological advancements, maintaining a competitive edge in an ever-evolving market.

Creativity: Finding Innovative Solutions

Creativity in a CFO might seem counterintuitive given the traditional view of finance as a numbers-driven domain. However, creativity is an essential trait for a CFO aiming to navigate the complexities of modern business environments. Creative thinking enables a CFO to devise innovative solutions to financial challenges, drive strategic growth, and differentiate their company from the competition.

Turning Challenges into Opportunities

A creative CFO sees beyond the immediate financial figures and looks at the broader picture, identifying opportunities where others might see obstacles. For instance, a creative CFO might explore alternative financing options during economic downturns or develop new revenue streams. “It’s about being resourceful and finding ways to turn challenges into opportunities,” says Larry Chester of CFO Simplified. “A CFO must think outside the box to ensure the company’s financial stability and growth.” This proactive approach can help a company survive and thrive during difficult times.

Innovative Financial Strategies

Developing innovative financial strategies is a hallmark of a creative CFO. This could involve restructuring debt, optimizing tax strategies, or finding new ways to improve cash flow. For example, a CFO might implement dynamic pricing models to maximize revenue or use financial engineering to unlock capital for investment. “Innovation in financial strategy is crucial,” Chester notes. “It allows companies to remain competitive and agile in a rapidly changing market.” These strategies can provide significant advantages and enable the company to capitalize on emerging trends and opportunities.

Collaborative Problem Solving

Creativity also involves collaboration and leveraging the organization’s collective intelligence. A creative CFO engages with other departments to understand their challenges and collaborates on solutions that benefit the entire company. “Collaboration fosters creativity,” Chester emphasizes. By working with different teams, a CFO can gain new perspectives and develop more effective solutions.” This collaborative approach ensures that financial strategies are aligned with the company’s overall goals and fosters a culture of innovation.

Embracing Change and Risk

A creative CFO is willing to embrace change and take calculated risks. This means being open to new ideas, experimenting with different approaches, and learning from failures. “Innovation requires a willingness to take risks,” Chester explains. “A CFO must be comfortable with uncertainty and ready to pivot when necessary.” This mindset allows a CFO to lead their company through transformative changes and seize new opportunities as they arise.

Creative Negotiations and Relationships

Negotiation is another area where creativity is invaluable. Whether dealing with suppliers, creditors, or investors, a creative CFO can develop win-win solutions that benefit all parties involved. This might involve crafting flexible payment terms, finding mutually beneficial partnerships, or leveraging financial instruments in novel ways. “Negotiation is an art,” Chester says. “A creative CFO can find solutions that others might overlook, strengthening relationships and improving the company’s financial position.” This ability to negotiate effectively is crucial for maintaining healthy financial relationships and ensuring the company’s long-term success.

Cultivating a Creative Culture

Finally, a creative CFO fosters a culture of innovation within the finance team and the broader organization. This involves encouraging team members to think creatively, experiment with new ideas, and continuously seek improvement. “Creativity should be part of the company’s DNA,” Chester asserts. “By fostering an environment where innovation is encouraged, a CFO can drive continuous improvement and keep the company ahead of the curve.” This culture of creativity ensures that the company remains dynamic and adaptable in an ever-changing business landscape.

Overview: The Path to Becoming a Great CFO

Becoming a great CFO is a multifaceted journey requiring financial expertise, operational understanding, technological savvy, and creativity. It’s not enough to simply manage the books; a CFO must be a strategic partner who helps shape the company’s future. This role demands continuous learning, adaptability, and a proactive approach to overcoming challenges and seizing opportunities.

The Evolution of the CFO Role

The role of the CFO has evolved significantly over the years. Traditionally seen as the company’s chief accountant, today’s CFO is expected to be a key strategic advisor. They need to provide insights that drive business decisions and foster a culture of innovation and efficiency. “The CFO role is no longer just about crunching numbers,” says Larry Chester of CFO Simplified. “It’s about understanding every facet of the business and using that knowledge to drive growth and profitability.” This evolution reflects the broader changes in the business landscape, where agility and strategic thinking are more important than ever.

Balancing Technical Skills with Strategic Vision

While technical financial skills remain foundational, a great CFO must balance these with strategic vision. This involves understanding the broader business environment, anticipating market trends, and guiding the company through both growth phases and downturns. “It’s a balancing act,” Chester explains. “You need to be detail-oriented with financials, but also have a broad vision for where the company is headed.” This dual focus ensures that the CFO can make informed decisions that align with the company’s long-term goals.

The Importance of Continuous Learning

Continuous learning is crucial for a CFO to stay relevant in today’s fast-paced business world. This means staying updated on the latest financial regulations, technological advancements, and industry trends. “The business world is constantly evolving,” Chester emphasizes. “A great CFO never stops learning and always seeks to improve their skills and knowledge.” By prioritizing continuous learning, a CFO can adapt to new challenges and drive the company forward.

Building Strong Relationships

A great CFO also understands the importance of building strong relationships within and outside the organization. This includes fostering collaboration with other departments, engaging with stakeholders, and negotiating with suppliers and creditors. “Strong relationships are key to success,” Chester notes. “They enable a CFO to gain support for initiatives, navigate challenges, and create value for the company.” These relationships help ensure the CFO can effectively implement strategies and achieve the company’s objectives.

Embracing Change and Innovation

Finally, embracing change and innovation is essential for a CFO to lead effectively. This means being open to new ideas, leveraging technology to drive efficiency, and continuously seeking ways to improve processes. “Change is the only constant in business,” Chester asserts. “A great CFO embraces this reality and uses it as an opportunity to innovate and enhance the company’s performance.” By fostering a culture of innovation, a CFO can help the company stay competitive and achieve sustainable growth.

In conclusion, the path to becoming a great CFO is paved with diverse skills and qualities. It’s a journey that requires financial acumen, operational insight, technological understanding, and creative problem-solving. By mastering these areas and continuously striving for excellence, a CFO can be pivotal in steering their company toward success.

However, managing a remote workforce presents unique challenges, particularly in areas like time and attendance tracking. Traditional methods, reliant on physical presence in an office, become obsolete. This is where time and attendance software steps in, offering a sophisticated solution for the modern workplace.

The Rise of Remote Work

The remote work trend has been steadily gaining momentum for years, fueled by several key factors:

• Technology: Cloud-based tools, video conferencing platforms, and instant messaging applications have made seamless collaboration across geographical boundaries possible.
• The Gig Economy: The rise of freelance marketplaces and project-based work arrangements has created a demand for flexible work options.
• Work-Life Balance: Employees increasingly value the ability to manage their own schedules and work from a location that suits them.
• Global Talent Pool: Businesses can now tap into a wider pool of talent, unrestricted by geographical limitations.

The COVID-19 pandemic acted as a catalyst, forcing businesses to adopt remote work models en masse. While some companies may eventually return to more traditional office setups, the remote work genie is out of the bottle. Many businesses recognize the benefits of a distributed workforce, including:

• Reduced Costs: Companies save on overhead expenses associated with physical office space.
• Increased Productivity: Studies have shown that remote workers can be just as, if not more, productive than their office-based counterparts.
• Improved Employee Satisfaction: Remote work offers employees greater flexibility and autonomy, leading to higher morale and job satisfaction.
• Access to Top Talent: Businesses are no longer limited to hiring from a local talent pool.

Challenges of Managing Remote Teams

Despite its advantages, remote work also presents challenges, particularly when it comes to managing teams:

• Communication and Collaboration: Maintaining clear communication channels and fostering a sense of collaboration can be more difficult with a geographically dispersed workforce.
• Employee Engagement: Remote workers can feel isolated and disengaged from the company culture.
• Performance Management: Measuring and evaluating employee performance can be trickier in a remote environment.
• Time and Attendance Tracking: Traditional timekeeping methods are no longer effective for remote workers.

The Role of Time and Attendance Software

Time and attendance software plays a vital role in addressing the challenges associated with managing a remote workforce. Modern software solutions offer a range of features specifically designed to meet the needs of remote teams, including:

• Automated Time Tracking: Employees can clock in and out of work hours remotely, using desktop applications, mobile apps, or even biometric authentication.
• Project Management Tools: Software can integrate with project management platforms, allowing employees to track time spent on specific tasks and projects.
• Flexible Work Schedules: The software can accommodate various work schedules, including flexible hours and part-time arrangements.
• Detailed Reporting: Managers can generate comprehensive reports on employee work hours, productivity levels, and project progress.
• Employee Self-Service: Employees can access their timesheets, request time off, and view pay stubs through a self-service portal.

Current Trends in Time and Attendance Software

The time and attendance software market is constantly evolving, with new features and functionalities emerging to meet the ever-changing needs of businesses. Here are some of the latest trends:

• Cloud-Based Solutions: Cloud-based software offers several advantages, including scalability, accessibility, and automatic updates.
• Mobile Apps: The growing use of mobile devices has led to a surge in demand for mobile time tracking apps.
• Biometric Authentication: Biometric technology, such as fingerprint scanners and facial recognition, is being used to ensure the accuracy of timekeeping data.
• Integration with Payroll Systems: Time and attendance software is increasingly being integrated with payroll systems for streamlined and automated payroll processing.
• Focus on Employee Wellbeing: Some software solutions incorporate features that promote employee wellbeing, such as break reminders and overtime alerts.
• AI-Powered Insights: Artificial intelligence (AI) is being used to analyze timekeeping data and generate insights to improve workforce management.

Choosing the Right Time and Attendance Software

With a plethora of time and attendance software options available, selecting the right solution can be daunting. Here are some key factors to consider:

• Company Size and Needs: The size and structure of your organization will determine the features you need

Scott, reflecting on the changes since the law took effect, shared that the past 12 days have felt like an eternity, with immense pressure to adjust. “The price of a Big Mac can’t realistically jump from its current price to $20 overnight without losing customers,” Scott said. He emphasized that while minor price increases are inevitable, doubling the price of a burger is not a viable solution. Instead, Scott is considering a holistic approach that includes tweaking menu prices moderately and optimizing other areas of operation.

“Price is a lever that independent business owners like myself can pull to alleviate some of the pressure, but it’s about more than adjusting the cost to consumers,” Scott explained. He is exploring various strategies to absorb the increased labor costs without sacrificing service quality or customer loyalty. These include enhancing efficiency through capital expenditures, judiciously managing supplies, and possibly expanding market share to distribute the cost burden broadly.

However, Scott is desperately trying to avoid the prospect of layoffs. With 800 employees under his wing, he views them as the last aspect of his operation he would want to compromise. “These are human beings, not just numbers on a payroll. Layoffs are the last lever I’d want to pull,” he affirmed.

Technological investments are also on the table. Since 2017, McDonald’s has been integrating customer kiosks and partnering with delivery services like Uber Eats and DoorDash, which have helped reallocate restaurant labor. “It’s not about replacing people, but enhancing where they are assigned in the operation,” Scott noted. The focus is on using technology to improve efficiency rather than reduce the workforce.

The familial aspect of Scott’s business adds a personal dimension to the challenges of the new wage law. His daughter, representing the third generation, has recently joined the business. Scott faces tough conversations about whether California remains the right environment for their family business or if relocating might provide a more sustainable future.

As franchise owners like Scott navigate these turbulent changes, the fast food industry in California stands at a critical juncture. Businesses must adapt to the higher wage demands creatively and efficiently or risk faltering under the increased financial pressure. The outcome of these adaptations could well set precedents for other regions considering similar wage hikes.

“It’s just so exciting,” beams Simonds, reflecting on the auspicious occasion. “What a day to celebrate ten years as a public company, and I’m just proud. I’m proud to represent 3,600 colleagues around the country who get up daily to help small and medium-sized businesses thrive in the US.”

Simonds emphasizes TriNet’s unwavering commitment to a customer-first approach, a cornerstone of its ethos since its inception. “From day one, it’s been the customer-first approach,” he affirms. “You haven’t been able to get here without a hugely committed team.”

Looking ahead to the next decade, Simonds envisions a future where TriNet’s impact extends even further, empowering an increasing number of small and midsize businesses nationwide. “When you dream, I mean, you can think about things like the 60 million small to midsize businesses out in the US,” he muses. “Today, only a fraction of them have the kind of support TriNet offers.”

Highlighting technology’s pivotal role in TriNet’s evolution, Simonds underscores the company’s ownership of cutting-edge technology as a vital component of its value proposition. “I think we’ve got a scalable model. We’ve got new partners in the market,” he notes. “I’m excited about what’s to come at TriNet.”

Having assumed the CEO role just about a month ago, Simonds reflects on his initial impressions and outlines his top priorities for the remainder of the year. “At number one, my first impression is the place’s culture,” he shares. “It’s an organization excited about what’s to come.”

As Simonds prepares to ring the closing bell, his words resonate with optimism and a profound sense of purpose. With a steadfast commitment to TriNet’s mission and a vision for continued growth and innovation, he embodies the spirit of anticipation and possibility that defines TriNet’s journey into the future.

About TriNet

TriNet is a leading provider of comprehensive human resources solutions for small and medium-sized businesses (SMBs) in the United States. Founded in 1988, the company has established itself as a trusted partner for SMBs. It offers a range of services designed to streamline HR processes, mitigate compliance risks, and enhance employee benefits.

Headquartered in Dublin, California, TriNet serves over 18,000 clients in various industries, including technology, healthcare, finance, and professional services. With a workforce of approximately 3,600 employees, TriNet operates nationwide and provides tailored HR solutions to meet its clients’ diverse needs.

TriNet’s suite of services encompasses payroll processing, benefits administration, risk mitigation, compliance management, and strategic HR consulting. By outsourcing these critical functions to TriNet, SMBs can focus on their core business objectives while leveraging TriNet’s expertise to navigate complex HR challenges and maximize operational efficiency.

One of TriNet’s key differentiators is its innovative technology platform, which integrates advanced HR software with personalized support from HR experts. This combination enables clients to access real-time HR data, automate routine tasks, and make informed decisions to drive business growth.

In addition to its core HR services, TriNet offers a comprehensive suite of employee benefits, including health insurance, retirement plans, and wellness programs. By providing access to competitive benefits packages typically associated with larger corporations, TriNet helps SMBs attract and retain top talent and fosters a culture of employee satisfaction and engagement.

TriNet’s commitment to excellence is reflected in its strong client satisfaction and industry recognition track record. The company has received numerous awards and accolades for its innovative HR solutions and commitment to customer service, cementing its position as a leader in the HR outsourcing industry.

As TriNet continues to expand its offerings and reach, it remains dedicated to empowering SMBs with the resources and support they need to succeed in today’s competitive business landscape. With a focus on innovation, integrity, and client success, TriNet is poised to shape the future of HR services for small and medium-sized businesses nationwide.

As a guest on Small Business Quick Wins, presented by Thrive, Hayden shared her expertise and insights into the pitfalls to avoid and the tips that small business owners need to know for effective accounting and bookkeeping practices.

Hayden’s journey to becoming an accounting expert started nine years ago when she founded Kickstart Accounting. Drawing from her experience as a CPA and CFO, Hayden recognized the need to provide tailored accounting solutions to small businesses. Her company has since become a leading firm in the field, specializing in helping small businesses make informed financial decisions.

One of the key points Hayden emphasized is the importance of separating personal and business finances—a common mistake she encounters among small business owners. By maintaining separate accounts for business transactions, owners can ensure clarity and compliance, reducing the risk of legal and financial complications.

Moreover, Hayden highlighted the misconception that business owners need to be proficient in accounting before hiring professional help. She debunked this myth, emphasizing the value of outsourcing specialized tasks to qualified experts. Whether it’s bookkeeping, tax preparation, or payroll management, Hayden stressed the importance of entrusting these responsibilities to professionals, allowing business owners to focus on what they do best.

Throughout the discussion, Hayden underscored the role of accountability in financial management. As an accountability partner to her clients, she ensures that they stay organized and compliant with financial regulations. By providing regular reports and guidance, Kickstart Accounting helps small business owners confidently navigate the complexities of financial management.

In addition to her practical advice, Hayden addressed the common misconceptions surrounding bookkeeping and accounting. She emphasized the need for clarity and transparency in financial reporting, urging business owners to prioritize accuracy and consistency.

Wrapping up the conversation, Hayden shared her passion for empowering entrepreneurs and helping them thrive in their business endeavors. Through her podcast, “Business by the Book,” and personalized services, she remains committed to supporting small businesses on their journey to success.

As the podcast concluded, Hayden’s insights resonated with listeners. She offered practical solutions and dispelled myths surrounding accounting and bookkeeping. With her guidance, small business owners can approach financial management with clarity and confidence, knowing that they have a trusted partner in Kickstart Accounting.

However, as the last several years have shown us, restaurants and business owners were faced with immense challenges, having to bring forth more innovative solutions to a wide range of marketplace problems. 

From the pandemic, which brought global supply chains to a near halt, a decrease in exports across Europe due to the ongoing geopolitical conflict in Ukraine, tight labor market conditions, and inflation soaring to a four-decade high – restaurants had to fight for their survival. 

While the last few years have proven to be somewhat challenging, in more than one way possible, a looming recession and further economic headwinds are further threatening an industry that has yet to be able to recover from the pandemic.  

Nonetheless, there have been changes and improvements in the restaurants we eat and the places we order food from. The introduction of contactless payments, self-checkouts, and online ordering are only a few of the visible gems that have already transformed the dining experience. 

Economists continue to warn about the likelihood of a possible recession hitting our shores this year. This only further highlights the importance, and pace at which businesses, and more so restaurants should start focussing on introducing more tech-based innovations.

Technology trends changing the restaurant industry 

While it’s no longer possible for businesses in the Food & Beverage industry to ignore the importance of technology, especially with a recession looming, tech and digital innovation can often be a solution to help simplify operations and manage costs more efficiently. 

In the near future, the restaurant industry will see off-premise consumption become an even bigger part of their equation. This would mean that restaurants will no longer require technology for in-house operations, but perhaps need to start looking at how they can transform the off-premise consumption, ordering, and deliver experience for customers. 

Blockchain Technology And Customer Loyalty Programs

Customer loyalty programs are set for a massive improvement in the coming years, as blockchain technology gains increasing momentum and begins to transform the way businesses and companies operate their customer loyalty programs. 

Keeping existing customers will be easier, and a lot more affordable than having to market and find new customers. According to industry research, it costs businesses five times more to recruit new customers, than having to retain existing ones. 

Keeping customers engaged, especially through customer loyalty programs, blockchain technology could become a key solution as it can help reduce costs, establish frictionless systems and create more real-time processing. 

Not only will blockchain technology improve the efficiency of customer loyalty programs, it can further provide a more secure environment for customer-to-business transactions, and help to encourage the sharing of important data with restaurants to further understand the changing consumer marketplace. 

AI Automating Inventory Management 

Artificial Intelligence (AI) has been a key driving force behind the technological advancements taking place among several high-profile industries. Commercial adoption of AI-powered software such as ChatGPT has already gained serious traction since its release in November 2022. 

However, AI is more than a software engine for users. Instead, it has the potential to help automate mundane and complex tasks that often require human resources and consume valuable time. 

Leveraging the possibilities of AI, restaurants can automate important operational aspects of the business, such as inventory management. With these capabilities, restaurants will have better control over their inventory orders, helping to reduce costs and minimize food wastage. 

Creating an automated system that works throughout the restaurants would ensure that both front-of-house and back-of-house staff are informed about any low inventory items, or create forward-looking timelines for when new orders will need to be placed. 

These efforts are not only a way for restaurants to be more sustainable, but they could help them be more accurate in their predictions, what they will need, and the quantity they need to order. 

Digital Food Delivery 

During the pandemic food ordering and delivery services experienced a surge in demand, as stay-at-home and quarantine orders restricted the movement of people. This led to an even bigger demand for delivery drivers, with more than 1.4 million delivery drivers currently employed in the United States. 

While the pandemic was perhaps the biggest driver of food delivery services, the coming years will see even more demand for these services, as online ordering and contactless payment becomes even more advanced. 

The introduction of autonomous vehicles is already something we’re witnessing in places such as Las Vegas, Nevada, and Miami, Florida. Bigger companies such as Domino’s Pizza and Amazon have already started experimenting with the potential of autonomous vehicles and drone delivery to help create more efficient delivery systems. 

While this will minimize the need for human drivers, in some parts, technology could now be an optimal solution that could see restaurants reaching customers in remote regions. This would help ensure that orders are delivered faster, and more efficiently, and that driverless deliveries are certainly something that we will see more of in the coming years. 

Digital Bookings And Table Reservations 

Restaurant-goers have one of several options when it comes to booking or reserving tables at their favorite dining houses. The more traditional involves visiting a restaurant to reserve a table or phoning in. Other options could include booking on the restaurant website, or even through social media. 

While these options are convenient, technology is helping to further stretch the limits with the introduction of mobile booking applications. Customers can now make a reservation at some of their favorite places through one app. 

Not only will they be able to book through these apps, but they can also browse different restaurant options available in their area, get seething plans, and share their dining and eating preferences. 

Businesses will also benefit from digital booking and reservation apps. Information shared by guests would help them set up menus tailored to their customer’s dietary demands. They can collect important demographic data, and plan for upcoming events. 

Seating arrangements will be more efficiently laid out, and employees will have better control over their guests, knowing exactly what their preferences are and how to cater to their needs. 

Ultimately, digital booking platforms will become a way to not only improve the way customers can interact with restaurants, but it will also help enhance the customer experience and further provide them with personalized options before even visiting any establishment. 

Staff Retention And Team Management Software

Even employees will benefit from improved technological adoption in the coming years. With more aim to improve staff scheduling, and floor plans, and help prioritize team management, restaurants will help ensure employees are receiving adequate training and are being more effectively utilized. 

Instead of relying on outdated pen-and-paper methods for setting up work schedules, automated systems can now undertake the task of diligently analyzing employee needs, and ensuring staff will get preferred shifts that suit their working needs. 

This could mean that shifts will be more equally shared among all employees, leading to less need for employees during off-season periods, helping to give employees enough time to rest, and also helping to reduce overhead costs. 

Other benefits that could help restaurant employees are effective management of payroll services, reimbursement, advancement opportunities, and the scheduling of paid time off. 

The goal of these systems would be to help employees to have a better work-life balance, but also ensure that every staff member is treated fairly and equally. 

These systems would require investment on behalf of restaurant owners and managers, but the outcomes would pay for themselves in the long term. 

While there are several exciting developments taking place in the technology sector, helping improve the efficiency and productivity of businesses around the world, perhaps the most interesting is the deployment of these systems in the food and beverage industry. 

Given how these digital systems have evolved over the last several years, the time ahead would only bring more innovation into our restaurants. Making an impact on how restaurants are operated, improving employee retention, and minimizing human-induced errors, but more so, enhancing the customer experience, both for in-store and off-premise dining experiences. 

One of the biggest advantages of remote work is the drastic increase in the pool of qualified candidates. Without worrying about gas prices or immigration laws, remote work allows employers to hire candidates based on their skill set, regardless of location. However, the virtual workspace can be more vulnerable to disturbances as workers are not directly supervised. This could pose a risk to both the operations and culture of the organization. 

To keep the workflow smooth, you need to communicate with all employees. Make them feel welcome, but lay down rules in a polite — yet professional — way. Here are five ways to keep off-site employees in harmony with your company’s core values.

1. Find the Right People

The employer’s job begins even before the employee joins the company. The qualifications and specifications of the required employee should be defined before recruitment. If you are willing to hire international employees, you need to ensure all payroll and compliance requirements are streamlined beforehand. Details like time-zone differences, internet availability, and language barriers should be discussed before anyone is onboarded.

During a candidate’s interview, ask questions about their interests and ideal work environment. Go beyond their resume to assess if their personality is compatible with your team. Share information about the company’s core values and gauge the candidate’s willingness to adhere. If a candidate disagrees with a quality that’s vital to your organization, they’re likely not the best fit..

2. Communicate Clearly

You need to set the precedent for your employees by keeping an open channel of communication. Establishing clear expectations and sharing company policies from the beginning can lead to a smooth onboarding process. Pay attention to their questions and concerns and answer honestly and clearly. This transparency can foster a sense of belonging, which can go a long way.

Remote workers often feel isolated, so make it a point to include them in all office events. Try various communication tools like instant messaging platforms, video conferencing, and project management software to stay connected. Have regular one-on-one talks, so that employees get a chance to speak to you on a personal level. Also, keep in mind that not everything should be about work. Create genuine bonds by having conversations to learn more about their daily life, interests, and plans for the future.

3. Work on Growth and Wellbeing 

Every employee faces different challenges and making them all sit through a general talk on productivity is not the answer. Training goals must be customized according to an employee’s individual needs. Provide access to online webinars or workshops to enhance their skills and knowledge. This can be especially important for overseas employees who may not have had these opportunities before.

While helping employees strengthen their hard skills is important, you might also consider focusing on their health and wellness. It’s wise to look out for your worker’s general health and wellbeing to positively impact your organization’s culture. Promote a healthy work-life balance by supporting your remote team members’ well-being. Encourage regular breaks, offer flexible working hours, and discourage working overtime. Providing resources for mental health and wellness ensures your employees feel cared for, which positively impacts their performance.

4. Acknowledge and Show Appreciation

Celebrating employee accomplishments is essential for maintaining motivation and fostering a positive culture. Encourage them through shout-outs during team meetings, send personalized appreciation emails, or even offer small rewards like gift cards. Celebrating successes brings your team closer together, even when they’re miles apart.

And don’t wait for New Years to have a party! Take up any excuse to gather your employees for some fun. Have a small birthday celebration for all employees. Your remote workers may not get to taste the cake, but they can still join. Organize virtual team-building activities like online games, virtual happy hours, or remote workshops. These activities strengthen the sense of community and build trust among the team.

5. Create a Culture of Diversity

Company culture is created by the top management. You must act as an example and show your commitment to the company mission. Understand your employees’ needs and try to cater to them as best as possible. This could include providing a small prayer space or using inclusive language based on gender preferences. Offer a diversity-focused workshop for all employees to better understand the impact of their behavior on others.

Create safe spaces through platforms where employees can share their stories and provide feedback. Be prepared to face employee conflicts and be ready to have courageous conversations to resolve them. Trust is the backbone of successful teams, and it’s your job to empower your people to stand up for themselves.

Adapt to Changing Times

Review and revise company policies to ensure they are fair to all employees. Flexible medical benefits and parental leave policies are often an indicator of an employee-centric company. When you care for employees, the commitment will be reciprocated, and they’ll be willing to stay for the long run.

Employers need to understand that their work depends on their workers, and not the other way around. Recruiting qualified and competent workforce is one thing but retaining workers is another. Give your employees a healthy work environment and your business flourish.

In 2021, the credit increased to 70% of up to $10,000 in wages per quarter, resulting in a potential credit range of $21,000 to $28,000 per employee for the year. However, for the 4th quarter of 2021, only businesses opened after February 16, 2020, with less than $1,000,000 in revenue, can file for the credit, known as Recovery Startup Business, potentially receiving up to $33,000 per employee.

The ERC program aims to assist businesses in recovering from the economic shutdown, compensating for lost revenue, and maintaining operations while retaining employees. Although the program officially ended in 2021, businesses can still file to receive funds. Many businesses qualify for ERC but are often unaware of their eligibility.

How to Qualify for ERC

Businesses must have experienced a significant decline in gross receipts during 2020 or a general decline in gross receipts during 2021 compared to corresponding quarters in 2019. The business should also operate within the US, regardless of size, and have faced a full or partial suspension of operations due to government orders or experienced a more than nominal impact on operations. Additionally, businesses that meet the criteria as a Recovery Startup Business in the third or fourth quarter of 2021 may qualify.

ERC requires considering qualifying wages, which include cash payments and a portion of employer-provided health care costs. Businesses that received Paycheck Protection Program (PPP) loans may still be eligible for ERC. The credit amount depends on the average full-time employees in 2019, with different calculations for businesses above or below certain thresholds.

Claiming ERC typically involves amending tax filings, and it may take 4-10 months for the IRS to process claims and issue checks. To navigate the complexities of ERC, businesses can seek assistance from qualified experts like Credit League. They provide consultations, help with documentation, and maximize the credit return. Credit League’s team of attorneys and CPAs can guide businesses through the qualification process, prepare necessary paperwork, and maintain contact with the IRS throughout the filing process.

In Summary

ERC is a valuable tax credit aimed at supporting businesses during the COVID-19 pandemic. By understanding the eligibility criteria, businesses can potentially save up to $26,000 per employee, and seeking professional assistance can help streamline the filing process and maximize the credit.