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Article

Avoiding Common Pitfalls in Your Annual Planning Cycle

Financial Planning & Analysis
A proper financial planning and analysis process results in faster decision making, the mitigation of revenue and cost risks and performance optimization for the entire organization. Upon entering an annual planning cycle, it is critical not to take for granted the obvious questions that can provide key insights to financial assumptions in your model. And more... View Article
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Article

IBM Cognos TM1 vs. Planning Analytics: A Guide to the Transition & New Features

Financial Systems
Planning Analytics is the new buzz word for organizations making the change to the latest version of Cognos TM1, but what is the buzz all about? The answer starts with the name: Planning Analytics, or “PA,” is the new name for TM1. In terms of the differences between IBM Cognos TM1 vs. Planning Analytics, much... View Article
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Article

A Helpful Business Continuity Plan Checklist

Financial Planning & Analysis
Business Stabilization
For strategic business planners, COVID provided many lessons as the ultimate stress test, bringing issues seemingly from all angles. The scale and length of the disruptions likely stretched many a business continuity plan beyond their limits in a very short amount of time. It is imperative that companies redefine the breadth of their planning to... View Article
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Article

Deborah Mitrenga: 4 Questions for 4 Years

Careers
Today we’re celebrating Deb Mitrenga’s recent four-year anniversary with 8020 Consulting! In our Q&A, Deb reflects on what she enjoys about Client work, explores advice she would give to new hires and shares what she’s looking forward to in the next year.
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Article

Power BI Tips and Best Practices

Financial Planning & Analysis
Financial Systems
Power BI is an extremely powerful data transformation and reporting tool with solid modeling capabilities via tools such as DAX and Python/Panadas. Besides connecting a litany of Microsoft products (e.g., SQL Server, Azure, SharePoint, Excel), it can also connect to many other data sources including Salesforce, Anaplan, Postgres, Oracle and SAP. This in-house ability to... View Article
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Article

7 Nuances That Make Insurance Agency Accounting Unique

Financial Reporting & Accounting
While insurance brokerage accounting isn’t necessarily more complex, it is unique when it comes to integrating operations and financial reporting. Whether your agency is in the early stages of getting off the ground or you are an established one looking to grow, below are several topics that should be taken into consideration when evaluating if... View Article
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Article

Questions Every CPG Accounting and Finance Team Should Be Asking

Financial Planning & Analysis
Financial Reporting & Accounting
Best-in-class consumer packaged goods (CPG) accounting and finance departments are particularly adept at understanding their product-driven companies, integrating themselves into their organizations and pushing finance and accounting insight throughout the company. Companies that want to develop best-in-class departments can take strides by asking the right questions and taking care to work their way to the... View Article
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Article

5 Signs Your Accounts Payable Department Could Be More Efficient

Financial Reporting & Accounting
The Accounts Payable department is often considered something of a forgotten branch of the Accounting department. While it plays a pivotal role in ensuring that the company stays in good graces with its vendors, it is often considered to possess simple processes and not require modernization. In reality, the Accounts Payable (AP) department is often... View Article
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Guides

ERP Implementation Stages & Phases Guide

Financial Reporting & Accounting
Our guide to ERP Implementation Stages and Phases offers insight into the broad shape and progression of implementation projects. Get the guide to learn more about the Who, What and When of the stages and phases of these complex projects.
Download Now ->

Article

Top-Down or Bottom-Up Budgeting? About Two Common Approaches and Their Pros and Cons

Financial Planning & Analysis
Budgeting is an essential tool for companies that takes place at different times of the year and in different ways. It helps company leaders plan for the following year and to look back at the current/past year to make better financial decisions. Budgeting usually takes a team or teams of employees experienced in finance and... View Article
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Article

Devon Coleman: 7 Questions for 7 Years

Careers
We're celebrating Devon Coleman's recent seven-year anniversary with 8020 Consulting! In our Q&A, Devon reflects on memorable experiences with Clients, explores how he stays up to date on technology and software and offers advice to professionals considering consulting on their career paths.
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Article

Risks in a Rising Rate Environment

Financial Planning & Analysis
In today’s economic environment, macroeconomic rates – inflation, Fed Funds, interest rates, Prime and LIBOR, for example – are increasing across the board, pushing production costs higher and straining the wallets of consumers. For companies, one of the most obvious consequences is the higher interest that they will need to pay to service their debt.... View Article
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Article

M&A Sell Side Transaction Support: Keys to Success

M&A Due Diligence & Transactions
I was recently deployed into the sell side of an M&A transaction involving a high-growth company in the entertainment sector. This role, like other transaction support roles I have performed, involved a lot of granular-level data analysis and modeling. But the function of an M&A sell-side transaction support professional is always consistent: Collaborate with various... View Article
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Article

Five Signs You Need to Update Your Headcount Management

Financial Planning & Analysis
For most companies, headcount is one of the most important assets, and more often than not, it is also the single largest expense. Proper management of headcount is essential to achieving a company’s growth objectives or cost savings targets. Given the vital importance of headcount to the success of any business, one would expect that the... View Article
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Article

What to Do When a Key Employee Leaves

Interim Financial Management
Entrenched employees are a vital part of any company’s success. That said, many companies are left unsure of what to do when a key employee leaves. What needs to happen when a long-term employee is departing, and how do you prepare for what comes next? I recently completed a project that included several different workflows... View Article
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Article

Questions to Drive Budgeting, Reporting and Accounting Process Improvements

Financial Reporting & Accounting
As a business reaches a certain point in its growth, whether that growth is organic or through acquisitions, it becomes necessary to explore budgeting, reporting and accounting process improvements.
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Article

Understanding PMP Concepts: a PMP Revisits Past Projects

Project Management
In the interest of post-mortems and informed hindsight, I thought it would be insightful to revisit some previous projects to explore PMP concepts in action. In other words, let’s revisit some of my long-gone experiences as a less-seasoned consultant to see how experience and a PMP credential informs a Consultant’s approach.
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Article

Enhancing Reporting, Budgeting & Forecasting After Your QuickBooks to NetSuite Migration

Financial Planning & Analysis
Financial Systems
In part one, we explored best practices for empowering cost-center transparency in your QuickBooks to NetSuite migration. Those recommendations and the exploration below come from my experience in supporting a company through that process. As an FP&A professional, I found the migration exciting due to the advanced reporting and analysis that was available in the... View Article
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Article

How to Increase Cost-Center Transparency When Moving from QuickBooks to NetSuite

Financial Planning & Analysis
Financial Systems
I once joined an organization as its migration from QuickBooks to NetSuite was just being finalized. As the needs of our business grew and became more complex, so too did our need to migrate our financials to a more efficient, functional ERP. We were also looking to restructure the basic P&L view from very high... View Article
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Article

How to Drive Finance and Marketing Collaboration During Rapid Change

Financial Planning & Analysis
With social media companies like Twitter, Instagram and TikTok capturing billions of worldwide subscribers, content and advertising delivery have never been as instantaneous and far reaching. Consumer marketing teams are recognizing this potential exposure. Statista notes that nearly $300 billion was spent on digital advertising in 2019, nearly double the global spend just four years... View Article
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Article

How Does Carbon Neutral Affect Real Estate?

Financial Planning & Analysis
The growing will by both corporate and political leaders to reach net-zero emissions of greenhouse gases (“GHG”) has resonated well with investors and consumers alike. The underlying complexity in achieving such an ambitious goal is no doubt a significant undertaking, and the myriad of existing and future regulations should be top of mind for every... View Article
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Article

Exploring Blockchain, NFTs and Best Practices in Planning for High-Growth Startups

Entertainment
Financial Planning & Analysis
Over the last five years, dozens of digital games have been created by studios that utilize blockchain and non-fungible token (NFT) technology. This has generated a growing consumer segment and heightened demand, even as the industry is still very much in the early innings. These technologies also create a familiar circumstance for finance professionals, specifically... View Article
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Article

Corporate Finance Restructuring: Swinging for the Fences Through Transformation

Turnaround & Restructuring
Project Management
Corporate finance restructuring projects are challenging to get right, especially when they are large in scope to the overall organization. I believe there are a few important strategic ingredients for success to get right before you ever get to the tactical project side of the equation. This article will walk you through them and then... View Article
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Article

Own Your Data: When to Consider a Multidimensional Database Platform

Financial Planning & Analysis
Financial Systems
The adage “your analysis is as good as your data” is more relevant today than ever before. Technology has enabled us to record and store more data than we can conceivably process. With the increase in the volume of data, one needs a powerful system that can help define, categorize and report on that data... View Article
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Article

Why is Revenue Cycle Management in Healthcare so Important?

Financial Planning & Analysis
Healthcare practices struggle with rising operational costs while also trying to manage patient care. Successful medical practices require the administrative and clinical functions to perform in parallel at a high level, with effective revenue cycle management being one of the most important contributing factors. Revenue Cycle Management in healthcare, or RCM, ensures that medical practices... View Article
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Article

Exploring the Role of Finance in Business Strategy in Three Parts

Business Advisory
Financial Planning & Analysis
As consumer demand evolves, you might be faced with the challenge of adapting to new trends or adopting new products and lines of business. I had the privilege of working on such a project early in my career, when I learned meaningful lessons on the role of finance in business strategy to evaluate new opportunities... View Article
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Article

Understanding the Impact of Volume, Mix and Rate on Manufacturing COGS Variance

Financial Planning & Analysis
Manufacturing
During any financial review, variances against plan are always items of intense discussion and require in-depth analysis. Any accounting or finance professional will tell you that the window of time to unearth the cause of variances is critical. And, of course, this analysis usually occurs during the month-end close process, when things are most hectic.... View Article
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Article

Exploring Interim Consulting & Lessons Learned From Bringing a Team Onshore

Interim Financial Management
Project Management
A finance/accounting Consultant generally has two areas under which any particular project falls: Project Execution, in which they have specific scope with a finite timeframe, or Interim Consulting, in which the Consultant has to to temporarily backfill an existing position until someone else is hired. For the latter case, sometimes the backfill is for more... View Article
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Article

Recorded Music Forecasting: New Data and Methodologies

Entertainment
Financial Planning & Analysis
The recorded music industry is one of the fastest changing industries, and as a result, recorded music forecasting methodologies change constantly. The popularity of physical music ownership gave way to digital ownership of recorded music, which gave way to the streaming era and a new level of data and forecasting complexity. In the current environment,... View Article
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Article

Office Leasing Strategy in the New Normal

Financial Planning & Analysis
Business Stabilization
With companies scrambling to determine Return to Office (RTO) strategies amid ongoing uncertainties, increased employee desire/demand for flexibility and even fully remote opportunities, management should no longer assume the next office lease will be anything like the last negotiation. Before thinking through typical considerations associated with office leasing strategy (e.g., location, lease term, layout and... View Article
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Article

Lessons Learned from Building Dashboards in Tableau

Financial Planning & Analysis
As data becomes more readily available than ever before, we’re met with the challenge of drawing easily digestible and meaningful insights from a sea of numbers. Fortunately, wherever demand exists, the market scrambles to find a solution: data visualization tools. These platforms can be your new best friends, and with them, you can create the... View Article
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Article

Building By-Title Ultimates: Best Practices from the Field

Entertainment
Financial Planning & Analysis
An ultimate is an entertainment industry-specific forecasting model that is an all-encompassing P&L from a title perspective. In other words, for a specific entertainment asset (e.g., film, TV show): What are all its potential revenue streams? What are all its associated costs? How profitable do we expect it to perform over its lifecycle? Ultimate forecasting... View Article
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Article

7 Common Pitfalls in Failed NetSuite Implementations

Financial Systems
Project Management
A NetSuite implementation can be complex, and NetSuite estimates that 50% of ERP implementations fail the first time around. These failures are not because the software isn’t functional, but rather because the implementation projects themselves failed. Let’s go over a few common mistakes that lead to failed implementations. If you can avoid these mistakes, you... View Article
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Article

Heidi Turcotte: 7 Questions for 7 Years

Careers
We're celebrating Heidi Turcotte's recent seven-year anniversary with 8020 Consulting! In our Q&A, Heidi reflects on her career with our company, how her approach to projects has evolved and what drives her to continue consulting with Clients.
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Article

Avoiding Surprises in Intercompany Account Reconciliation Prior to ERP Implementation

Financial Reporting & Accounting
Financial Systems
The cleanup process for intercompany accounts can be labor-intensive and overwhelming, which many companies do not fully calculate when planning new ERP implementations. They are normally aware of their intercompany accounting issues if they exist, but often, they don’t have enough resources to address them. Naturally, these issues don’t become a priority until they must be... View Article
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Guides

Real Estate and Construction Finance Whitepaper

Financial Planning & Analysis
Financial Reporting & Accounting
Financial Systems
Interim Financial Management
Internal Controls
Our whitepaper offers insights on diagnosing common finance and accounting pain points in real estate and construction businesses. Learn about software solutions, read case studies and discover signs you might need external support.
Download Now ->

Article

5 Things I Wish Everyone Knew Pre-Merger, Acquisition or IPO (a.k.a. “Of Course We Have Internal Controls!”)

IPO & Public Companies
M&A Due Diligence & Transactions
After the last glass has been consumed celebrating a finalized merger, acquisition, IPO or SPAC, many forget the marathon in the coming months and years to integrate business cultures, systems, processes and internal controls. What questions can be asked and negotiated during due diligence pre-merger, acquisition or IPO to smooth post-transaction integration, identify blind spots... View Article
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Article

Three Principles of Effective FP&A

Financial Planning & Analysis
Financial Planning & Analysis is a wide discipline that covers budgeting, forecasting, analysis and planning to support businesses. Effective FP&A can drive significant business impact, but what drives effective FP&A? I believe companies with best-in-class FP&A functions center their approach on three key principles: philosophy of budgeting, participation and involvement, and impact. These principles set... View Article
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Article

On Ambition and Collaboration

Careers
Justin Vu revisits helping a Client complete a business combination via reverse takeover and become publicly traded on the Canadian Securities Exchange.
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Article

Mike Lancia: 6 Questions for 6 Years

Careers
We're celebrating Mike Lancia's recent six-year anniversary with 8020 Consulting! In our Q&A, Mike explores his professional growth, the unpredictable nature of projects and what to expect if you find yourself as a consultant with this company.
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Article

On Project Management System Selection and Clarity

Careers
Ellen Vayner revisits a project in which she helped a Client's Controllership department through project management system selection.
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Guides

Post-Acquisition Finance Transformation Ebook

M&A Due Diligence & Transactions
Our free ebook offers a memorable, staged framework for navigating the complex post-acquisition finance transformation process, as well as key considerations and items for each stage.
Download Now ->

Article

On Connections and Processes

Careers
Carlos Prado explores how personal and professional connections led to process improvements and increased collaboration for a Client.
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Article

Tools for Building Financial Models for New Products and Services

Financial Planning & Analysis
As we scroll on our phones to pass time, we constantly get flooded with targeted ads for new products. Whether it’s for the latest iPhone or a knife so sharp that it can cut through pennies, the appetite for new products and services is a common, daily pang. The level of demand has no ceiling,... View Article
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Article

On Building Client Confidence and Shifting Perspective

Careers
Casandra del Carmen explores how building trust and becoming a trusted partner can create more value and a powerful perspective shift.
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Article

How to Create Better CAPEX Business Memos

Financial Planning & Analysis
Project Management
At some point in time, all businesses will need to invest in new equipment, undertake a large project or take on several strategic initiatives to improve efficiency or generate additional revenues. Capital expenditures (CAPEX) are an inevitable part of growing and maintaining a competitive business. Over the years, I have been involved in various CAPEX... View Article
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Guides

CAPEX Business Case Memo Example

Financial Planning & Analysis
Project Management
Get our sample capital expenditure report to learn how to put together your own documents. It offers key sections to include in your reports, as well as a focus on brevity, without compromising on comprehensiveness in answering the main lines of inquiry.
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Article

On Hitting the Ground Running

Careers
Chris Kirk explores the value of having a Consultant who can quickly get up to speed and make an impact when the need arises.
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Article

5 Focus Areas Typically Overlooked in a Successful IPO

IPO & Public Companies
Has your company recently considered going public? If so, you wouldn’t be alone. Many more companies have gone public in the last twelve months than in recent years. Additionally, many of these companies are doing it in record time. The rule of thumb for years was that the preparation window for a successful IPO should... View Article
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Article

On Staying Afloat and Supporting Improvements

Careers
Kevin Carroll revisits a project helping a Client manage transitioning of work, building a roadmap and improving templates and processes.
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Article

3 Caution Areas for System Implementations: a Leadership Perspective

Financial Systems
I have been a part of several system implementation projects – from Sage X3 to SAP. Software implementations can be the most impactful projects that a team can deliver an organization. Even smaller IT projects can have significant impacts, such as delivering a detailed income statement in a minute when it used to take a... View Article
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Article

On Unexpected Opportunities

Careers
Seena Mostafavipour reflects on covering for the sudden departure of a Client's team, which offered unexpected learning opportunities.
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Article

Improve Your BI Implementation Strategy with These Steps

Financial Systems
Good data is a critical component for any business looking to grow and become more successful in the long term. One of the most common drains on an FP&A team’s time is wrestling with various data to extract the main drivers and actionable insights to improve decision making. Having the right systems in place will... View Article
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Article

Crisis Management in Finance: The Importance of Flexibility

Financial Planning & Analysis
Business Stabilization
Some of the largest challenges that many of us have faced in our careers occurred during the COVID-19 pandemic. At the start of the pandemic, I was leading finance and accounting for a middle-market luxury home furnishings company, which experienced a quick drop in sales in late March and April of 2020. This instance of... View Article
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Article

On Repeat Clients and Good Environments

Careers
Manny Mejia explores a project with a repeat Client that required multiple 8020 Consultants and was a pleasure due to the environment.
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Article

Creating a Rolling Forecast Planning Environment: Changing Mindsets

Financial Planning & Analysis
Project Management
Change is hard. When it comes to a business’s financial planning initiatives, that is never more evident. Annually, many companies, regardless of industry or size, still usurp three to six months of their internal resources’ time through the traditional compilation of an annual operating and capital expenditure budget. Often, by the time the final iteration... View Article
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Article

On Integration With Client Teams

Careers
Amber Hunt explores the benefits of having a Client be welcoming and allowing integration with Client teams.
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Article

Post-Pandemic Entertainment Finance: Film Release Strategy, Ultimates & ARPU

Entertainment
Financial Planning & Analysis
The COVID-19 pandemic caused seismic changes in the entertainment industry as movie theaters shuttered and productions were forced to go on hiatus. With so many consumers quarantined, the industry witnessed a remarkable level of adoption of streaming at home as anticipated new subscriptions in 2021 were pulled forward into 2020. More than that, the pandemic... View Article
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Article

On Sharing and Applying Knowledge

Careers
Carlos Prado explores how rewarding it is to share and apply acquired knowledge with in-house professionals while on projects.
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Article

Finance & Accounting Process Optimization and More Through ESOAR (Part 2)

Financial Reporting & Accounting
Project Management
Once a standardized process has been successfully implemented, efforts can shift towards finance & accounting process Optimization, Automation and Robotization to derive further value.
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Guides

Accounting Process Improvement Strategies Guide

Financial Reporting & Accounting
Project Management
Get our comprehensive guide to using the ESOAR methodology to improve accounting processes within your organization. This guide also includes a detailed example of an accounting department improving its Provision for Sales Returns process.
Download Now ->

Article

How to Improve Accounting Processes Using ESOAR (Part 1)

Financial Reporting & Accounting
Project Management
Want to know how to improve accounting processes? You might take advantage of ESOAR, a process improvement methodology that can help you drive long-term value. This post covers Elimination and Standardization stages of the methodology.
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Article

On Triage and Setting the Stage for a Permanent Hire

Careers
Waleed Ibrahim revisits a project that required focused triage and optimization efforts to set the stage for a permanent Controller hire.
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Article

Accounting & Finance as a Strategic Business Partner or: 3 Ways to Shift from Bean Counter to Bean Grower

Business Advisory
Entertainment
Financial Planning & Analysis
Interim Financial Management
The bean counter is dead. Long live the bean grower. Finance and Accounting professionals’ role within the corporate ecosystem over the decades has evolved from the proverbial bean counter to emerge as a bean grower. No longer is the finance team viewed as the pocket-protector-sporting, 10-key-toting, necessary annoyance relegated to the back rooms of the... View Article
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Article

On Improving Processes Through Training

Careers
Erika Ketz explores the benefits that training can bring to improving processes and highlights a client experience involving NetSuite.
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Article

About Project Scope Management in Finance and Accounting Projects

Project Management
A project’s scope includes everything needed to get from the objectives to the results – all the work required to complete the project’s deliverables. “Project Scope Management” is the discipline composed of the processes required to ensure that a given project is on track to complete successfully. It involves defining and controlling what is included... View Article
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Article

On Continued Collaboration

Careers
Amish Patel explores the efficiency and shorthand gained from continued collaboration with Clients, even when they change companies.
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Article

Change Management: Preparing Your Team

Project Management
Congratulations on hiring an 8020 Consultant for a process efficiency improvement project. As a project sponsor, you are looking at your financial reporting processes and might be wondering how you can reduce a seven-day reporting cycle to a couple of days. But have you thought about how your team is going to view the project?... View Article
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Article

On Supporting Efficiency Through Automation

Careers
Gabe Benabou offers an example of how an Excel model went a long way toward supporting efficiency through automation of payroll processes.
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Article

6 Signs You Could Make Your Accounting Department More Efficient

Business Advisory
Financial Reporting & Accounting
Diagnosing accounting department efficiency can be difficult. It’s a subjective process that depends on a variety of factors such as company size, department size, industry, business complexity and workload. Are you on the fence about whether this is the right time for your business to take steps to make your accounting department more efficient? Here... View Article
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Article

On Building Rapport Quickly

Careers
Jennifer Swieca revisits a project that necessitated building rapport quickly to maximize results for the CFO Client and his team.
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Guides

Accounting Department Health Check

Financial Reporting & Accounting
Dive into 12 core disciplines of high-functioning accounting departments, with additional context related to behaviors, processes and optimization.
Download Now ->

Article

8020’s Chris Kirk Featured in Variety

8020 in the News
Entertainment
We’re thrilled that our team member Chris Kirk was featured in Variety as an expert in content library valuation and strategy!
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Article

Best Practices for Implementing a Financial System for a Small Business or Target Company

Business Advisory
Financial Systems
As smaller companies grow and expand their businesses, an area which is typically overlooked or neglected is implementing a new ERP system. A financial system for a small business is often put on the backburner behind day-to-day business and strategizing growth opportunities. If an ERP system is considered a low priority, gaps or holes in... View Article
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Article

On Streamlining Complex Reconciliations

Careers
Renee Xue explores how she was able to support streamlining complex reconciliations for a client with a unique business model.
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Article

Emir Kiamilev: 5 Questions for 5 Years

Careers
Emir Kiamilev recently celebrated his five-year anniversary with 8020 Consulting (and his birthday too)! In this post, Emir explores how his perspective has changed, revisits past projects and experiences and looks forward to the years to come. 1. What do you enjoy most about your work, and how has that changed over time? Delivering value... View Article
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Article

On Building Connections

Careers
Radha Abboy explores the impact she was able to create due to building connections across business segments at a past client.
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Guides

Opening an Office in Another Country Whitepaper

Financial Planning & Analysis
Learn core considerations for opening an office in another country based on our experiences helping an entertainment company open an international sales office.
Download Now ->

Article

A Preparation Checklist for When You Hire a Finance Consultant

Business Advisory
Project Management
So, you’ve made the decision to hire a finance consultant, and you’re on your way to getting your team the extra help they need! How you prepare for your consultant’s arrival can be extremely important in maximizing the value they bring to your company. Based on our own experiences, we recommend you complete the following... View Article
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Infographics

Cross-Functional Project Management Infographic

Project Management
Our helpful infographic offers a four success factors for any cross-functional project.
Download Now ->

Article

On Adaptability to Meet Client Needs

Careers
Jake Liu examines the importance of adaptability to meet client needs, citing a recent two-year project that started as a short-term need.
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Article

Tommy Yee: 6 Questions for 6 Years

Careers
Tommy Yee recently celebrated his sixth year with 8020 Consulting! In this post, Tommy revisits past projects, explores his career growth and offers advice to accounting and finance professionals exploring consulting as a career path. 1. What do you enjoy most about your work? I enjoy the variety in both type of work and industry;... View Article
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Article

On Building Trust and Effecting Change

Careers
Amish Patel's success in a recent financial planning and analysis project centered on building trust and effecting change over time.
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Article

A Seller’s Guide to Maximizing Value with a Carve-Out Transaction

M&A Due Diligence & Transactions
Carve-out transactions (or “carve outs”) have become increasingly popular over the last two decades. Sellers view carve outs as instruments to extract cash from non-core businesses, while investors view them as opportunities for competitive advantages, provided the carve out aligns with their experience and strategy. A carve-out transaction is typically more complex than a complete... View Article
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Article

Julian de Luna: 6 Questions for 6 Years

Careers
Julian de Luna recently celebrated his sixth year with 8020 Consulting! In this post, Julian revisits past projects and experiences, offers advice to professionals considering consulting on their career paths and takes a look forward at the years to come. 1. What do you enjoy most about your work these days? Julian: What I enjoy... View Article
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Article

Transform Your Budget and Forecast Process: From Excel to Oracle NetSuite PBCS

Financial Planning & Analysis
Financial Systems
For small to mid-size companies, relying on Excel can create stress every budget season, including a forecast cycle or two, if time permits! Excel is a great tool for analysis and data representation. However, the pain of consolidating, linking and maintaining version control with multiple spreadsheets and several users to create an annual budget takes... View Article
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Article

“Sprechen sie Stakeholderitsch?” A Finance Consultant’s Notes on Stakeholder Management

Business Advisory
Project Management
It’s inevitable in a finance consultant’s career to be confronted with a new industry. One of the first things the client may ask is “How are you going to be able to help?” A standard reply would be to say, “A P&L is a P&L is a P&L,” or “A cash flow is a cash... View Article
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Article

On Building Confidence in the CFO Role

Careers
Susan Weikel's recent CFO consulting role involved building confidence in the CFO function through process and communication.
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Article

On Process Improvement & Communication

Careers
Seena Mostafavipour revisits his recent project centered on process improvement and limiting the effects of a complex process.
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Checklists

ASC 842 Review Template

Financial Reporting & Accounting
Our detailed checklist offers a clear process for reviewing new and existing leases to meet the ASC 842 Lease Accounting standard.
Download Now ->

Article

Michael LaBorde: 6 Questions for 6 Years

Careers
We’re celebrating team member Michael LaBorde’s six-year work anniversary at 8020 Consulting! To get his perspective on his experience over the last six years, we asked him six questions: 1. What do you enjoy most about your work these days? How do you think that’s changed over time? I like the variety of industries I’m... View Article
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Infographics

Cost Optimization Strategy Infographic

Financial Planning & Analysis
Learn best practices for reassessing cost structures and optimizing them to drive productivity across your business.
Download Now ->

Article

Identifying Business Needs in a Phased System Implementation

Financial Systems
Project Management
I recently completed an engagement as the project manager for a phased system implementation, in which the client transitioned away from MRI Software to Foundation Construction Accounting Software. The project required the diagnosis of the client’s current system and the selection of a new system with full cycle phases of implementation, data migration, training and... View Article
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Article

Brian Barton: 8 Questions for 8 Years

Careers
We’re celebrating team member Brian Barton’s eight-year work anniversary at 8020 Consulting! We asked Brian to reflect on his experience working with clients as an 8020 consultant: 1. What do you enjoy most about your work, and has that changed over time? I still really enjoy helping my clients to achieve their short-term and long-term... View Article
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Article

Standalone Selling Price Guidance: Performance Obligations in SaaS Contracts

Financial Reporting & Accounting
Step 4 of ASC 606 requires an allocation of the total consideration in a contract to which an entity is legally entitled to collect to each distinct performance obligation. This allocation is determined based on the standalone selling price of each performance obligation in the contract, the process of which is comprised of two distinct... View Article
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Article

Scott Longacre: 8 Questions for 8 Years

Careers
8020 Consultant Scott Longacre recently celebrated his eighth work anniversary with our company! In the Q&A below, we look back on his time with 8020 Consulting and explore what he’s looking forward to in years to come. 1. What do you enjoy most about your work as a consultant? I get to see different businesses... View Article
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Infographics

Price Optimization Strategy Infographic

Financial Planning & Analysis
This useful resource offers key considerations to keep in mind when exploring price changes, as well as a process for implementation of those changes.
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Article

On Collaborating With Client Teams

Careers
Amy Wu looks back on a project that required collaborating with internal client teams to implement ASC 842 leasing standards
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Article

5 Key Considerations for Hiring External Audit Firms

IPO & Public Companies
Financial Reporting & Accounting
A financial statement audit can be a daunting endeavor for any company. The process is made easier and less stressful by having a well-prepared internal finance team, knowing how to prepare your company’s financial records for audit and thoughtful selection of an external accounting firm. Many companies may have been using the same accounting firm... View Article
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Article

Jaime Raisch: 4 Questions for 4 Years

Careers
We’re celebrating team member Jaime Raisch’s four-year work anniversary at 8020 Consulting! We asked Jaime to reflect on her time so far working as an 8020 consultant: 1. What do you enjoy most about working at 8020? Jaime: I really enjoy my colleagues (both within 8020 Consulting and at my respective clients), as well as... View Article
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Article

On the Importance of Detail Work

Careers
Erika Ketz reflects on a deferred revenue reconciliations project involving combing through data in great detail.
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Article

8020’s Chris Kirk Featured in The Hollywood Reporter

8020 in the News
Entertainment
We’re proud to note that team member Chris Kirk was recently featured in an article from The Hollywood Reporter about problematic content and streaming libraries!
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Article

5 Best Practices for Automating and Scaling Financial Operations

Financial Planning & Analysis
As businesses prepare to scale once again, finance teams are looking to do more with less. Striking a balance between speed and precision can be challenging, but through automation and scaling, you can bridge the gap. As an added benefit, both strategies are important for the long-term financial health of any organization. Let’s review five... View Article
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Article

Neil Travanti: 7 Questions for 7 Years

Careers
We’re celebrating team member Neil Travanti’s seven-year work anniversary at 8020 Consulting! To get his perspective on his career and his seven years working with us, we asked him seven questions: 1. What do you enjoy most about your work? I’ve been blessed with long-term clients that have been great to work with over the... View Article
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Article

On Building a Financial Model Quickly

Careers
Marco Moreno revisits a consulting project in which a client needed a financial model quickly.
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Article

Exploring Ongoing Changes in Licensing and Acquisition Management

M&A Due Diligence & Transactions
The nature of licensing and acquisition deals has been changing. The increased pressure for liquidity has driven many companies to consider the sale or licensure of assets. This article focuses on elements of deal structure, due diligence and integration management that an acquiring company should consider when approached by an interested seller. Shifts in Deal... View Article
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Article

Notes from the Field: Cash Flow Crisis Management

Financial Planning & Analysis
Business is as much an art as a science. As consultants, we are often brought in to put out fires, whether it is helping a company through a major transaction or restructuring, filling in for a key executive departure or addressing a complex accounting or financial matter. Working in the middle of a crisis is... View Article
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Article

Why is Strategic Planning Important?

Financial Planning & Analysis
Have you ever wondered, “Why is strategic planning important?” It might help to imagine taking a vacation without knowing where you are going or how you are going to get there. With some luck, that vacation could be fun and maybe even productive, but generally speaking, it would be a generally risky proposition. Strategic planning... View Article
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Article

Five Factors to Help You Decide Which eCommerce Platform to Choose for Your Business

Financial Systems
With traditional brick-and-mortar stores closing, more consumers are turning to online stores both for convenience and safety during the pandemic. In terms of quantifying that shift, McKinsey measured 10 years’ eCommerce growth in 90 days in early 2020. A global survey across 11 markets by Shopify found 84% of consumers shopped online during the pandemic.... View Article
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Article

Time to Clean Out the Warehouse: Improving Inventory Management Processes in 2021

Financial Planning & Analysis
Manufacturing
Inventory flows reveal a lot about the health of a company, and 2020 put many stresses on inventory management processes. There were demand shocks, rising transportation costs, supply chain shortages, labor constraints and many other impacting factors. Manufacturers and distributors were suddenly faced with a slew of underperforming SKUs while others were in short supply.... View Article
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Article

Notes from the Field: 5 Success Factors for Cross-Functional Project Management

Project Management
Finance teams are often looked to for leadership of cross-functional projects. This is often the case because the ultimate project results can be measured by, or affect, financials. A budget or re-forecast process is a clear example of a cross-functional project led by Finance. From our experience in leading cross-functional projects as part of Finance... View Article
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Article

A 2020 Recap: Cash Management & Why Cash is Still King

Financial Planning & Analysis
Treasury & Cash Management
Last year brought disruptions in almost every industry. We witnessed significant interruptions in order fulfillment and delivery systems, chaotic drops and soaring demand in certain categories, fresh liquidity for borrowers and cash crunches for others. And cash management underwent rapid change for those suddenly with too much or too little. Short-Term Cash Management Led to Underutilized... View Article
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Guides

Subscription-Based Financial Modeling Whitepaper

Financial Planning & Analysis
Learn best practices for building a subscription-based financial model that informs your decision-making and drives accurate forecasts.
Download Now ->

Article

On FP&A to Support Rapid Growth

Careers
Marco Moreno explores a recent project in which he supported a rapidly growing healthcare client with his FP&A expertise.
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Article

The End of LIBOR: Are You Ready?

Financial Planning & Analysis
With all of the happenings at year‐end, thinking about how your company structures its borrowings and contracts in the coming year is probably not at the forefront of discussions. But it should be in relatively short order, given that the end of LIBOR is nigh – and especially if the term SOFR is new to... View Article
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Article

Selecting a Telephony System for Enhanced Recovery & Collections

Financial Reporting & Accounting
Financial Systems
An effective Collections/Recoveries team is an integral part of an overall Accounts Receivable strategy. Since collecting cash is the foremost priority for an AR department, effectively managing and measuring the efforts of the Collections/Recoveries team is a key ingredient to enhanced recovery and collections. Finding an effective telephony system that can be deployed in your... View Article
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Article

COVID-19 Real Estate: Rethinking Office Space and Going Back to Work

Financial Planning & Analysis
Business Stabilization
When COVID-19 caused a nationwide lockdown, companies swiftly acted to safeguard their employees while attempting to maintain business continuity. Across the nation, employees started working from home, leaving office buildings partially empty and creating unforeseen COVID-19 real estate impacts. Almost a year later, life after COVID-19 is starting to become a reality. As more employees... View Article
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Article

Corporate Insurance Renewals: Best Practices for 2021

Financial Planning & Analysis
Treasury & Cash Management
Gone are the days when Corporate Insurance renewals simply replicate the existing programs with all the same carriers and only minor increases in overall year-over-year pricing. While this has increasingly been the case for the last few years, the level of uncertainty and tightness across the insurance marketplace has continued to worsen during 2020 and... View Article
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Article

On Offering Guidance Through Systems Experience

Careers
Radha Abboy revisits a consulting project in which she offered support as a client migrated from Oracle to SAP Ariba.
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Article

Planning Model Flexibility: Building Better Original Plans

Financial Planning & Analysis
In a past client engagement, I was brought on to help with an Excel planning model. When working on projects involving planning models, I usually can expect to be handed a model with tons of broken links, bad formulas or incomplete sections. This time, however, that was not the case. The model the client was... View Article
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Article

Prepping for a Successful Series A Funding Round

Business Advisory
Interim Financial Management
M&A Due Diligence & Transactions
If you are the CEO or CFO of a start-up company that has successfully taken a business concept and built it into an operating company: hats off to you! You may now be looking externally for significant assistance to take your company to the next level of growth, which usually entails an external round of... View Article
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Article

On Building Trust With Clients

Careers
Casandra del Carmen revisits the process of building trust with a client during a difficult time due to the pandemic.
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Article

Be Prepared: Business Continuity Planning

Financial Planning & Analysis
Business Stabilization
Business continuity planning involves identifying essential & non-essential parts of your business to help you navigate business disruption.
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Article

Inside Preparing a Manufacturing Company for a Transaction

M&A Due Diligence & Transactions
Manufacturing
Just like in other industries, preparing for a manufacturing transaction is challenging. Setting up a company for a transaction can involve steps like creating GAAP-compliant financial statements, ensuring proper allocation methods and building financial projections with hopefully increasing margins, tax and legal issues. (Not to mention leading a cross functional team of investment bankers, tax... View Article
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Article

On Supporting a Client with a Dynamic Financial Model

Careers
The client was beginning the process of building out a manufacturing facility and wanted to explore partially financing the buildout using venture debt. In order to do so, they needed a more sophisticated and versatile corporate financial model and five-year forecast to determine how much debt the business could support. However, the existing model was... View Article
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Article

Time for a Refresh: Ways to Improve Financial Reporting

Financial Planning & Analysis
Even the most well-conceived financial reporting packages tend not to age well, which leads many companies to look for easy ways to improve financial reporting. A formal project centered on revisiting and refreshing financial reporting can result in better insights and decreased turnaround times. Financial reporting – whether monthly, quarterly or annually – is a... View Article
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Article

Best Practices for Streamlining Complex Allocation Methods

Financial Reporting & Accounting
I had the opportunity to support an investment management client by aiding them in rethinking their complex allocation processes. They had millions of dollars in back office operating expenses that needed to be equitably indirectly allocated across a myriad of front-facing fund P&Ls. When I first stepped in, their process was heavily manual, requiring more than... View Article
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Article

5 Steps to Help Your ERP System Selection Process

Financial Systems
You’ve done your research, analyzed the trends, assessed your general business needs—and it’s settled: you’re sold on the idea of a new ERP system for your organization. But as discussed in Part 1 of this blog series, Why There’s No Such Thing as “The Best” ERP Solution, there is no easy choice, no one-size-fits-all solution.... View Article
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Article

SaaS KPIs: Benefits of Recurring Revenue Analysis

Financial Planning & Analysis
Software as a Service (SaaS) companies monitor many Key Performance Indicators (KPIs) to measure the health of their revenue streams. The selection of SaaS KPIs depends on a variety of factors, including business model, targeted growth and the maturity of the company. But it’s safe to say that for SaaS companies, one of the most... View Article
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Article

Getting Ready for ASC 326 – CECL

Financial Reporting & Accounting
In late 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2019-10, which delayed the effective date for standard ASC 326 – Current Expected Credit Losses (CECL). The FASB pushed back the effective date of CECL from January 2021 to January 2023 for smaller SEC reporting companies, and from January 2022 to... View Article
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Article

Lease Accounting and COVID-19: Impacts and Modifications

Financial Reporting & Accounting
As shutdowns and business interruptions took hold in 2020 due to the COVID-19 pandemic, finance leaders were forced to switch their focus from business growth to strict cost management. Disruptions in operations left storefronts and corporate offices relatively vacant or underutilized. In addition, with personnel productively working remotely from home (and quickly trending toward permanence),... View Article
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Article

The Post-Merger Integration Process: Best Practices and Nuances

M&A Due Diligence & Transactions
Your potential acquisition looks great on paper, and you’re telling yourself, “This is the best deal ever!” What could possibly go wrong? Truth be told, a lot. According to the Harvard Business Review, 70% to 90% of all business acquisitions fail. And often, it comes down to the lack of a proper post-merger integration process.... View Article
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Article

On Third-Party Perspective and Controls Improvements

Careers
I enjoy being a consultant and helping clients identify and improve inefficient processes. Sometimes companies experience rapid growth or hardships, which make it difficult to find time to evaluate current processes – even if they’re problematic or create unnecessary headaches and delays. Bringing in an outside consultant allows internal teams to continue day-to-day duties, while... View Article
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Article

Notes From the Field: About the PMP Certification Process

Project Management
If you’re a professional consultant, there can be great value in earning your PMP certification. The certification becomes an asset to your company and your personal development as a project manager. Having recently completed the PMP certification process, I thought it would be helpful to offer some insights for others considering their PMP. The Project... View Article
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Article

A Look at Budgeting and Forecasting Through Uncertainty

Financial Planning & Analysis
Business Stabilization
Uncertainty can take many forms. It may manifest as a natural disaster, the deterioration of a foreign currency in which your company has operations, geo-political changes, the merger or acquisition of a competitor or a global pandemic. Regardless of form, uncertainty does illuminate a certain truth: companies must face volatile business conditions with nimble planning,... View Article
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Article

Demystifying Common Subscription-Based Business Model Concepts

Financial Planning & Analysis
Companies leveraging a subscription-based business model are more complex than traditional companies. If we use traditional business metrics to measure the performance of a subscription-based business, these metrics will not provide us with a clear understanding of the company’s performance. In a nutshell, the success of such a company can be measured by its customer... View Article
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Article

Prepping for the M&A Process: How CEOs Should Get Ready to Sell

M&A Due Diligence & Transactions
Given his background on the sell- and buy-side M&A process, we asked Phillip Matubang for a few tips on preparing for a sale. Even a year or two out, CEOs can take several steps to improve their M&A valuations and provide for a smooth transition. Q: For the CEO who wants to sell in one... View Article
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Article

ERP Customization: Lessons Learned from a System Implementation

Financial Systems
Project Management
I recently had the pleasure of supporting a client through an Enterprise Resource Planning (“ERP”) system implementation to better manage and streamline their finance and accounting processes. The client had been leveraging an antiquated SAGE system, forcing them to heavily rely on standalone Microsoft Excel schedules to perform over 90% of their quarterly close and... View Article
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Article

On Knowledge Sharing as a Consultant

Careers
Jeff Woodall examines the enjoyment of knowledge sharing as a consultant, particularly with client teams and younger professionals.
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Article

6 Simple Ways to Create a Successful Budget Process

Financial Planning & Analysis
The annual budget process can be strenuous not only to the Finance team, but to all parties involved. In the interest of your team’s sanity, we’ve compiled some simple tips for designing a successful budget process that relieves unnecessary stressors. 1. Start the budget process with the end in mind. Make sure your budget templates are... View Article
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Article

The Growing Power of Data Visualization in Finance

Financial Planning & Analysis
The rise of data visualization in finance has ended the days of PowerPoint eye(sore) charts. It’s also brought a new level of performance to the FP&A organization within companies. You’re probably familiar with the tried-and-true saying “a picture is worth a thousand words,” which is simply another way to say, “seeing is believing.” What if... View Article
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Article

On Master Data Management

Careers
Ellen Vayner revisits a client engagement in which master data management helped streamline reporting and an ERP implementation.
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Article

Notes From the Field: MS Dynamics 365 Implementation Considerations

Financial Systems
For any ERP implementation, the goals are usually operational scalability and process streamlining, resulting in increased overall efficiency. To achieve these goals, it is important the chosen ERP system is a strong fit for the organization. There are many ERP systems on the market now, from fairly straightforward (Odoo) to highly specialized (Investran) to very... View Article
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Article

Treasury Management: The Best Defense is a Good Offense

Business Advisory
Financial Reporting & Accounting
Treasury & Cash Management
Most organizations do not see their Treasury Department, if they have one at all, as a critical strategic partner until a crisis arises. However, uncertainty can occur suddenly and without a clear endpoint. For example, a key vendor may go out of business, new legislation could make raw material prices skyrocket, banks could freeze the... View Article
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Article

Key Considerations for Selecting ASC 842 Lease Accounting Software

Financial Reporting & Accounting
Financial Systems
FASB’s “new” lease accounting standard, ASC 842, has been in the works for several years, though the final effective date for non-public companies has been delayed several times. (The most recent news is that ASC 842 Lease Accounting will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years... View Article
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Article

Softrax Revenue Manager: 10 Tips for Managing a Successful Implementation

Financial Reporting & Accounting
Financial Systems
Project Management
Throughout my career, I have led a variety of ERP system implementations and launched software solutions for domestic and global public and private companies with $2M to $6B in annual revenue. However, I recently finished my first project leading an implementation of Softrax Revenue Manager. Spoiler alert: though we had some minor challenges due to... View Article
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Article

On the Challenge of Maintaining High Operating Standards

Careers
Mark Christian explores how COVID-19 made it difficult to keep high operating standards as a Consultant, and how he worked around challenges.
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Article

What You Should Know About Project Accounting

Financial Reporting & Accounting
During a prior engagement, I spent several years as the CFO of a construction company during a rapid growth phase. One of the most valuable lessons from that opportunity was learning how to implement and utilize project accounting, a specific type of accounting used to track the expenses and revenue of a standalone project. Project-based... View Article
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Article

Spreadsheet Server Review: Live Reporting from insightsoftware

Financial Systems
insightsoftware is a leading provider of financial reporting and enterprise performance management software. Their reporting integration software helps companies turn their financial and operational data into better business outcomes, driving growth and ROI. Over 25,000 organizations worldwide rely on insightsoftware’s portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation and tax solutions to provide them with... View Article
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Article

On Modeling to Support Collections and Recovery

Careers
Vikram Mehta recaps a financial planning and analysis project in which modeling was used to support collections and recovery.
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Article

10 Tips for a Successful ERP Implementation

Financial Systems
Project Management
Many companies underestimate the effort required for successful ERP implementations. An ERP implementation is not simply an advancement of technology or a change to a new, trending system. It’s also an opportunity to re-engineer accounting processes, procedures and controls. It’s a chance to transform the ways accounting and finance professionals work on a day-to-day basis.... View Article
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Article

Expense and Cost Optimization Considerations in the COVID-19 Environment

Financial Planning & Analysis
Business Stabilization
While businesses should always look to optimize their cost structures, the COVID-19 environment presents unique challenges. Many businesses have likely addressed some perceived low-hanging fruit already as an offset to lower sales/revenues resulting from overall decreased activity. Below we discuss some considerations to reexamine potential cost optimization opportunities or some redirection of costs into more... View Article
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Article

Preparing for Full-Year Audits in 2020 (with FASB Updates)

Financial Reporting & Accounting
The unprecedented situation caused by the COVID-19 crisis and the mandatory lockdown of businesses across the nation has made this year’s audit preparations unique, challenging and complicated. Preparing for full-year audits includes both the financial statements and internal controls audit. This article will address preparation for financial statements audits in 2020, with FASB updates in... View Article
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Article

Business Combination Accounting & ASC 805: 5 Avoidable Mistakes

Financial Reporting & Accounting
During the record-breaking 10+ year bull run, U.S. companies saw a massive amount of M&A deals both in number of transactions and deal value. However, 2019 saw a double-digit percentage drop in the number of deals compared to 2018, and now with the COVID-19 pandemic, many companies have temporarily paused their M&A activity. Even though... View Article
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Article

Should You Outsource Finance and Accounting? Key Considerations to Decide

Business Advisory
Financial Reporting & Accounting
Project Management
Has anyone suggested you should outsource finance and accounting for any number of reasons? For companies who are considering finance and accounting outsourcing, it all starts by asking the right questions…. What can your business stand to gain – or lose – by outsourcing? What areas of the finance and/or accounting operation typically require outsourcing... View Article
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Article

ERP System Implementation Project Management [Video Q&A]

Financial Systems
Project Management
In this video, one of our senior ERP system implementation project management experts, Dan Lauten, sits with David Lewis for a discussion about selecting a project manager for an implementation. Watch to learn why common resourcing approaches often set companies up for failure, so you can start your implementation on the right foot. We’ve posted... View Article
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Article

Implementing ASC 606 Controls

Financial Reporting & Accounting
Internal Controls
A company’s transformation to ASC 606 compliance involves three important phases: initial implementation of the standard, ASC 606 controls and evidence of the controls. A wealth of information is available on the initial implementation of ASC 606, and many tools and consulting services exist to help companies to implement the standard. By contrast, less is... View Article
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Article

Practical Tips for Budgeting Using NetSuite & PBCS

Financial Planning & Analysis
Financial Systems
In my professional experience, one of the biggest challenges faced by startups and small companies is the lack of resources to manage the workload within the finance department. This lack is especially painful in the area of budgeting and financial planning. Financial forecasting is a highly detailed activity that requires cross-functional communication, and it can... View Article
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Article

Revisiting Pricing Increase Strategy in COVID-19

Financial Planning & Analysis
It’s safe to say that most pricing playbooks lack sections on adjustments for global pandemics. In a past article, we offered recommendations for price increase strategy. Given the current challenges presented by COVID-19, we thought it’d be worth revisiting those recommendations. In today’s landscape, conditions may even warrant price decreases in some cases to maintain... View Article
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Guides

Selecting Revenue Management Software for ASC 606 Whitepaper

Financial Reporting & Accounting
Financial Systems
If you’ve been tasked with finding a new revenue management software to handle ASC 606 compliance, you might be spinning your wheels just getting started. This guide can help.
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Article

A Closer Look at ASC 842 Lease Accounting

Financial Reporting & Accounting
In our last look into ASC 842 implementation, we covered the importance of anticipating the intensive effort required in implementing the standard. Knowing that, implementing a third-party solution to perform the accounting and reporting of leases under Accounting Standards Codification Topic 842 (or “ASC 842”) makes the most sense given a large lease population or... View Article
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Article

Still Procrastinating on ASC 842 Implementation?

Financial Reporting & Accounting
Few graces have been afforded through the hardships that the COVID-19 pandemic has levied among private companies here in the United States as well as the rest of the world. And for impacted companies, the thought of tackling ASC 842 implementation during the pandemic is unduly burdensome. Fortunately, in June 2020, in a rare display... View Article
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Article

A Case Study: Joint Venture Finance

Entertainment
Financial Planning & Analysis
8020 Consulting’s Jaime Raisch revisits a client engagement involving a joint venture between entertainment studios. Learn best practices in joint venture finance in this insightful piece.
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Article

NetSuite Features & Capabilities Q&A [Video]

Financial Reporting & Accounting
Financial Systems
In our new video, 8020 Consulting’s Julian de Luna and David Lewis discuss NetSuite features and capabilities that are often underutilized and underleveraged. Watch to learn common issues, misconceptions and forward-looking opportunities of one of the most commonly implemented financial systems around. We’ve posted the full discussion below along with the full audio, but if... View Article
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Article

Revisiting Business Assumptions: A Profitable Good Habit

Financial Planning & Analysis
Turnaround & Restructuring
It doesn’t take a black swan event for a company to face a restructuring or financial turnaround situation. Companies can face failure regardless of the broader economic environment, even those companies that have been very successful and profitable for decades. (Think Kodak.) So, what do business leaders need to do to stay relevant and profitable?... View Article
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Article

SEC Disclosures to Consider Due to COVID-19

Financial Reporting & Accounting
As companies prepare for the upcoming earnings season, the overall decline in operational results for many should be no surprise due to COVID-19. Learn about the SEC disclosures you should consider due to the pandemic.
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Article

Principles of Measuring and Managing Liquidity Risk

Financial Planning & Analysis
Turnaround & Restructuring
Business Stabilization
Finance professionals who vividly remember the 2008 economic crisis often associate liquidity risk with the Basel Accords, a series of banking regulations designed to ensure that financial institutions mitigate risk by maintaining adequate capital. In this post, we’ll look at things from another angle, exploring the principles of measuring and managing liquidity risk in the... View Article
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Article

Equity-Based Compensation: Taking Plan Administration to the Cloud

Financial Reporting & Accounting
Companies can lure talented individuals to join their teams utilizing a multitude of options. Once new hires have been brought on board, what is the best way to maintain their motivation and commitment? Compensation-related tools can help. One excellent cash-conserving tool gives employees the ability to share in company ownership, accomplished by offering participation in... View Article
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Article

7 Tips for Refining Your Month-End Close Schedule

Financial Reporting & Accounting
Month-end close can seem like a daunting several days, but it certainly doesn’t have to be. As long as you plan out a detailed and organized month-end close schedule that optimizes the time of all involved, you can stay on track to meet management’s goals and expectations for timely and accurate financial reporting. To help... View Article
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Article

Scenario Analysis Example: Business Planning During the Pandemic

Financial Planning & Analysis
Business Stabilization
M&A Due Diligence & Transactions
8020 Consultant Joe Wirija gets down to specifics as he shows how Excel can be used for detailed scenario analysis that can help businesses plan during the COVID-19 pandemic.
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Article

Life Post-ASC 606 Implementation

Business Advisory
Financial Reporting & Accounting
Learn how you can take steps to ensure your company is fully prepared to operate successfully under the ASC 606 Compliance.
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Article

Notes from the Field: A Financial Audit Checklist

Financial Reporting & Accounting
Internal Controls
No matter why a company goes through a financial statement audit, the process is typically very stressful. Audits take place during normal business activity, pulling people and resources in different directions. They require a significant time commitment and a great deal of preparation. The ultimate goal of an audit is to receive an unqualified opinion... View Article
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Article

Interim Controller or Outsourced Controller: Which One Do You Need?

Financial Reporting & Accounting
Interim Financial Management
Internal Controls
A company may find itself in need of a new Operational or Corporate Controller for any number of reasons. If the need is pressing, then rationalizing resources is appropriate whether it be for an Interim Controller, Outsourced Controller or regular hire. The tough thing can be knowing which of the three will work best for... View Article
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Article

Types of Due Diligence and What to Expect from the Process

M&A Due Diligence & Transactions
Many mergers and acquisitions (M&A) deals in the 1980s were transacted without much emphasis placed on due diligence. The result? Too many less than ideal outcomes for acquirors caused by post-M&A issues such as cultural mismatches, unexpected legal complications, overly optimistic pre-sale performance forecasts and unrealistic valuations. Consequently, today’s acquirors are much more demanding when... View Article
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Article

NetSuite Customization: Making a Dynamic Tool Work for You

Financial Systems
NetSuite is a powerful enterprise resource planning (ERP) system that can be customized to support your unique business needs. Out of the many NetSuite features, we think workflow automation and saved search technology is worth noting to improve processing and strengthen your control environment. In this post, we’ll explore the tool and share some ideas... View Article
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Article

Rethinking Transformation Initiatives in a Time of Crisis

Turnaround & Restructuring
Business Stabilization
The main objective of transformation initiatives is to elevate the financial and operational performance of a business from mediocre to world class. Typically, an initiative commences when a company is already financially and operationally healthy. However, given the current global pandemic, the definition of “transformation initiative” may be very different. The grim reality is that... View Article
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Article

Featured Article on Finding M&A Opportunity Coming Out of the COVID-19 Crisis

8020 in the News
M&A Due Diligence & Transactions
While the nature of the 2007-2008 financial crisis and the current pandemic certainly differs, there seems to be a similar opportunity for the most fiscally secure firms to make strategic acquisitions at attractive prices. 8020 Consulting’s Mitch Browne examines two examples from 2009 including some of the key considerations that might be applicable in the... View Article
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Article

Benefits of Using an Outsourced CFO in Times of Challenge or Change

Business Advisory
Interim Financial Management
Healthy businesses are in a constant state of evolution as they react to work or business environment changes, information technology developments, growth, new restructuring or regulatory restrictions and so much more. For many emerging and mid-market companies, in-house finance staff may not have the experience necessary to navigate changing landscapes successfully, especially at the CFO... View Article
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Article

The Importance of Internal Controls During COVID-19

Turnaround & Restructuring
Internal Controls
Business Stabilization
No one can predict the full impact of COVID-19 on the economic environment. Organizations must continue to adapt and learn how to effectively operate while ensuring the safety of their employees, customers and other key stakeholders. That means understanding the particular importance of internal controls during COVID-19, continuing to confirm compliance with Sarbanes-Oxley 404 (SOX)... View Article
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Article

5 Keys to Successful Headcount Planning

Financial Planning & Analysis
Business Stabilization
Headcount planning is more than simply finding bodies to fill seats. It’s strategic. It’s about ensuring your business can thrive. It’s having the right people in the right places to make that happen. Simply put, it’s one of the most impactful responsibilities your Human Resources (HR) department has, and yet: According to PeopleFluent, 60% of... View Article
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Article

Cash Flow Management & Forecasting Q&A [Video]

Financial Planning & Analysis
Business Stabilization
In this video, 8020 Consulting’s David Lewis and Mitch Browne discuss the importance of cash flow management and forecasting, particularly in times of economic disruption and uncertainty. Watch to learn how good forecasts are built and leveraged—and how a bottoms-up approach can better inform executive decision-making. We’ve posted the full discussion below along with the... View Article
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Article

Why Successful Businesses Leverage Financial Consulting Services

Interim Financial Management
Project Management
Although some of the most successful businesses routinely take advantage of financial consulting services, many leaders neglect to engage consultants or are reluctant to do so. When hiring a consultant, you are essentially paying a third party to come into your organization, research operations and make recommendations for improvement. Some might ask: Why outsource such... View Article
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Article

Minimizing COVID-19 Supply Chain Disruption

Manufacturing
Driven by the COVID-19 pandemic, big changes are already occurring in the manufacturing environment. Manufacturing and supply chain automation is increasing, resulting in a reduction of assembly labor and increased supply visibility. Workforce procedures are being formalized and standardized to keep workers safe, and activities are being managed at a distance with remote policies in... View Article
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Checklists

What to Expect in Your 13-Week Cash Flow

Business Advisory
Financial Planning & Analysis
This checklist details attributes of best-in-class 13-week cash flow forecasts to help operating executives gauge the quality of their own forecasts.
Download Now ->

Article

A 3-Step Plan to Identify, Recognize and Measure Real Estate Impairment

Business Advisory
Financial Reporting & Accounting
Business Stabilization
The impact of the COVID-19 outbreak is undeniable. This sudden and unprecedented pandemic has profoundly touched many aspects of people’s lives around the world and rapidly deteriorated the global economy. The real estate industry is no exception. As many states in the U.S. and countries around the world remain under lockdowns or partial lockdowns, the... View Article
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Article

A Look at WFH Effectiveness for Finance and Accounting Teams

Business Advisory
Business Stabilization
As states start the arduous process of opening back up in a safe manner, businesses prepare to transact again, and employees get ready to go back to their offices, it’s a good time to look back, reflect, and apply what we have learned over the past few months. Many accounting/finance teams have proven to be... View Article
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Article

HighRadius System Implementation

Financial Reporting & Accounting
Financial Systems
I recently had the opportunity to assist a manufacturing client with HighRadius system implementation, an integrated platform that optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing, and payments. The client chose four modules to implement: Cash Application, Claims Processing, Deductions Management System, and Collections System.... View Article
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Article

How to Proactively Improve Operational Costs

Financial Planning & Analysis
Turnaround & Restructuring
Business Stabilization
We are living in an unprecedented era. The COVID-19 pandemic has forced many companies to rethink their liquidity risk, resulting in massive layoffs in an attempt to stay afloat. However, should it really take an adverse event to focus on cutting costs? Looking back, it’s likely that companies could have avoided massive layoffs if they... View Article
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Article

KPIs & Scenario Planning: Tracking the Right Business Metrics for Modeling

Financial Planning & Analysis
Business Stabilization
The impact of COVID-19 has challenged business leaders with continuing to protect the health of their employees and businesses while adapting to a “new normal” of working. In the midst of economic challenges and uncertainty, leaders must reclaim control from unprecedented headwinds while discovering new ways to thrive. It is vital for leaders to develop... View Article
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Article

Supply Chain Management Strategies During and After COVID-19

Business Stabilization
Manufacturing
Effects and Lessons Learned from COVID-19 Border closures, business interruptions, consumer trend changes, and social distancing have been brought on by the global COVID-19 pandemic. This has forced industries to rethink their business model, and many are now faced with supply chain challenges. Businesses will need to address these challenges through quick adaptation in the... View Article
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Article

Capitalizing on Zero Interest Rates and Restructuring Debt Obligations

Financial Planning & Analysis
Business Stabilization
“COVID-19” and “Coronavirus” are now everyday talking points. Many corporations have implemented remote working arrangements and have either significantly scaled back or completely halted operations. Layoffs have been widespread, and the economy is under tremendous pressure. With revenues declining or eliminated, corporations with substantial debt obligations are faced with the challenge of meeting debt payments—and... View Article
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Article

Return to Work Planning for Accounting and Finance

Financial Planning & Analysis
Financial Reporting & Accounting
Business Stabilization
This has been, to put it mildly, an interesting first quarter. We are facing challenges and disruptions on a global level that affect almost every aspect of our lives. Everyone has had to adapt in order to function during this time. Businesses are no different. Some very hard decisions have had to be made, and... View Article
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Article

Optimizing Cash Flow in Challenging Economic Times

Financial Planning & Analysis
Business Stabilization
In turbulent and uncertain economic times, it’s more important than ever to fully understand and forecast your company’s cash flow. We’ve offered thoughts into how to build cash flow forecasts in past posts, but it’s equally as important to take actions toward optimizing cash flow. You can also put good practices in place that will... View Article
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Article

Adjusting Film Ultimates in Response to COVID-19 Impacts

Entertainment
Financial Planning & Analysis
Business Stabilization
The COVID-19 pandemic will force studio finance professionals to make changes to their film ultimates for this year’s film slate, and it will have a lingering impact on revenues for the foreseeable future. Theaters will reopen to lower attendance that will likely remain low for an extended period. Since theatrical revenue is generally the largest... View Article
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Article

4 Steps to Stronger Customer Profitability Analysis

Financial Planning & Analysis
Business Stabilization
Discover who is truly contributing to the growth of your business. Every business needs customers. Customers are the reason for walking into the office (or jumping on a Zoom call, nowadays). Without them, it’s impossible to generate revenue, so it’s safe to assume that the more customers you have the better, right?… Not necessarily. Success... View Article
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Article

Notes From the Field: Life in the CFO Consulting Services Group

Interim Financial Management
One of the many reasons I like working within the CFO consulting services group at 8020 Consulting is the constant challenge of the engagements, ranging from assisting an up-and-coming movie production company in Hollywood to aiding in the restructuring of a newly acquired technology company in the Silicon Valley. We are sought out for our... View Article
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Article

Scenario Analysis and Sensitivity Analysis in Financial Forecasting

Financial Planning & Analysis
Business Stabilization
Whether the business environment is firing on all cylinders or there is economic turmoil, a successful business responds to any type of change. Financial forecasting is critical when times change. This article offers examples of Sensitivity and Scenario Analysis, explanations of each type, when it should be used, and the advantages of each. It is... View Article
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Article

Maximizing CARES Act PPP Loan Forgiveness

Financial Planning & Analysis
Business Stabilization
On March 27, 2020, the CARES Act was signed into law in order to address the unprecedented public health and economic crisis. This act is the third round of the government’s coronavirus economic stabilization legislation and totals $2 trillion. A significant component of the stimulus package involves loans issued under the purview of the Small Business... View Article
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Article

The Potential Impacts of COVID-19 on Film Ultimate Revenue

Entertainment
Financial Planning & Analysis
Business Stabilization
The COVID-19 pandemic has had a substantial impact on almost all businesses and industries. The film industry is no exception, and it is more likely than most to have sustained permanent changes even after the outbreak subsides. This event will likely accelerate the years-long trend of digital revenue making up a larger share of total... View Article
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Article

Frequently Asked Questions about the CARES Act

Financial Planning & Analysis
Financial Reporting & Accounting
Business Stabilization
Our team has reviewed the 880-page Coronavirus Aid, Relief and Economic Security (CARES) Act in detail. To help businesses across Southern California, we’ve compiled answers to frequently asked questions about the CARES Act into a free PDF.
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Article

Building a Balanced Scorecard & Using SMARTER KPIs

Financial Planning & Analysis
Business Stabilization
Let’s say you’re planning a road trip. You know where you want to go, and you even know how you’re going to drive the route. You’ve circled your stops for gas and food. Once you leave, you’ll even count down the hours until you arrive – and maybe shout the lyrics to “Life Is a... View Article
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Article

How SKU Rationalization Can Increase Profitability and Improve Working Capital

Financial Planning & Analysis
Business Stabilization
In times of economic and business uncertainty it is critically important for a business to be agile and proactive with expense and working capital management. SKU Rationalization, also known as SKU Optimization or Product Rationalization, is the process to determine if a particular SKU (Stock Keeping Unit) should be kept, discontinued and whether a company... View Article
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Article

5 Easy Tips for Capital Investment Strategies

Business Advisory
Business Stabilization
Even though it seems like the world is in a constant state of flux, there’s one thing that remains unaffected – and that’s the need for cash. Cash is king, and that’s not changing any time soon! That’s why smart businesses need to be especially discerning about capital expenditures. Of course, when something like crucial... View Article
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Article

Read Our Article on Dynamic Cash-Flow Forecasting on CFO.com

8020 in the News
Financial Planning & Analysis
Business Stabilization
We’re proud to announce CFO.com recently published a new article by 8020 Consulting’s CEO, David Lewis!
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Article

How to Build a Cash Flow Analysis to Manage Liquidity Now

Financial Planning & Analysis
Business Stabilization
Many businesses are adversely impacted by the coronavirus pandemic. During a time of uncertainty, companies should more than ever reevaluate their operational strategy and profitability forecast. Most importantly, management must have good visibility into the company’s potential of liquidity difficulties and opportunities, which means building a cash flow analysis. A well thought-out and dynamic cash... View Article
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Article

Supply Chain Management: Sourcing Backup Suppliers

Business Stabilization
Manufacturing
The Coronavirus lockdown has reminded us that unforeseen crises can impact manufacturing and supply chain lines in the short and long term. For any company, particularly in a time of crisis, it’s critical to mitigate the risk of disruptions to manufacturing and supply chain channels. Sourcing backup suppliers or alternates is an important task in... View Article
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Article

Employee Engagement in a New Financial System Implementation

Financial Systems
Change is hard. Change is good. Change is coming. Haven’t we all heard these words at some point during our careers, and then immediately started to worry about what it all means? We are creatures of habit, and we all like our routines. Work is no different than life when it comes to developing a routine for each day, each... View Article
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Article

Sell-Side Finance: Building an M&A Management Presentation

M&A Due Diligence & Transactions
In sell-side finance, a management presentation usually represents the first in-person meeting between the seller’s management team and a group of prospective buyers who have been selected to participate in the final bidding process. It allows the management team to present a detailed view of the company and answer any questions the potential buyers may... View Article
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Article

Best Practices for Your Data Room in M&A

M&A Due Diligence & Transactions
In any corporate debt or equity financing, merger or acquisition process, there will come a time for the two parties to exchange information in order to asses interest and assign value. Data exchange typically occurs during the due diligence process but may occur before or after, depending on the transaction type. To facilitate this need, companies... View Article
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Article

Financial Software Implementation Price Negotiation Strategies

Financial Systems
When it comes to a financial system implementation, there are a few best practices to reduce implementation and future ongoing costs and to reach the Go Live date faster. These strategies can be used regardless of the type of software being implemented or the implementing company’s industry. Let’s review them in no particular order: 1.... View Article
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Article

Product Lifecycle Management (PLM): a Finance Planning Perspective

Financial Planning & Analysis
Product Lifecycle Management (PLM) is a critical component for the success of any company developing goods or services. The process by which a company creates new products and services determines speed to market and thus becomes a driver for growth as well as keeping the company’s offerings relevant to consumers and ensuring that these products... View Article
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Article

Effective Trade Spend Management

Financial Planning & Analysis
The relationship between a retailer and a manufacturer can be quite dynamic. A fruitful relationship can lead to increased distribution and brand awareness for the manufacturer, greater consumer purchases for the retailer, and of course, better financial returns for both. One of the biggest aspects to a better relationship is effective promotional strategy. Let’s take... View Article
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Article

3 Tips for Responding to Requests in the Sell-Side Due Diligence Process

M&A Due Diligence & Transactions
Entering a sell-side due diligence process? Here are three things to consider when responding to diligence requests and wading into the complex arena of acquisitions M&A. #1 – Understand the bigger picture. It is easy to get swept up in a sell-side process (especially one with multiple buyers) and be overwhelmed by the volume or... View Article
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Infographics

Sell-Side Due Diligence Decision Tree

M&A Due Diligence & Transactions
This flow chart offers a process for fielding sell-side due diligence requests from potential investors, supports decision making and provides related best practices.
Download Now ->

Article

BI & EPM Planning and Budgeting: Automation and Acceleration Tips

Financial Planning & Analysis
Budget season for companies can be extremely challenging if the budget process is manual, inefficient or not-scalable. An Enterprise Performance Management (EPM) / Business Intelligence (BI) software tool is needed in order to negate those process issues. Best practices also exist that can be adopted in the budgeting process, while using the selected tool. Let’s... View Article
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Article

Startup Finance: Building Operations Through Two Rounds of Funding

Business Advisory
Financial Reporting & Accounting
After several years as Director of Finance at a major entertainment studio for domestic TV production and distribution, I was excited to be hired for a startup finance position – as the first finance/accounting/back-office person and the company’s 12th employee. The company eventually became a multi-platform media destination offering Olympic and lifestyle sports programming on... View Article
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Article

Global Inventory Management: Strategies, Risks and Metrics

Manufacturing
In a previous role, I oversaw the global inventory management strategy and risk for a $7-billion Information Technology and Networking distributor, reporting directly to the CFO. On a consolidated basis, the on-hand inventory balance was between $400 and $500 million at the time.  On the heels of the 2008/2009 financial crisis, management of working capital... View Article
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Article

Notes from the Field: Private Firm Valuations

M&A Due Diligence & Transactions
Creating a valuation for private firms requires more analysis and consideration than their public counterparts. Many recent private startups present rapidly evolving business models that differ from publicly traded companies. This, along with a lack of public information, can make finding comparable transactions difficult. In my experience with private firm valuations on both the buy-side... View Article
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Article

8020 Consulting Supports Soldiers’ Angels

8020 in the News
Careers
As a company, we are moved by the sacrifices our servicemen, servicewomen and veterans have made. What would our lives be like without their courage? In the spirit of the holidays, the 8020 Consulting team came together for a fourth season to sponsor post-9/11 wounded and disabled veterans and their families through Soldiers’ Angels. As... View Article
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Article

Best Practices in Post-Acquisition Finance Integration

M&A Due Diligence & Transactions
In my experience in a Fortune 500 company, the excitement around closing a “deal” and the public announcement that followed always created high energy and exciting times at the acquiring company. The flurry of activity ensuing in the Due Diligence phase is the precursor that kicks off the long and often arduous, complex, and sustained... View Article
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Infographics

Post-Acquisition Integration Team Infographic

M&A Due Diligence & Transactions
This infographic offers insights into post-acquisition finance integration team structure and gives advice for managing successful projects!
Download Now ->

Article

How Scrum Tactics Could Help Your Next Financial System Implementation

Financial Systems
Project Management
Scrum tactics are a great fit for a complex problem like a financial system implementation. Ultimately, Scrum seeks to uncover better ways to deliver a complex work product in a collaborative environment, in as short a time as possible. The ideal Scrum Team consists of 3 – 9 people, focusing on just one area of... View Article
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Article

Key Questions When Implementing a Global Consolidation and Reporting System

Financial Systems
This blog is based upon my previous experience managing the global roll out of SAP Business Process and Consolidation (SAP BPC) for a multinational company. The company I worked for was a $7B IT Distributor that was organized along four geographical regions: North America, LATAM, EMEA, and Asia Pacific. In our case, the company was... View Article
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Article

How to Create an Internal Business Plan for a New Company Initiative

Business Advisory
Business plans for start-up companies have become mainstays in the business world. But more and more company initiatives and projects have begun to require business plans as a way of validating prudent investments and company spend as maturing businesses look for innovation within to drive future revenue growth. A time may come in a business... View Article
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Article

Notes from the Field: Salesforce Sales Forecasting

Financial Planning & Analysis
At the end of 2012, I joined a Finance team supporting the International TV Distribution sales group of a major entertainment company. As the year was coming to an end, Sales strongly voiced its frustration regarding the extremely manual and archaic sales tool that was available for sales forecasting. Their homegrown tool was created many... View Article
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Article

How to Develop a 5-Year Strategic Financial Plan

Financial Planning & Analysis
This blog is based on my experience of developing and implementing 5-year strategic financial plans for several Fortune 500 companies. Recently, I had the opportunity to create the first-ever, 5-year strategic plan for the categories within a Consumer Product BU, requiring me to work across category teams and functional groups to deliver a product that... View Article
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Infographics

5-Year Strategic Planning Timeline

Financial Planning & Analysis
Project Management
Download our free timeline to get insight into creating a 5-year plan, including recommended timings for critical phases.
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Article

Workiva Wdesk: Benefits and Key Attributes

Financial Reporting & Accounting
Financial Systems
Whether your Company is a private enterprise planning to go public or an existing, publicly traded Company, leveraging a powerful, cloud-based platform like Workiva Wdesk offers a wide range of benefits. It can improve data accuracy, increase productivity and efficiency, manage risk and compliance. It can also streamline the SEC reporting process by using connected... View Article
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Article

Brand Partnerships, Part 3: Metrics and Fiscal Impact

Business Advisory
Financial Planning & Analysis
From selling your own advertising and custom content, to partnering with other brands for marketing campaigns/events, to managing branding resources and integrating with external clients – Finance has an important role in the commercial aspects of a successful “Brand Partnerships” operation. As in the earlier parts of this series, we’ll continue to explore a hypothetical... View Article
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Article

10 Basic Internal Controls for Small Business Fraud

Financial Reporting & Accounting
Internal Controls
How susceptible is your business to fraud? As an Interim Controller, I see all too often that owners are so busy growing their business that they become vulnerable to one of the costliest threats happening right under their noses. Fraud is more common than you might think – and in most cases, it’s startups and small businesses who... View Article
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Article

Brand Partnership Finance, Part 2: Finding Balance

Business Advisory
Financial Planning & Analysis
We discussed in Part 1 that starting a brand partnerships business could mean a lot of things – from selling your own advertising and custom content, to partnering with other brands for marketing campaigns/events, to managing branding resources and integrating with external clients. We also focused on the operational finance aspects of incorporating a revenue-generating... View Article
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Article

Three Ways IPO CFOs Can Drive Success

IPO & Public Companies
Financial Reporting & Accounting
Prepping for an initial public offering can be an exciting time for chief financial officers. It can also be wrought with challenges. Many organizations find themselves facing long hours, accounting inaccuracies and frazzled finance teams, putting them in a position where they’re going public without truly feeling ready. In this blog, we’ll explore a few... View Article
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Article

Building a Brand Partnerships Business, Part 1: Financial Throughline

Business Advisory
Financial Planning & Analysis
So, you want to start a Brand Partnerships business? From selling your own advertising and custom content, to partnering with other brands for marketing campaigns/events, to managing branding resources and integrating with external clients, that shift could mean a lot of things. But whichever Brand Partnership business model you choose, a financial throughline – beginning... View Article
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Checklists

Automated Budget & Forecasting Tip Sheet

Financial Planning & Analysis
Financial Reporting & Accounting
Financial Systems
Get simple tips and strategy for automating budgeting and forecasting and system selection in our two-page checklist.
Download Now ->

Article

Subscription Business Model Metrics: A Systems Check

Financial Planning & Analysis
Clothing retailer Bloomingdale’s recently launched a fashion-rental-subscription service, just one example of the growing trend towards “subscription” businesses. When executed successfully, the appeal of subscription revenue is apparent – recurring revenue, increased customer lifetime value (LTV), and reduced customer churn. However, because subscription business model metrics aren’t always planned from the outset, this business model... View Article
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Article

5 Ways to Speed Up Your Month-End Close Process [Tip Sheet]

Financial Reporting & Accounting
Is your company plagued with that ever dreadful lengthy month-end close? Is it taking weeks to get the books closed and financial reporting out to management? How can you improve your month-end close process, close earlier, prepare timely financials, and give management the time they need to make the right business decisions necessary to stay... View Article
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Infographics

Improve Month-End Close Infographic

Financial Reporting & Accounting
Learn 5 things you can do to speed up month-end-close, prepare timely financials and give management more time to make business decisions.
Download Now ->

Article

Retail Marketing KPIs & Other Retail Finance Performance Strategies

Financial Planning & Analysis
As the success of online retailers skyrockets and online shopping continues its rise in popularity, brick-and-mortar retailers have seen a significant decline in business. While most subscription-based and online businesses have a strong digital marketing team and marketing plan in place, many brick-and-mortar shops are lagging in their knowledge of retail marketing KPIs and strategies.
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Article

Post-ASC 606: Using Your CRM to Ensure Timely Billing

Financial Reporting & Accounting
With the implementation of the ASC 606 revenue standard for public and private companies, it is more essential than ever for sales and finance to work together. Additionally, Finance will need to collaborate with the legal department and the back-office teams overseeing shipping and invoicing, as increased effort will be required to properly comply with... View Article
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Article

New US Tariffs: 3 Recommendations for Manufacturing Finance Executives

Manufacturing
As a wave of new US tariffs went into effect September 1st, industries that are directly and indirectly affected are developing and implementing strategies to mitigate the impact these geopolitical changes will have on product costs, customer pricing and profitability. The strategies that companies are using include country of origin adjustments, product exclusion requests, reclassifications,... View Article
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Article

6 Factors That Impact How to Value a Content Library

Entertainment
The past few years have seen dramatic changes in the entertainment industry. The success of streaming video on-demand (SVOD) services such as Netflix, HBO Now and Hulu has spawned a rush of imitators. Seemingly every media company has announced plans to launch an SVOD channel with hopes of capturing those direct-to-consumer subscription dollars. This has led to a... View Article
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Article

5 Keys for Your Customer Lifetime Value Model

Financial Planning & Analysis
As more companies move from single-transaction to recurring-revenue relationships with customers, estimating and tracking customer lifetime value (CLV) with care is critical for every business model. While CLV is not an exact fit within annual income statements, it is a useful financial modeling tactic for marketing ROI and potentially valuation. We believe there are 5... View Article
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Article

About the Proposed Delay of ASC 842

Financial Reporting & Accounting
During its July meetings, the Financial Accounting Standards Board voted unanimously to propose delaying the effective date of some of its major accounting standards, including ASC 842 for privately held companies, nonprofits, and small reporting companies. The delay of ASC 842 provides an extra year to adopt in these organizations – adopting for annual fiscal... View Article
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Article

8020 Consulting Gets Involved with Operation Gratitude

8020 in the News
Careers
On August 24th, 8020 Consulting came together and volunteered their time with Operation Gratitude. Every year, Operation Gratitude sends 300,000+ care packages to Soldiers, Sailors, Airmen, Marines and Coast Guardsmen deployed overseas. In addition to stuffing care packages for troops overseas, volunteers assembled “Survival” bracelets, stuffed Battalion Teddy bears for children of the deployed, prepared Recruit... View Article
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Article

Notes from the Field: Leading a Customer Profitability Initiative for a F1000 Company

Financial Planning & Analysis
An annual customer profitability analysis is a crucially important process for organizations to undertake. To put it simply, this process offers the opportunity to determine which customers are making your business money and which ones are not. It shows which customers have underserved opportunity to grow and which ones are a time drain for sales,... View Article
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Article

Notes from the Field: Avoiding Surprises in ERP Stabilization Projects

Financial Systems
This blog is based on my recent experience with a client that had implemented Microsoft Dynamics AX/Dynamics 365 for Finance and Operations. That enterprise resource planning (ERP) software offers benefits such as end-to-end system connectivity, resulting in profitability, transparency, and efficiency. It’s robust, but agile at the same time, and has a very familiar Microsoft... View Article
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Article

Optimizing Your Price Increase Strategy

Financial Planning & Analysis
Price increases are a fairly controllable tactic for Finance teams looking to improve profitability. Ultimately, price increase strategy can come in several forms (e.g., adjusting rebates or cost to serve) and may only apply to select customers. After collaborating with leadership, sales, and marketing teams to select the specific product/solution(s) for which to raise pricing,... View Article
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Article

NetSuite SuiteAnalytics: Leveraging Built-In BI

Financial Systems
While NetSuite has long been a leader in embedded analytics, Oracle clearly recognized the need for more robust reporting and analytics tools. As a proxy to and an improvement upon other third-party, plug-in solutions, Oracle developed its own solution natively embedded within its already industry-leading ERP. Netsuite SuiteAnalytics is a built-in analytics and reporting package... View Article
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Article

Oracle Planning and Budgeting Cloud: Benefits of the First Hyperion EPM Product

Financial Planning & Analysis
Financial Systems
Oracle Planning and Budgeting Cloud Service (PBCS) is a subscription-based planning and budgeting solution built for and deployed on Oracle Cloud. An application of Oracle’s Enterprise Performance Management (EPM) suite and based on Hyperion Planning, PBCS has enabled organizations of various sizes to quickly adopt world-class planning and budgeting applications with no CAPEX infrastructure investments. It offers... View Article
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Article

5 Things to Consider When Deploying Sales Performance Management Software

Financial Planning & Analysis
Financial Systems
Companies with high-growth trajectories and those that reach a modicum of complexity with their incentive plans will want to invest in a robust Sales Performance Management (SPM) software system. Those organizations that are poised for sales force expansion will want not only a system capable of calculating commissions and incentive plans but also automating them. Once a... View Article
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Article

Know Your Rights: A Guide to Rights Management Systems (RMS)

Entertainment
Financial Systems
Managing the rights related to its proprietary content is core in every entertainment company. With technology, more media formats and platforms exist than ever before. Contracts are also more complicated and multi-layered than they have historically been. Managing content contracts across all media platforms has become extremely challenging and complicated. Today’s companies have multiple internal... View Article
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Article

Common Mistakes When Creating a Film Ultimate

Entertainment
Financial Planning & Analysis
Creating a Film Ultimate has become a common exercise for studios as they look to estimate the total revenues from a film to justify the large production costs of making a movie. Although studios have been creating Ultimates for years, several common mistakes often take place during the Ultimates process. Some of these mistakes are resource... View Article
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Article

Entertainment Finance: Perfecting Film Ultimates

Entertainment
Financial Planning & Analysis
The Ultimates Process is an important part of evaluating a film’s performance. In this blog, we offer insights into the process and how to build and refine a Film Ultimate.
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Article

IPO Readiness: Avoiding Pitfalls When Going Public

Business Advisory
IPO & Public Companies
Financial Reporting & Accounting
Initial public offerings can be downright brutal. Very little will put a company under as much stress or cause as much disruption as the “all hands on deck” push toward an IPO. While we won’t go so far as to promise business as usual during the IPO process, there are some things a company can... View Article
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Article

The Key Benefits of HFM: Hyperion Financial Management

Financial Systems
Regardless of the size of your company, you undoubtedly made a significant investment when you purchased Oracle’s Hyperion Financial Management (HFM). It probably took your finance team several months to design, configure, test and convert historical data. Yet even though the HFM website notes that the financial consolidation, reporting and analysis tool is designed to... View Article
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Article

Interim CFO Consulting: Turning Management Transition into Opportunity

Business Advisory
Interim Financial Management
Whether your CFO has just resigned unexpectedly or you decided it was time for a change, management transition can cause worry, disruption, and sometimes a fair amount of chaos. It doesn’t have to be this way. In the hands of an experienced Interim CFO, transition presents a valuable opportunity to reevaluate the position and realign... View Article
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Article

Excel Tips: The Value of SUMIFS for Multiple Criteria

Financial Reporting & Accounting
Excel Tips
VLOOKUP and HLOOKUP are probably the best-known formulas for getting data from another table. It is relatively simple to use as long as you are looking to just retrieve one data point using one criteria and the table (number of columns) never changes. However, SUMIFS are quickly becoming more used as users are looking at... View Article
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Article

Using Goal Seek in Excel: 8020 Quick Tips

Financial Planning & Analysis
Excel Tips
Goal Seek is a useful Excel tool that allows you to see how one data item in a formula impacts another, similar to a cause-and-effect scenario, providing an answer to the “what-if” question.
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Article

A Summary of NetSuite for Growing Companies

Financial Systems
NetSuite’s ERP solution has grown rapidly in popularity across middle- to large-sized corporations since it was founded 20+ years ago by the then-Chairman and CTO of Oracle. It is widely viewed as the first cloud software ERP, and as opposed to many cloud solutions today, NetSuite has always been offered on a SaaS basis. Today,... View Article
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Article

8020 Sponsors 2 So. Cal Veteran Families for the Holidays

8020 in the News
Careers
In the spirit of the holidays, the 8020 Consulting team came together for the third season to sponsor post-9/11 wounded and disabled veterans and their families through Soldier’s Angels. As a group, the company supported 2 families and 8 children with gifts of their choosing, including toys and clothing as well as gift certificates totaling... View Article
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Article

8020 Consulting Participates in 3rd Annual Volunteer Event at the LA Food Bank

8020 in the News
Careers
On November 10th, our team volunteered once again in the spirit of the Thanksgiving season, to help those in need in the LA community. We greatly admire the work done by LA Food Bank to support the 1 in 7 hungry Angelinos and would encourage you and your team to do the same. For more information... View Article
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Article

8020 Consulting Congratulates MarVista Entertainment on 15 Years

8020 in the News
8020 Consulting celebrates MarVista Entertainment on 15 years of business success—as featured in the October 10, 2018, edition of The Hollywood Reporter. We would like to congratulate Fernando, Tony, Darrell and the entire awesome team at MarVista, and we look forward to many more years of successful partnership.
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Article

New Leasing Standard Implementation: Creating an ASC 842 Project Plan

Financial Reporting & Accounting
The accounting community has been discussing the new leasing standard (ASC 842) since February of 2016. If your company hasn’t already developed an implementation plan, then now is the time. The new standard takes effect for public companies with annual periods beginning after Dec. 15, 2018 and for all other entities for annual periods beginning... View Article
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Guides

Financial Reporting & Analysis Whitepaper

Financial Reporting & Accounting
Learn about financial reporting & analysis solutions that can bridge the implementation time gap and keep pace with business demands.
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Article

Why Building FP&A Infrastructure is Critical for Growing Organizations

Financial Planning & Analysis
A well-structured financial planning and analysis (FP&A) team can facilitate the direction of a company, leveraging organizational strategy to guide departmental objectives. Think of FP&A infrastructure as the financial nucleus of an organization. It keeps the movement and momentum of the organization synchronized—financially and operationally.
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Guides

Operational Finance in Entertainment eBook

Entertainment
Get our best practices guide for making your mid-level entertainment studio more competitive through operational finance.
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Article

Transfer Pricing Methods & Other Insights for Multi-Company Operations

Business Advisory
Financial Planning & Analysis
As businesses grow and business leaders look for new opportunities and markets for their product, the idea of expanding into foreign geographies becomes attractive and strategically appropriate. However, favorable market conditions can lead executives to move forward before fully considering the business arrangements between the U.S. entity and the newly formed foreign entity. Let’s cover... View Article
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Article

How FP&A Can Help You Get the Most Out of Your Sales Budget

Financial Planning & Analysis
Getting sales and finance to work together cohesively can be a challenge. Often, these two departments see each other as an impediment to reaching their respective goals. Because finance is tasked with ensuring the company meets its bottom line goals, it can come into conflict with the sales task of driving revenue and its tendency... View Article
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Article

A Look at the Trump Tariffs and Their Financial Impact on International Supply Chains

Manufacturing
Since the Trump tariffs started early this year, companies with global supply chains have been working to understand and manage the real-world impact. On paper, the tariffs center on goods from the following regions: EU, Canada, and Mexico – Tariff increases on steel (25%) and aluminum (10%) China – Tariff estimated to impact $50B on... View Article
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Article

Concur & Expense Management Systems: From the Implementation Trenches

Financial Systems
At 8020 Consulting, we’ve worked with a variety of companies that want more visibility and greater control of their expenses. Those companies might start with obvious questions:
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Article

Sell-Side Due Diligence: Best Practices for Target Entities

M&A Due Diligence & Transactions
While M&A transactions can be daunting tasks for both buyers and sellers, generally the management of the seller (i.e., the “Target”) faces the most stressful phase of the process: the initial financial due diligence. This phase can be challenging for three reasons: Potential transactions are often not disclosed outside of a select group of key... View Article
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Article

The Unnecessary Risk of Poor Accounting Process Documentation

Financial Reporting & Accounting
Internal Controls
Written documentation of accounting procedures is often given a low priority in the accounting department. Many companies have seasoned employees, who may not need step-by-step directions to complete the monthly close process, prepare account analysis, or complete account reconciliations. In the interest of completing other business-critical tasks, they push updating written procedures to the back... View Article
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Article

How Hiring Financial Due Diligence Professionals Helps Close Deals

Business Advisory
M&A Due Diligence & Transactions
Many owners dream of growing scalable businesses and have worked hard to achieve “optimal readiness.” Now there’s an offer on the table. This is the moment to rally the finance and accounting teams and round-up the typical A-Team transactional advisors, including the investment bankers, CPAs, M&A attorneys and tax specialists. What’s at stake? Everything. What... View Article
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Article

Notes from the Field: Finance in Entertainment Startups

Entertainment
Financial Reporting & Accounting
Years ago, I led the financial team at Overture Films. Overture was imagined and run as a filmmaker-friendly studio, and it was built by experienced executives from the MGM of yore. It ran similar to a startup in that we operated lean, independently, and flexibly, but as a subsidiary of Liberty Media, we had the... View Article
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Article

What is a Most Recent Financial Audit Timeline? Best Practices for Your First Financial Audit

Financial Reporting & Accounting
Internal Controls
Preparing for your first financial statement audit can be a daunting and nerve-wrecking task. What is a most recent financial audit time line? Some companies often don’t know where to begin, so they spend countless hours preparing things that are not applicable for the audit and put unnecessary strain on their time and resources. If... View Article
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Article

Follow These Data Best Practices When Switching to NetSuite

Financial Systems
Even if you’ve done your shopping and selected NetSuite as your preferred Enterprise Resource Planning (ERP) platform, it’s likely you still have concerns about migrating your data from your current systems into the cloud. We’ve worked with a lot of companies through the migration process, and we want to share some best practices we’ve picked... View Article
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Guides

Financial Forecasting Process Guide

Financial Planning & Analysis
Get this guide to learn financial forecasting process best practices and dive into the three core elements that drive accuracy.
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Article

8020 Consulting Runs the LA Big 5K

8020 in the News
Careers
On March 18th, team members from 8020 Consulting participated in the LA Big 5K. Colleagues that exercise together, stay together!
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Article

Distribution Finance in Entertainment: 3 Tips for Better Deal-Making

Entertainment
Distribution finance in entertainment is about quantifying and maximizing the value of opportunities. Sounds straightforward enough, but in a field so complex and fluid, it’s not always easy to stay ahead of the knowledge curve. Distribution deal-making can be a particularly thorny area, with even seemingly small decisions having dramatic effects on profits. How can... View Article
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Checklists

Sales Compensation Plan Design Tip Sheet

Financial Planning & Analysis
Learn our five best practices to creating effective sales compensation plan models that balance present realities and future goals.
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Article

How to Think About Automating Financial Processes With NetSuite

Financial Systems
NetSuite’s flexibility and wide range of capabilities have contributed to its increasing popularity as an Enterprise Resource Planning (ERP) platform. If you’re interested in automating financial processes with NetSuite, but aren’t quite sure how to get started, here are a few big ideas to consider. Automation with NetSuite isn’t exclusive to bigger processes. You can... View Article
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Article

Our Picks for the Biggest CFO & CAO Challenges of 2018

Business Advisory
Financial Planning & Analysis
Financial Reporting & Accounting
Financial Systems
At the start of the year, we asked our team of financial consultants about common issues they see in financial offices across Los Angeles. Get our new free infographic for their perspective. About the Free Infographic It covers the following topics: A breakdown of top challenges we think CFOs and CAOs face this year Predictions... View Article
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Article

Why Strategic Finance in Entertainment is so Complex

Entertainment
Every industry has its own set of strategic finance challenges and nuances, but the field of entertainment can be particularly difficult to navigate. Money and reputations are unrelentingly on the line, and one bad strategic decision can devastate a studio, production house, or other enterprise. What is it about entertainment that makes this arena so... View Article
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Article

4 Thoughts on Moving to a Cloud-Based EPM System

Financial Systems
In corporate finance offices, growth inevitably reveals the limitations of the status quo. Perhaps you find you’re spending too much time reporting and not enough time analyzing. Maybe you and your office mates are tired of maintaining massive Excel files. Or maybe you just want to open a forecasting budget module without a 15-minute load... View Article
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Article

Tips for Selling a Privately Held Business for Maximum Value

Business Advisory
M&A Due Diligence & Transactions
Many mature, privately held businesses receive third-party advice on how to structure or restructure their companies for improved salability. In fact, 8020 Consulting frequently works with privately held companies across a wide range of industries to help them achieve what we’d call “optimal readiness.” What we’ve discovered, however, is that there isn’t a strict set... View Article
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Article

Benchmarking Data Best Practices in Entertainment

Entertainment
Benchmarking data and proper analysis hold the keys to making informed, profitable decisions in the entertainment industry. Greenlighting a project with inaccurate data and/or shaky assumptions could spell disaster for a small entertainment company or a black mark for a larger one. Let’s explore benchmarking best practices and the roles and responsibilities of various departments... View Article
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Article

8020 Consulting Supports Soldier’s Angels

8020 in the News
Careers
In the spirit of the holidays, the 8020 Consulting team came together for the second season to sponsor post 9/11 wounded and disabled veterans and their families in the Los Angeles area through a fantastic organization, Soldier’s Angels. As a group, the company supported 4 families and 12 children with gifts of their choosing, including... View Article
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Article

Financial Modeling Best Practices: Stronger Models, Better Value (Part 2)

Financial Planning & Analysis
In Part 1 of this blog post, we asked 8020 consultant Yan Pronin to help us take a broad look at financial modeling, an analytic tool that more and more businesses are utilizing to project future performance. Today, we’ll continue our conversation and dig deeper to discuss financial modeling best practices that support the creation... View Article
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Article

Are You Getting the Most Value From Your Financial Modeling? (Part 1)

Financial Planning & Analysis
I’ve seen millions of dollars saved just from the injection of an experienced financial modeler into the mix. Today, more and more businesses are utilizing some version of financial modeling in their financial planning & analysis. Financial modeling can provide essential strategic and tactical information for CFOs and other business leaders, but only if done... View Article
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Article

8020 Consulting Participates in 2nd Annual Volunteer Event at the LA Food Bank

8020 in the News
Careers
On November 4th volunteers from 8020 Consulting rolled up their sleeves to pack crates of food for low income and homebound seniors in support of the Food Bank’s mission to end hunger in Los Angeles. 8020 joined other volunteers from LA 2028 and other companies to pack enough crates to feed 3860 seniors for a... View Article
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Article

3 Important Tips for Designing Sales Compensation Plans

Financial Planning & Analysis
Sales compensation plans can be powerful motivators that spur sales reps to become top performers and attract top talent. But they can also be difficult to design. A wide range of operational considerations can come into play. So how do you find the sweet spot in designing a plan that best serves your company? While... View Article
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Article

Is Financial Data Structure Holding Back Your Business?

Financial Planning & Analysis
Think, for a minute, about how you collect your data. Does it exist in a well-organized framework; one that enables you to leverage multi-dimensional data points to make valuable conclusions about your business? Or, does your data feel a bit more … chaotic? If you’re like many, the components of a well-designed data structure are... View Article
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Article

Tips from the Finance Trenches: 2 Key Excel Functions for Organizing Data

Excel Tips
Don’t get us wrong—data is a beautiful thing. But when you have lots of it, displayed in a format that is far from ideal, it presents challenges for those who are trying to view and manipulate that data. So how do you turn large datasets into useful, easy-to-read formats? Here are two commonly used functions... View Article
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Article

Entertainment Participation Contracts: What to Look For & When to Audit

Entertainment
Anyone in the TV and film industry knows the importance of participation contracts. Especially when a production is successful, there are often many participants who are entitled to a piece of the pie. But to ensure everyone is getting their fair share based on the terms laid out in the contract, an audit may be... View Article
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Article

Struggling to Grow? Add Customer Acquisition Metrics to Your Business Model

Financial Planning & Analysis
As if getting your start-up business up and running isn’t hard enough, business leaders often face an even more difficult struggle in the phase that follows: growth. Of course, there are many factors that affect the ability to take your company “to the next level.” These reasons can range in everything from product problems, to... View Article
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Article

Tips from the Finance Trenches: A Better Way to Use Static Reports for Cross-Functional Data Analysis

Excel Tips
For a holistic view of your business, it is critical to integrate cross-functional business data. However, Finance and Business Intelligence professionals often find themselves in situations where they have to work with static crosstab reports that are not easy to manipulate. Furthermore, it can be challenging to use static reports to connect data with other... View Article
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Article

Are Organizational Silos Crippling Your Business? Here’s a 5-Step Plan to Break Them Down.

Business Advisory
There’s no two ways about it: your business cannot thrive when organizational silos exist. While today’s corporate workplace seems to change and evolve by the minute, silos remain a long-standing challenge for so many businesses. No matter the size of your company, no matter your industry, the narrative leads to the same outcome: silos are... View Article
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Article

How to Avoid Leaving Money on the Table in a Sell-Side M&A Transaction

M&A Due Diligence & Transactions
You’re selling your business — and after months of work and preparation, the finish line is finally in sight. Your purchase price is set. Due diligence is wrapping up. The deal is locked and loaded. And then … someone points out a costly oversight; one that could result in you leaving a substantial amount of... View Article
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Guides

Operational Review Process Guide

Business Advisory
Financial Planning & Analysis
Get our 5-step action plan for building a successful operational review process and program to maintain traction on enterprise initiatives.
Download Now ->

Article

8020 Consulting Volunteers with GOOD+ Foundation to Help Children of Low-Income Families in L.A.

8020 in the News
Careers
On Saturday, June 24, 8020 Consulting volunteers came together at the Los Angeles warehouse of GOOD+ Foundation to sort, pack and bundle a variety of necessities for children of low-income families in the metro area. The team sorted 785 books, 405 pieces of bedding and 2,390 pieces of clothing. The volunteer event was a great opportunity... View Article
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Article

Tips From the Finance Trenches: Speed Up Your VLOOKUP Formulas With Automation

Excel Tips
As finance professionals well know, the VLOOKUP formula is among the most commonly used function in Microsoft Excel. This relatively simple-but-powerful formula helps you create analysis, summaries, models, and other key reporting elements in your worksheets. However, while the VLOOKUP function is fairly easy to use, Excel users spend a considerable amount of time on... View Article
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Article

Expert Analysis: Standard Costing Is Critical to Profitability in Manufacturing

Manufacturing
For manufacturing companies facing profit erosion, savvy financial leaders will know to analyze their approach to costing. In fact, we broadly covered the topic of effective costing. Yet despite the definite, positive impact of effective costing on profitability, there are still many aspects of costing that are misunderstood, and all-too-commonly misapplied. One such aspect is... View Article
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Article

5 Things You Should Do Immediately After Fundraising for Your Startup

M&A Due Diligence & Transactions
Funding a start-up — or acquiring additional capital for a business that’s already up and running — is no easy feat. In fact, there’s much to consider and prepare for even before engaging in discussions with potential financiers. (Read 5 Ways to Wise Up Your Approach to Business Fundraising.) But what happens once you’ve finally... View Article
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Article

Tips from the Finance Trenches: Best Shortcut Ever! Create a Pivot Table In 3 Seconds

Excel Tips
If you are a heavy user of MS Excel, and use pivot tables on a regular basis, you know that utilizing such features can take a long time. By my calculation, it takes about 13 seconds to set up a pivot table containing all necessary data. In this day and age of maximizing productivity and... View Article
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Article

Need Capital? 5 Ways to Wise Up Your Approach to Business Fundraising

M&A Due Diligence & Transactions
No one ever said entrepreneurship was easy. Sometimes it seems that for every financial hurdle you overcome, a new one awaits. This is particularly true when funding a start-up. Many business owners find that there are several cycles of fundraising: even after a large initial investment puts you on the right path, your ability to... View Article
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Article

Tips from the Finance Trenches: A Smart Alternative to Lookup Functions in Excel

Excel Tips
The VLOOKUP is one of the most commonly used functions in MS Excel and serves many useful purposes. But the circumstances aren’t always ideal for this function. While VLOOKUP is useful to traverse a small table for quick lookups, it is often misused in large datasets. This can lead to inefficiencies that bog down complex... View Article
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Article

Tips from The Accounting Trenches: The Power of Pivot Tables

Excel Tips
Ever stare at worksheets containing very large data sets of data and have no idea where to start? How do you break down your data to extract what you need in a meaningful way? Welcome to the power of the pivot table. A pivot table allows you to take the systems data dump and quickly organize... View Article
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Article

SEC Reporting and SOX Compliance Challenges? The Best Solution May Be in the Cloud.

IPO & Public Companies
Financial Reporting & Accounting
Few companies would argue: SEC Reporting can be a complex and challenging process that places a significant burden on your internal team. On top of reporting mandates, the introduction of SOX has imposed additional requirements that cause an even greater strain. For executives of publicly traded companies, who are personally held to a signed statement... View Article
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Article

The Surprising Truth About International Expansion: Key Findings from the Field

Business Advisory
If your business had a viable means to enjoy a greater financial upside, it would be an endeavor worth considering, right? It’s surprising, then, how many business leaders hastily dismiss the idea of opening an office in another country. Many perceive the pursuit to be too daunting, too complex. But in reality, international expansion could... View Article
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Article

Tips from The Finance Trenches: How to Use Variables in MS Excel SUMIF Formulas

Excel Tips
Do you need to find the sum of a subset of cells in Excel spreadsheet that has multiple variables? Here, we’ll take a look at how adding a conditional variable (or variables) can help you get to your desired output – and we’ll also offer a few shortcuts along the way. Keep in mind, this... View Article
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Article

Trouble Forecasting Revenue? Try a Collaborative Approach

Financial Planning & Analysis
What happens when your revenue forecast falls short? What went wrong – and who is responsible? In some cases, missed revenue goals can set into motion a wave of negative reactions that lead to finger-pointing and frustration. Morale suffers and along with it, the motivation to drive future revenue-producing initiatives. This all-too-common scenario often signifies... View Article
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Article

Tips from the Finance Trenches: How to Summarize Revenue by Region and Sales Lead

Excel Tips
Excel is a powerful tool that allows users to quickly manipulate and analyze key data – yet it’s not unusual for finance and accounting teams to get hung up on practical functions in creating reports and summaries. In this quick tip, we will walk you through five easy steps (with illustrations) to help you summarize... View Article
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Article

Conflict Minerals Compliance: Regulations, Challenges & What They Mean for Your Company

Financial Reporting & Accounting
These days, the topic of conflict minerals compliance has been the focus of many conversations. With new financial reporting and accounting regulations requiring companies to report the use of minerals mined in certain geographic regions and used within an organization’s supply chain, many finance leaders are finding compliance to be complex. And now, with existing... View Article
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Article

How to Fix 4 Excel Mistakes That Could Impact Financial Analysis

Financial Planning & Analysis
For nearly three decades, Excel has been an integral tool for businesses everywhere. Today, despite the advent of newer, more streamlined cloud-based solutions on the market, nearly 60 percent of U.S. businesses still rely on Excel spreadsheets for essential accounting functions, such as planning and budgeting (Source: Enterprise Times). While Excel proves to be an... View Article
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Article

Try This Smoother Alternative to “Hiding” Data in Excel

Excel Tips
When manipulating data in Excel, here’s a problem that I’m guessing many of us have experienced at one point or another: you have data that you’d like to keep for reference in an Excel sheet — but you don’t necessarily need to see all that data every time. This includes having rows/columns of additional subcategories... View Article
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Article

Implementation of ASC 606 Revenue Standard: Financial Consulting Perspectives from the Field

Financial Reporting & Accounting
With the deadline looming to implement new Accounting Standard, Revenue from Contracts with Customers (ASC 606), many organizations are hard at work to redefine how revenue is recognized for products/services sold and how contracts are established with customers. The new standard lays out five overarching steps that companies, both public and private, must address. (See... View Article
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Article

SEC Comment Letters: 10 Essential Tips for a One-And-Done Correspondence

IPO & Public Companies
Financial Reporting & Accounting
Given all the variables in the accounting world, there is one thing you can count on: the U.S. Securities and Exchange Commission (SEC) will review the accounting disclosures of all publicly traded companies at least once every three years. Based on that review, companies may or may not receive SEC comment letters, public letters typically... View Article
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Article

Excel Tips: How to Consolidate and Convert Dates to a Standard List or Pivot Table

Excel Tips
Many times, we deal with datasets that are more granular than what we desire. Take “sales by day” as an example. Most companies prefer to look at the sales data by month or quarter. Follow these quick steps to make the conversion:
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Article

Three Rules for Building Your SaaS Revenue Forecast

Financial Planning & Analysis
The Software as a Service (SaaS) industry has exploded into the marketplace in the past decade. For customers, SaaS solutions provide speedier and potentially more secure access to centrally-hosted software that’s available as a subscription-based service offering. And for businesses, executives are readily embracing the sale of SaaS due to its widespread demand and significant... View Article
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Article

Demand Forecasting Strategies Every Finance Leader Should Know

Financial Planning & Analysis
A well-designed demand forecast model has powerful potential for your financial planning & analysis. It can deliver profound and meaningful insights about your business that can be used to guide many major decisions. Finance leaders can – and should – rely on these models to analyze and predict sales trends over time, gauge their inventory... View Article
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Article

Q&A: How Business Intelligence and Analytics Are Reshaping Interim CFO Recruitment and the CFO Role

Financial Planning & Analysis
Times have certainly changed for Chief Financial Officers and interim CFO Recruitment. No longer viewed as the company number crunchers who summarize revenue and analyze EBITAs, modern-day CFOs are expected to take on a whole new range of responsibilities. This includes expanding their role to become strategic partners with a long-term vision on how to... View Article
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Article

8020 Consulting Sponsors Four Military Families for the Holidays

8020 in the News
Careers
In an effort to give back to the community each quarter and in appreciation for the sacrifice military personnel and their families make each and every day, 8020 Consulting sought out an avenue to help military families and discovered a fantastic organization, Soldiers’ Angels. Through Soldiers’ Angels, 8020 Consultants and members of the management team... View Article
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Article

Why There’s No Such Thing as “The Best” ERP Solution

Financial Systems
It seems that everyone is talking about ERP solutions these days. And rightfully so – a growing number of companies are embracing their powerful potential in new and exciting ways for their business. As a long-time finance leader eternally focused on solutions, I’m often asked the same question: “Which ERP system is the best?” For... View Article
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Article

Linking Due Diligence to Your 100-Day Plan

M&A Due Diligence & Transactions
Any organization that has been through an acquisition knows the importance of a sound and thorough due diligence process. Yet while this process is often characterized by an avalanche of day-to-day details and data requests, it’s also vital to prepare for the days and weeks immediately following the deal. So how, exactly, can you hit... View Article
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Article

Should a Financial Planning Team Report on Performance or Drive It?

Financial Planning & Analysis
In every organization, finance performs a number of critical functions that are key for a company to deliver performance results, report out to investors, manage internal functions, and so on. While these core functions are absolutely vital to your business, they are largely supportive functions that do not always drive results. Yet as 8020 Consultant... View Article
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Article

Quick Tips for Useful and Concise Reporting on Big Data

Financial Planning & Analysis
In the age of Big Data, finance departments collect more data than ever before, and they rely on it to drive initiatives and make critical business decisions. But given the sheer quantity, how do you ensure concise, useful reporting on big data? More importantly, what are some ways you can use that data to influence... View Article
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Article

3 Steps to Better Cash Flow Forecasting

Financial Planning & Analysis
Anyone who has ever managed a checking account, scheduled a bill payment or waited until a paycheck is deposited to make a purchase already knows the basics of cash flow forecasting. In simple terms, cash flow forecasting is about predicting the inflows and outflows of money for a given entity, be it a person or... View Article
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Article

Profitability Problems? Effective Costing May Be Your Answer

Manufacturing
We’ve helped numerous companies improve profitability through strategic approaches and financial best practices. (Don’t miss our insights on Supply Chain Management as well.) And for companies experiencing profit erosion, we’ve generated million-dollar-plus profit turnarounds. In this blog, let’s deep dive into effective costing: what it is, why it’s important and how to leverage costing inputs... View Article
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Article

8020 Consulting Hosts Lunch for The Homeless At Hope Of The Valley

8020 in the News
Careers
On Saturday, September 24, 8020 Consulting hosted a hot lunch for 96 people in need, serving pasta, salad and desserts from Buca di Beppo at the lunch facility at Hope of the Valley Homeless Services Center in Van Nuys, California. On an average day, between 60 and 80 people in need come to the center for... View Article
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Article

Audit Ahead! 7 Tips for a More Cost-Effective Audit Process

Financial Reporting & Accounting
An external audit is a little bit like taxes. It’s a part of life in financial reporting and accounting; a regular occurrence that you simply have to get through the best you can, even though you’re not particularly thrilled about it. For most organizations, audits are more or less perceived as a necessary evil that... View Article
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Article

Simple Secrets for Improved Financial Reporting

Financial Reporting & Accounting
In today’s data-driven business landscape, financial reporting and accounting demands are becoming increasingly complex. Especially for companies that are growing, new markets, new product lines and new stakeholders mean there’s a heavy reliance on finance teams to interpret large amounts of information. Finance teams are feeling the squeeze: not only are they navigating a more... View Article
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Article

The Power of Master Product Hierarchies – And Why They Should Be On Your Radar

Financial Systems
As a finance executive with 15+ years of experience in partnering with departments and divisions, Devon Coleman has used financial analysis/modeling, financial systems, negotiation, communication and software development skills to help companies and divisions achieve various business goals. Devon has held high-profile positions in finance and software development at Disney and CUNA Mutual Group. He has... View Article
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Article

6 Fatal Flaws of Executives That Can Lead to Emergency Restructuring

Turnaround & Restructuring
According to business visionary and consultant Perry Marshall, “Good times breed bad habits. Bad times breed good habits.” Sage advice for just about any executive, across just about any industry. When business is booming, it’s easy to take the “it won’t happen to me” attitude – and ignore underlying factors that can erode your seemingly... View Article
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Article

An Insider’s Guide to Choosing the Best-Fit Corporate Performance Management (CPM) Solution

Financial Systems
In our recent blog on Corporate Performance Management (CPM) tools, we discussed the evolution of CPM tools (also known as Enterprise Performance Management, or EPM tools) as a viable and often-superior alternative to traditional on-premise financial systems. And while the general trend skews toward cloud-based solutions, there are still a number of factors to consider... View Article
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Article

Buy-Side M&A On the Horizon? 5 Process Strategies

M&A Due Diligence & Transactions
As with many things in finance, past experiences help us establish rules, procedures and best practices. This especially holds true for M&A activity, where the largest, most acquisitive companies will typically have a standardized process (and potentially a dedicated M&A team) in place. But what about companies who are not frequent acquirers? Often times, less-acquisitive... View Article
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Article

3 Tips for a Better Bottom Line: Sales Forecast Methods & More

Financial Planning & Analysis
Sales forecast methods are an integral part of business, affecting nearly every core function within an organization. It impacts your Marketing budgeting and spending; your Human Resources plan for staffing; your Production and Operations plans and procedures, and so on. Produce too much, and you’ve tied up your cash in inventory. Produce too little, and... View Article
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Article

How CPM Solutions Put You on the Fast-Track

Financial Systems
In the evolving world of data solutions and financial systems, there is one trend that looks like it’s here to stay: corporate performance management (CPM) tools. An increasing number of financial organizations are turning to these solutions to replace traditional methods of data reporting and analysis, and streamline a number of critical functions. How are... View Article
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Article

PowerPivot: The Best New Business Intelligence Toolset is Built into Microsoft Excel

Excel Tips
Finance professionals can feel bombarded with new, expensive reporting and analysis solutions. Every few years, a new BI toolset is in vogue—Business Objects, Microstrategy, Tableau. Meanwhile, under the radar, Microsoft has been building a powerful and flexible business intelligence toolset. And most of us already own it. In recognition of where data usually ends up... View Article
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Article

8020 Consulting volunteers at the LA Food Bank, helping to pack 4300 crates of food for seniors in the LA area

8020 in the News
Careers
On Saturday June 18th, 8020 Consulting volunteers gathered at the LA Food Bank’s warehouse in Vernon, California, to support their mission to mobilize resources to fight hunger in our community. The LA Food Bank has provided in excess of 1 billion pounds of food to the hungry in Los Angeles county since its inception in... View Article
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Article

Improve Equity-Based Compensation Plans Using Cloud-Based Software

Financial Systems
It’s a jungle out there. Well, not literally. But within the business world, competition to attract and hire the best and brightest employees can be quite fierce. And once they have been brought on board, what is the best way to maintain their motivation and commitment? There are a multitude of techniques and tools that... View Article
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Article

Supply Chain Management Best Practices and Pitfalls

Manufacturing
Let’s talk supply chain management: what it is, why it matters, and how it impacts the office of the CFO. Just as importantly, let’s go over a few tips on sidestepping the most common pitfalls in the supply chain, as well as some best practices for effective management. What is supply chain management? Supply chain... View Article
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Article

What is an IT Audit? Exploring a New Modern Necessity

Financial Reporting & Accounting
Internal Controls
What is an IT audit? It’s a commonly misunderstood, all-too-often under-appreciated part of doing business in an increasingly high-tech, data-driven economy. As financial functions rely more and more on technology, public and private enterprises of all sizes will need to shore up the weak points and faulty logic in their accounting and reporting systems. What... View Article
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Article

Keeping Customer Analytics Current: New Markets, Methods & Tools

Financial Planning & Analysis
With new technologies transforming the business environment at an ever-faster rate, there’s become a greater need for insightful customer analytics. When it comes to finding trends and making timely business decisions, it’s no longer enough to analyze traditional financial data. Finance departments also need to incorporate operational data – especially customer analytics – into their... View Article
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Article

Big Data Grabs a Bigger Role in Forecasting and Planning in Entertainment Finance

Entertainment
Big Data in entertainment finance is making big changes. Insurance, healthcare and other traditionally data-rich, high stakes industries have already been leveraging massive data sets for decades, but production companies are catching up. The truth is, every industry is rife with reams of data these days, and with the sheer amount of available information growing... View Article
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Article

Financial Department Change Management: Working With Entrenched Employees

Project Management
Change. It’s the only constant in business, yet financial department change management is tricky. Financial professionals are known for their resistance to new processes, new roles and new technologies. From costs to time constraints to comfort with entrenched methods, finance personnel have a myriad of reasons to keep on doing things the ways they’ve always... View Article
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Article

Lessons from High-Growth Companies: Tips from the Finance Consulting Trenches

Business Advisory
For most companies, the periods of greatest growth are also the periods of greatest risk. Even well-funded startups don’t often survive, and those that do rarely make it to the threshold revenues that allow them to thrive in the long run. Some of these businesses lack compelling business models and products, while others fail to... View Article
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Article

Proactively Eliminating Barriers to Growth: Studio 71’s Use of PluraVida Atmosphere

Financial Systems
In order to share financial best practices and technological innovations, 8020 Consulting is conducting a series of Customer Spotlights. These clients have demonstrated excellence and forward thinking in their use of financial technology and their implementation of efficient, scalable processes. It’s an all-too-common problem among fast-growing companies: They use whatever tools they can to create... View Article
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Article

How to Avoid Headaches: Notes From an IT Financial Consultant

Project Management
Technology has forever changed the role of the CFO. ERPs, analytics tools and other software systems have provided for greater speed and efficiency within the financial department, allowing executives to focus less on compliance and transactions and more on the commercial side of business. Now, the main role of the CFO is to implement and... View Article
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Article

Financial Consulting Brief: How Important is Goodwill to Investors?

Financial Reporting & Accounting
M&A Due Diligence & Transactions
Given her extensive accounting experience, we asked 8020 Consulting’s Sue Chaplin for some information and advice regarding one of the most misunderstood assets: goodwill to investors. While you can’t buy, sell or even electively remove goodwill on a standalone basis, it can be an important indicator of growth or stagnation – one that savvy investors... View Article
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Article

Top 10 Tips for Troubled Companies and Financial Insolvency

Turnaround & Restructuring
Even well-run companies can hit rough patches and find themselves in states of financial insolvency. Internally, management changes, unscalable systems or a lack of human capital may lead an enterprise into distress. Externally, changes in the economy, social environment, technology, competition and political landscape can all significantly influence the financial conditions of companies. Even in... View Article
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Article

Project Management Woes: Conflicts of Interest on Cross-Functional Teams

Project Management
Given her extensive experience in financial project management, we asked our team member Ellen Vayner for her insights on completing large, complex initiatives involving cross-functional teams – the kinds of projects that are all too often poorly planned, mismanaged and left unfinished. As it turns out, compromise is not the answer. The key to completion... View Article
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Article

When Not to Hire

Business Advisory
Interim Financial Management
“Hire in haste, repent at leisure” or “be slow to hire and quick to fire”: this wisdom on hiring is often ignored by companies when they lose a key finance team member. The immediate reflex is to contact internal and external recruiting resources with the objective of identifying a replacement immediately. This is a mistake,... View Article
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Article

Financial Consulting for Start-ups: Secrets of Success

Financial Planning & Analysis
In our work in financial consulting for start-ups, we’ve found financial woes are all too common, even in start-ups that eventually make it big. Most companies are started by innovators, who create, sell and mature their core products well before they build their financial and operational infrastructures – if they even build them at all.... View Article
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Article

KPIs for Finance and Accounting Departments & Development Tips

Financial Planning & Analysis
We asked our colleague Mitch Browne to share a few tips and best practices regarding the creation, implementation and monitoring of key performance indicators. While most companies are on the right track when it comes to KPIs for finance and accounting departments, quite a few are still missing the mark and negatively impacting their financial... View Article
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Article

Financial Data Analytics: Changes Your Enterprise May Need

Financial Planning & Analysis
While most web-heavy companies have implemented some form of analytics program, many are failing to leverage their financial data analytics to the full potential. Measuring the right metrics, organizing data and creating a system for analysis and testing are key. Q: What types of companies can benefit from implementing digital financial data analytics or improving... View Article
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Article

Driving Value and Saving Time: How Sell-Side Due Diligence Really Works

M&A Due Diligence & Transactions
Due diligence: it’s a no-brainer for experienced investors, and buy-side best practices are straightforward and well-established. Companies don’t often sell themselves, though, and few executives have the experience and know-how necessary to get the maximum value for the businesses they’ve built. From accounting to operations to HR, a successful sale requires input from all major... View Article
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Article

5 Ways to Guarantee ERP Implementation Failure

Financial Systems
As financial processes become more complex and intertwined at growing firms, enterprise resource planning (ERP) systems become must-haves. Accounting, reporting and the disparate solutions used to handle them will effectively lead to an ERP implementation failure unless a proper implementation strategy is leveraged once the company reaches a certain size. Implementing an ERP is easier... View Article
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Article

The Key to a Successful Accounting Integration During the M&A Process

M&A Due Diligence & Transactions
8020 Consultant Scott Longacre has guided accounting integrations in Mergers & Acquisitions (“M&A”) since 2001. As a Consultant, Scott has performed system implementations, re-engineered business processes, created forecasting and budgeting models, and managed internal and external financial reporting. He has successfully filled the role of interim CFO for several companies, managing them through the acquisition... View Article
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