This week I had a completely different topic to discuss with you. But after reading the monthly newsletter from our partner, Belmero, I changed directions. They had two articles that caught my attention in particular. One was on end of year financials challenges. The other was on audits and their use. As 2018 comes to an end, I felt a review of both of these financial challenges was timely.
Many of us are experiencing a better economy than we have in a number of years. As we’re getting caught up on our bills, we’re also looking at areas and opportunities to reinvest in our businesses. At this stage in the calendar, you may have a running list of options, so it is a good time to review and prioritize the best path to take for this reinvestment.
I heard a statement once that “The government never had a failed program – just one that didn’t have the right level of funding”. That is generally not an option in our personal and corporate lives. We don’t possess that level of available funding and/or disassociation from the manner it is collected as our government does. We live in a real world that has limitations and realities.
Emotional decisions while satisfactory (at least initially) may not be the wisest choice. Practical decisions require one key element – data. And that data needs to be timely and trustworthy.
Timely, trustworthy data is where HL Group has lived its life over the past two decades. Whether creating data collection solutions in front of an ERP, material and resource management systems in DOD or fixed asset tracking for financial and regulatory reasons – almost our entire existence has been providing our clients with data that can be transformed into useful information.
End-of-year financial audit assistance is one of our largest successes.
In fact, end-of-year financial audit assistance is one of our largest successes. Knowing what you have, where it is and in what condition or availability it has – it is all critical. It’s critical in helping you to determine where your investments will make the biggest impact.
Getting to that level of comfort with your financial audits may not be as big of an effort as you may believe. Believe it or not, improving this process not only offers one of the strongest ROIs a company can achieve – but it is also one of the quickest.
“STOP and get the FACTS” is always good advice, in my opinion. But, when it comes to how you invest for 2019, those facts provide critical value to ensure that you’re in the best position possible.
While you might be thinking it’s too late for 2018 (although, you may be surprised at your options), it is not too early to look for investments in 2019 that can position your team for better management and decision making. When you’re ready, we welcome a conversation to see what we can do for you.
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Wes Haubein is the President of HL Group, Inc., a premier provider of mobile asset inventory management, RFID and supply chain solutions. He writes regularly about management, solution integration and technology.
