How to Create a Winning Project Plan

Accounting Services in Northern Arizona

If you’re contemplating executing a business project and want to be as prepared as you can be then we highly recommend you dig your teeth into the following information.

As Technopedia defines it, a project plan is a formal document that is intended to serve as a roadmap from start to finish of a contemplated project. The plan is made up of elements such as resources used, milestones, and timing to name a few.

The plan is designed to guide the control and execution of a project, and it is the key to a successful project and is the most important document that needs to be created when starting any business project.

It is used for the following purposes:

• To document and communicate stakeholder products and project expectations
• To control schedule and delivery
• To calculate and manage associated risks

The plan answers the essential questions about the project, including the following, also noted by Technopedia:

• Why? – What is the task related to the project?
• What? – What are the activities required to successfully complete the project? What are the main products or deliverables?
• Who? – Who will take part in the project and what are their responsibilities during the project? How can they be organized?
• When? – What exactly is the project schedule and when can the milestones be completed?

The initiation of a project requires detailed and vital documentation to track project requirements, functionalities, scheduling and budget. Formal project plans establish detailed project requirements, including human and financial resources, communications, projected time lines and risk management.

The following seven steps, as noted by Wrike and Computer Weekly, show how to create a successful project plan:

Step 1: Identify and Meet with Stakeholders

A stakeholder is anyone who’s affected by the results of your project. That includes your customers and end users, too. Make sure you identify all stakeholders and keep their interests in mind when you create your project plan. Meet with the project sponsors and key stakeholders to discuss their needs and expectations, and establish baselines for project scope, budget, and timeline.Professional Tax And Accounting Services Arizona

Create a Scope Statement document to finalize and record the details of the project scope. The project scope statement is arguably the most important document in the project plan. It is used to get common agreement among the stakeholders about the project definition. It is the basis for getting the buy-in and agreement from the sponsor and other stakeholders and decreases the chances of miscommunication. This document will most likely grow and change with the life of the project.

Step 2: Baselines

Components of the project plan include:

• Baselines: These are sometimes called performance measures because the performance of the entire project is measured against them. These are used to determine whether or not the project is on track during execution

Step 3: Set & Prioritize Goals

Prioritize stakeholder needs and set specific project goals. These should outline the objectives of the project — the benefits you hope to accomplish.

Step 4: Define Deliverables

Identify the deliverables you need to produce in order to meet the project’s goals. What are the specific products you’re expected to complete? Estimate due dates for each deliverable in your project plan. (You can actually finalize dates when you sit down to define your project schedule in the next step.)

Step 5: Create the Project Schedule

Look at each deliverable and define the series of tasks that need to be completed in order to accomplish each one. Next, identify any dependencies. Do certain tasks need to be completed before others can begin? Input deliverables, dependencies, and milestones into an app similar to a Gantt chart. Involve your team in some of the planning process. The people doing the work have important insights into how tasks get done, how long they’ll take, and who’s the best person to tackle specific tasks.

Step 6: Identify Issues and Complete a Risk Assessment

Are there any issues that you know of upfront that will affect your project, like a key team member’s upcoming vacation? What unforeseen circumstances could create hiccups? (Think cold & flu season, backordered parts, or technical issues.) Consider the steps you could take to either prevent certain risks from happening, or limit their negative impact. Conduct a risk assessment and develop a risk management strategy to make sure you’re prepared.

Step 7: Present the Project Plan to Stakeholders

Explain how your plan addresses stakeholders’ expectations, and present your solutions to any conflicts. Determine roles: who needs to see which reports, and how often? Which decisions will need to be approved, and by whom? Make sure stakeholders know exactly what’s expected of them, and what actions they’re responsible for. Instead of telling stakeholders that their expectation or request is unrealistic, tell them what’s required to make it happen: how much time, money, or manpower? Let them decide if it’s worth dedicating the extra resources.

In short, project planning doesn’t need to be difficult or complicated. However, project planning does need to be thorough if it’s going to be a useful tool for tapping into its potential rewards.  Business Advisory Services Arizona

Artificial Intelligence Applied to Accounting

Most professionals have only a vague understanding of what Artificial Intelligence (AI) is or means. Absent an understanding of these capabilities, it is near impossible to have a working knowledge of the opportunities for applying AI to the accounting field.

What Is Artificial Intelligence?

According to BJ Copeland of the Encyclopedia Britannica, AI refers to the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. The term is frequently applied to the project of developing systems endowed with the intellectual processes characteristic of humans—the ability to:

• reason
• discover meaning
• generalize
• learn from past experience

Since the development of the digital computer in the 1940s, it has been demonstrated that computers can be programmed to carry out very complex tasks—as, for example, discovering proofs for mathematical theorems or playing chess—with great proficiency.

Still, despite continuing advances in computer processing speed and memory capacity, there are as yet no programs that can match human flexibility over wider domains or in tasks requiring much everyday knowledge. On the other hand, some programs have attained the performance levels of human experts and professionals in performing certain specific tasks, so that artificial intelligence in this limited sense is found in applications as diverse as medical diagnosis, computer search engines, and voice or handwriting recognition.

In addition, revolutionary, ambitious new projects, such as Elon Musk’s OpenAI project, are accelerating humanity’s course to achieving true Artificial Intelligence.

Tax And Accounting Services Arizona

AI Suitable to Accounting?

In simple terms, technology won’t just collect information, it’ll learn from what it stores. As Xero notes, accounting software is getting smarter, automatically performing analysis which previously required human intervention. Consider tasks like bank reconciliation: systems can learn how to completely automate this job, freeing up your time.

The finance sector, given its heavy reliance on mass amounts of numbers and data, is a prime candidate for the automation offered by intelligent learning systems.

Accounting Applications of AI

Note the following examples of how AI can be implemented within your environment, as explored by Accounting Today’s report on the topic:

1. Clearing Payment Invoices

Today, accounts receivable or treasury clerks struggle to clear invoice payments when customers combine invoices in one payment, pay incorrect amounts or do not include invoice numbers with their payment. To clear the invoice, the employee either has to manually add up various invoices that might match the payment amount or contact the customer to clarify some information. In the case of a short payment, the employee either has to ask for approvals to accept the short payment or request the remaining amount from the customer. An intelligent system could help by immediately suggesting invoices that might match the paid amount and, based on established thresholds, automatically clear the short payments or automatically generate a delta invoice.

2. Expense Claim Auditing (AI enhanced automation)

Finance employees must ensure that receipts are genuine, match claimed amounts and are in line with company policy. What if AI and machine learning could support this process, audit 100 percent of all claims, and send only questionable claims to a manager for approval?

Read complete post here: https://www.compasspointcpa.com/blog/artificial-intelligence-applied-accounting

How to Succeed as a Franchisee

Professional Tax And Accounting Services Arizona

So, you have an interest in owning and operating a franchise? Or maybe you know someone, such as a family member, who shares your interest? Hopefully, this information is getting to you before you’ve completed your acquisition because many of the following points should ideally be addressed and prepared for prior to making any commitments to purchasing a franchise. The following are some of the higher priority points of relevance.

Entrepreneur notes the following points that are some of the characteristics or skills you will need to increase your chances of success.

1. Risk aversion: Any business start-up involves some risk of failure, but a strong franchise with a proven track record of success will minimize this risk. Successful franchisees do their homework.

2. System orientation: Don't shy away from franchising because you assume you need a burning entrepreneurial spirit to become a franchisee. That's simply not true. Entrepreneurs want to reinvent the wheel based on their incredible confidence in their ability to figure out how things should be done. Successful franchisees, on the other hand, want proven systems. They don't want to have to figure out the best way to do something. 

3. Coachability: The motto of franchising is "In business for yourself, not by yourself." Successful franchisees look for opportunities to learn from others in their franchise system. They understand that they don't know all the answers and are willing to ask for help when they need it.

4. Hard-work affinity: No matter what franchise you're interested in, you can be sure it's going to take work to make it successful. The best franchisees know and accept that fact.Tax And Advisory Services Arizona

5. Strong people skills: Successful franchisees always have excellent interpersonal skills and can effectively interact with their employees and customers. They use these skills to create loyalty, value and trust.

The International Franchise Association provides the following perspective on what some of the keys to franchise success are.

1. Make sure you have enough money.  

• Determine how much you have to invest, how much you're willing to risk and how much you will need to live on for at least 12 months.   
• Listen to your attorney and accountant and do not be pressured by the franchise salesperson.

2. Follow the system.  

• Franchisees often get their business up and running and then begin to change, add or modify existing products, advertising, hours, services, and even the quality and consistency they are licensed to deliver.  This violates the franchise agreement and puts you in jeopardy of having your franchise terminated!  
• By following the system, you:
  • preserve the brand 
  • protect your investment and that of your fellow franchisees

3. Don't neglect your family and friends.

• Be prepared to work long hours, but also make sure to budget time for your family and friends.   
• Don't forget to acknowledge the sacrifices your family makes.   
  • Allow your family and friends to share in your new life.

4. Be an enthusiastic franchisee. 

• The success of any business is linked to the level of enthusiasm you bring to the job.   
• Enthusiasm brings a level of excitement and energy to the operation that everyone can feel-including your customers and staff. 

5. Recruit the best and treat them with respect.  

• Good help is hard to find-great help is essential.   
• To keep the good staff you've hired:  
  • Rotate routine and boring jobs.   
  • Don't show favoritism.   
  • Keep employees informed of new marketing and other promotions.   
  • Provide timely performance reviews and wage salary increases.

6. Teach your employees.  

• In franchising, training should be continuous.  Employees are your front line. 
• Training classes are a good way to show your employees that they matter to you.  
• Get all the training you can from the franchisor.   
• Alert your franchisor when you need additional training.  
  • Take advantage of every training opportunity, whether it's offered by the franchisor or by local schools, trade associations and other sources.

7. Give customers great service.  

• The most important thing you can do is to get everyone to smile! 

Read complete post here : https://www.compasspointcpa.com/blog/how-succeed-franchisee

Professional Tax And Accounting Services Arizona

How to Create a Winning Project Plan

Accounting Services in Northern Arizona

If you’re contemplating executing a business project and want to be as prepared as you can be then we highly recommend you dig your teeth into the following information.

As Technopedia defines it, a project plan is a formal document that is intended to serve as a roadmap from start to finish of a contemplated project. The plan is made up of elements such as resources used, milestones, and timing to name a few.

The plan is designed to guide the control and execution of a project, and it is the key to a successful project and is the most important document that needs to be created when starting any business project.

It is used for the following purposes:

• To document and communicate stakeholder products and project expectations
• To control schedule and delivery
• To calculate and manage associated risks

The plan answers the essential questions about the project, including the following, also noted by Technopedia:

• Why? - What is the task related to the project?
• What? - What are the activities required to successfully complete the project? What are the main products or deliverables?
• Who? - Who will take part in the project and what are their responsibilities during the project? How can they be organized?
• When? - What exactly is the project schedule and when can the milestones be completed?

The initiation of a project requires detailed and vital documentation to track project requirements, functionalities, scheduling and budget. Formal project plans establish detailed project requirements, including human and financial resources, communications, projected time lines and risk management.

The following seven steps, as noted by Wrike and Computer Weekly, show how to create a successful project plan:

Step 1: Identify and Meet with Stakeholders

A stakeholder is anyone who’s affected by the results of your project. That includes your customers and end users, too. Make sure you identify all stakeholders and keep their interests in mind when you create your project plan. Meet with the project sponsors and key stakeholders to discuss their needs and expectations, and establish baselines for project scope, budget, and timeline.Professional Tax And Accounting Services Arizona

Create a Scope Statement document to finalize and record the details of the project scope. The project scope statement is arguably the most important document in the project plan. It is used to get common agreement among the stakeholders about the project definition. It is the basis for getting the buy-in and agreement from the sponsor and other stakeholders and decreases the chances of miscommunication. This document will most likely grow and change with the life of the project. 

Step 2: Baselines

Components of the project plan include: 

• Baselines: These are sometimes called performance measures because the performance of the entire project is measured against them. These are used to determine whether or not the project is on track during execution

Step 3: Set & Prioritize Goals

Prioritize stakeholder needs and set specific project goals. These should outline the objectives of the project — the benefits you hope to accomplish.

Step 4: Define Deliverables

Identify the deliverables you need to produce in order to meet the project’s goals. What are the specific products you’re expected to complete? Estimate due dates for each deliverable in your project plan. (You can actually finalize dates when you sit down to define your project schedule in the next step.)

Step 5: Create the Project Schedule

Look at each deliverable and define the series of tasks that need to be completed in order to accomplish each one. Next, identify any dependencies. Do certain tasks need to be completed before others can begin? Input deliverables, dependencies, and milestones into an app similar to a Gantt chart. Involve your team in some of the planning process. The people doing the work have important insights into how tasks get done, how long they’ll take, and who’s the best person to tackle specific tasks.

Step 6: Identify Issues and Complete a Risk Assessment

Are there any issues that you know of upfront that will affect your project, like a key team member’s upcoming vacation? What unforeseen circumstances could create hiccups? (Think cold & flu season, backordered parts, or technical issues.) Consider the steps you could take to either prevent certain risks from happening, or limit their negative impact. Conduct a risk assessment and develop a risk management strategy to make sure you’re prepared.

Step 7: Present the Project Plan to Stakeholders

Explain how your plan addresses stakeholders’ expectations, and present your solutions to any conflicts. Determine roles: who needs to see which reports, and how often? Which decisions will need to be approved, and by whom? Make sure stakeholders know exactly what’s expected of them, and what actions they’re responsible for. Instead of telling stakeholders that their expectation or request is unrealistic, tell them what’s required to make it happen: how much time, money, or manpower? Let them decide if it’s worth dedicating the extra resources.

In short, project planning doesn’t need to be difficult or complicated. However, project planning does need to be thorough if it’s going to be a useful tool for tapping into its potential rewards.  Business Advisory Services Arizona