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Optimizing and Embracing Best Practices for Finance and Accounting

As market fluctuations and rising interest rates put added stress on internal finance departments, it is wise for organizations to step back and reassess their finance and accounting (F&A) processes and systems. These assessments can help determine whether F&A workflows are enabling timely outputs for reporting, budget forecasting, internal processes like payroll, and other important tasks. Among the many benefits of analyzing and improving internal F&A processes, cost effectiveness and efficiency are paramount.

Balancing Cost and Efficiency

Cost reduction strategies that initially seem intuitive could yield unexpected and counterproductive outcomes. For example, some F&A departments might put policies in place to discourage unnecessary spending. Despite the benefit of cost savings, implementing cumbersome spending parameters can complicate and delay F&A reconciliation and expense processes, which could impact productivity, damage employee morale and increase the risk of employee burnout at a time when attracting and retaining talent is increasingly difficult.

When processes are not running efficiently, your gut reaction may be to hire more employees in an attempt to fill gaps. However, a more cost-effective and employee-centric option is to examine your F&A department’s overall posture and effectiveness, with a particular focus on systems and technology that may no longer be working. Try asking questions such as:

  • Which manual processes can be automated?

Automation can reduce the time your employees have to spend on tedious tasks. This not only helps to balance their workloads, but also allows employees to better invest their time in other high-value services.

  • How can financial reporting be improved?

Organizations are better equipped to make decisions when they are armed with more insightful reporting. This includes setting benchmarks based on industry-specific metrics and reassessing them regularly for accuracy. Assessing internal processes for diligence and efficiency can also help an organization more successfully meet reporting deadlines.

 

Finding the Right Solution

With new F&A tools and technology entering the market every day, the issue is not whether a solution exists to match your organization’s needs, but how to sift through the available options and implement the right choice.

While this may appear to be a daunting process, it is not one that any organization has to go through alone. Rather than jumping to invest in more internal resources, organizations should first examine existing operations to determine which changes can be handled internally and which may benefit from external assistance.

Third-party finance and accounting professionals can help organizations set up robust controls, align spending, optimize financial reporting and find new opportunities to adopt automated technologies and processes.

Click here to find a location closest to you.

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News Press Releases

ALEXANDER THOMPSON ARNOLD RISES ON THE IPA TOP 200 FIRM LIST

Alexander Thompson Arnold PLLC
227 Oil Well Rd.
Jackson, TN 38305

FOR IMMEDIATE RELEASE

For more information contact:

Alexis Long, Marketing Director
731.427.8571
along@atacpa.net

ALEXANDER THOMPSON ARNOLD RISES ON THE IPA TOP 200 FIRM LIST

Jackson, Tenn.– For the seventh consecutive year, Alexander Thompson Arnold PLLC (ATA) has been deemed a top 200 accounting firm in the United States by INSIDE Public Accounting (IPA), an award-winning newsletter for the public accounting profession. ATA increased its standing on the list to 134, two places higher than last year’s ranking of 136.

IPA utilizes net revenues of participating firms as well as the annual IPA Survey and Analysis of Firms to determine the lists of the 100, 200, 300 and 400 U.S.-based firms.

“ATA is regularly working to improve our firm and our reputation in the public accounting world,” said Managing Partner John Whybrew. “This recognition from IPA proves that we are making progress toward the goals we have set for the firm and serve as motivation to keep moving forward.”

IPA, founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning INSIDE Public Accounting newsletter and the award-winning National Benchmarking Report, along with other key reports on the profession. The Platt Group assists firms to become more successful through a variety of services.

View the full IPA Top 400 rankings here.

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About Alexander Thompson Arnold PLLC (ATA)

ATA is a long-term business advisor to its clients and provides other services that are not traditionally associated with accounting. For example, Revolution Partners, ATA’s wealth management entity provides financial planning expertise; ATA Technologies provides trustworthy IT solutions; Sodium Halogen focuses on growth through the design and development of marketing and digital products; Adelsberger Marketing offers video, social media, and digital content for small businesses; and newly added ATAES is a comprehensive human resource management agency. 

ATA has 13 office locations in Tennessee, Kentucky and Mississippi. Recognized as an IPA Top 200 regional accounting firm, it provides a wide array of accounting, auditing, tax and consulting services for clients ranging from small family-owned businesses to publicly traded companies and international corporations. ATA is also an alliance member of BDO USA LLP, a top five global accounting firm, which provides additional resources and expertise for clients.

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News Paris, TN Press Releases

Alexander Thompson Arnold Names New Partner

FOR IMMEDIATE RELEASE

For more information contact:

Alexis Long, Marketing Director

731-427-8571

along@atacpa.net

 

ALEXANDER THOMPSON ARNOLD NAMES NEW PARTNER

Alexander Thompson Arnold PLLC (ATA) is excited to name Elizabeth Russell Owen as the newest partner at ATA. Owen helps lead the Paris, Tenn. office and has been with ATA for six and a half years. She is a certified public accountant, specializing in tax services. In her new role as a partner, she will be responsible for the 1040 practice for the Paris location and client accounting services.

 

“Elizabeth is a team player, works hard and has demonstrated the ability to maintain exceptional relationships with clients,” said John Whybrew, Managing Partner of ATA. “This promotion was well-deserved. We are excited to see Elizabeth continue to contribute to our firm as we move forward.”

Owen is a member of the ATA tax committee, the employee engagement committee and helps develop internal training programs. She handles all of the Paris office’s tax correspondence and is redesigning the client accounting services practice.

 

“As I began my career at ATA, I recognized the opportunities offered for career growth,” said Owen. “It has been my goal to be admitted as a partner for several years. I hope to play a part in advancing the firm in the coming years as a partner.”

 

Owen received her undergraduate degree in accounting, international business and political science from the University of Tennessee at Knoxville in 2013. She received her Master of Accountancy from Belmont University in 2014.

 

Owen has been married to her husband Kody since 2016. They recently welcomed their son, Abbott Shaw, to their family.

 

Owen is a graduate of Leadership Carroll County, a program that builds community awareness and produces stronger leaders in the county each year. She is also a 2017 graduate of the WestStar Leadership Program; her class developed WestTeach, a program that allows teachers to stay in the classroom but also learn to be leaders in their communities. Owen also serves on the Board of Directors for the Paris Rotary Club.

 

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About Alexander Thompson Arnold PLLC (ATA)

ATA is a long-term business advisor to its clients and provides other services that are not traditionally associated with accounting. For example, Revolution Partners, ATA’s wealth management entity provides financial planning expertise; ATA Technologies provides trustworthy IT solutions; Sodium Halogen focuses on growth through the design and development of marketing and digital products; Adelsberger Marketing offers video, social media, and digital content for small businesses; and newly added ATAES a comprehensive human resource management agency.

 

ATA has 13 office locations in Tennessee, Kentucky and Mississippi. Recognized as an IPA Top 200 regional accounting firm, it provides a wide array of accounting, auditing, tax and consulting services for clients ranging from small family-owned businesses to publicly traded companies and international corporations. ATA is also an alliance member of BDO USA LLP, a top five global accounting firm, which provides additional resources and expertise for clients.