Nathan Liao, CMA Coach on LinkedIn: 4 Inventory Methods Advantages & Drawbacks 👇 Inventory is the backbone… | 28 comments (2024)

🚨 Will Accountants by 2030Work In Data Science?Yes, it’s only a predictionBut AI is drastically changing our way of workIt’s reducing time spent on manual tasksAllowing us to shift our focus to:- Strategic decision-making- Data analytics- Business intelligenceFor accountants who wish to lead the wayThere is no better option than to developAn array of skills beyond just basic accounting 🧮This is part of the reason the CMA credentialHas grown so much in the past yearsAnd continues to be a powerful wayTo differentiate from the pack 🏆Here are 6 steps to future-proof your career:1️⃣ Embrace AI Technology2️⃣ Improve Data Literacy3️⃣ Increase AI Tools Proficiency4️⃣ Continuing Professional Education5️⃣ Improve Communication Skills6️⃣ Obtain Relevant Professional Certifications—---------------“Ten years from now, finance and accounting professionals will have a totally different set of skills than the experienced professional of today and will largely look more like data scientists and systems engineers,” - Mark D. McDonald, senior director at technology research and advisory firm, Gartner.—--------------👉 What are your thoughts on this topic?Let’s have a constructive discussion below 👇—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨ERP - Enterprise Resource PlanningTop 4 Advantages/Disadvantages Ever wondered what ERP is all about?It has a significant impact on accounting & financeLet’s demystify it together:What is ERP?In simple terms, ERP is like the central nervous system of a company's operations. It's a suite of integrated applications that manage core business processes - think finance, HR, manufacturing, supply chain, services, procurement, and more - all in one unified system.👉 TOP 4 Advantages of ERP:1️⃣ Streamlined Processes:ERP breaks down silos! It integrates various departments, enhancing communication and collaboration. Imagine having a single source of truth for data across your organization. 2️⃣ Improved Data Analysis:With data from all departments centralized, businesses can enjoy richer insights and analytics. This means better decision-making, from budget allocations to strategic planning.3️⃣ Cost Savings:Though it might seem counterintuitive considering the initial investment, ERP can lead to significant cost reductions over time by improving efficiencies and reducing redundancies.4️⃣ Scalability:As your business grows, so does your ERP. It’s designed to adapt and scale, supporting new users, functions, and technologies without skipping a beat.👉 TOP 4 Disadvantages of ERP:1️⃣ Cost and Complexity:The elephant in the room – ERP systems can be expensive and complex to implement. The initial setup, customization, and training can be a hefty investment, but over time will translate into cost savings. 2️⃣ Implementation Time:Rolling out an ERP system isn’t an overnight task. It can take months, or even years, for a full-scale implementation, which might test your patience and that of your CFO’s.3️⃣ Resistance to Change:Change can be hard, and ERP implementations are no exception. Employees used to certain workflows may resist adopting new systems, highlighting the need for effective change management strategies.4️⃣ Risk of Failure:Without proper planning, execution, and ongoing support, ERP projects can fail, leading to a massive waste of resources.👉 Your Thoughts?Have you had experience with ERP systems? Love them, hate them, or somewhere in between? Share your stories or insights below 👇—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨 How Amber Got Her CMAIn Under One Year 👇🏼Earning the CMA is a monumental achievement!Amber's dedication, coupled w/ the proper supportHelped her achieve it in record time:💥 Transformation:Through diligent study, leveraging the CMA Exam Academy program's resources, and engaging with the personalized support of our team, Amber not only met but exceeded her goals, achieving her CMA certification in less than a year.💬 Testimonial:Reflecting on her experience, Amber shares, "I’m so thankful I chose CMA Exam Academy to help me achieve my goal! The personalized support and the effective program structure were instrumental in my success. A heartfelt thank you to Nathan and his team. I highly recommend this program to anyone aiming for their CMA certification."🔑 Takeaways:Amber's journey proves the power of choosing the right preparation program. The personalized approach not only kept her on task but also made the entire certification process feel more manageable and friendly.—---------------If you’re new to the CMAGet my free 10-step CMA roadmap PDFDrop ‘CMA’ in the commentsAnd I’ll send it to you via DM—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨How to Read a Balance SheetUsing 6 simple ratios 👇The Balance Sheet is a financial selfieA snapshot of your company's financial healthIt reveals the net worth at a specific point in timeThe Balance Sheet uses the following formula:👉 Assets = Liabilities + Shareholder's EquityLet's dissect this a bit further:1️⃣ Assets:These are the resources your company owns, such as cash, inventory, property, and accounts receivable.2️⃣ Liabilities:These are the obligations or debts your company owes, like loans, accounts payable, salaries, and rent.3️⃣ Equity:It’s the difference between assets and liabilities, reflecting the owners' claims on company assets after all debts have been paid.So, who uses the Balance Sheet? 🧐- Shareholders & potential investors- Lenders assessing your creditworthiness- Management to evaluate business performance—------------BONUS: 6 financial ratios:1. Current Ratio:Current Assets / Current LiabilitiesThis ratio measures a company's ability to pay short-term obligations2. Quick Ratio (Acid-Test):(Current Assets - Inventories) / Current LiabilitiesThis is a measure of a company's short-term liquidity, excluding inventories3. Debt to Equity Ratio:Total Debt / Total EquityThis ratio provides insight into a company's leverage, showing the proportion of financing that comes from debt compared to equity.4. Debt Ratio:Total Debt / Total AssetsThis ratio measures the percentage of a company's assets financed by debt5. Equity RatioTotal Equity / Total AssetsThis ratio shows the proportion of a company's assets financed by equity6. Return on Equity (ROE):Net Income / Shareholder's EquityIt measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested—-----------------These ratios are most informative when tracked over time or compared to ratios of other similar companies or industry averages.👉 What other ratios would you add?Share your thoughts in the comments—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨 Top 7 Stoic Teachings For Accounting & Finance Pros 👇🏼I’ve always enjoyed reading Stoic philosophyParticularly the timeless words of Marcus AureliusHere are my top 7 favorite teachings from him 1️⃣ The Power of Perception:"You have power over your mind - not outside events. Realize this, and you will find strength." How we perceive challenges determines our response. This has taught me to focus on solutions rather than problems in business and life in general. If there’s no present solution, I put it to the side and revisit later. 2️⃣ Acceptance of What We Cannot Control:"Accept the things to which fate binds you, and love the people with whom fate brings you together, but do so with all your heart." In accounting & finance, as in life, uncertainty is a given. Learning to navigate through it with acceptance rather than resistance is a recipe for mental peace.3️⃣ Value of Time:"Waste no more time arguing about what a good man should be. Be one." Time is the most precious resource we have. I've learned the importance of action over endless deliberation or analysis paralysis. Businesses love speed, and a professional who can help them move faster in the market has an advantage. 4️⃣ Purpose and Action:"The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." Standing true to one’s values and professional ethics, especially in leadership, often means taking the road less traveled. 5️⃣ Inner Peace:"Nowhere can man find a quieter or more untroubled retreat than in his own soul." Finding moments for reflection has been so important for clarity and inner peace. I devote time to this practice weekly. 6️⃣ Resilience in Adversity:"The impediment to action advances action. What stands in the way becomes the way." Every challenge is an opportunity to grow stronger and more adept. Without challenges, it’s impossible to grow like a muscle without exercise. 7️⃣ Adaptability:"Adapt yourself to the life you have been given; and truly love the people with whom destiny has surrounded you." Flexibility and open-mindedness in strategy, business and leadership are invaluable.—----------------👉 I’m curious, have any philosophical teachings influenced your professional journey? Would love to know. Share it in the comments—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨 What Is Business Intelligence (BI)?Here’s how to unlock its power 👇🏼In an era where data is the new oilThose who know how to extract itWill have a massive competitive advantageThis is where Business Intelligence (BI) comes in:🧠 What is Business Intelligence (BI)?At its core, BI is not just a technology or a set of tools. It's a comprehensive approach encompassing applications, methodologies, and best practices, all aimed at converting data into actionable intelligence. The goal? To empower decision-makers to make informed choices, streamline processes, and boost overall organizational performance.❓ Why BI? Why Now?In our fast-paced world, intuition alone doesn't cut it. BI leverages data from various sources, analyzing and presenting it in a digestible format - be it through reports, dashboards, or visualizations. This allows leaders and teams to:1️⃣ Make Informed Decisions:With BI, decisions are no longer shots in the dark but are data-driven and strategic.2️⃣ Identify Trends and Patterns:Uncover new opportunities or potential risks by analyzing market trends and consumer behavior.3️⃣ Enhance Efficiency:Identify bottlenecks and streamline operations, leading to cost savings and improved productivity.4️⃣ Personalize Customer Experiences:Tailor offerings to meet customer needs more precisely, enhancing satisfaction and loyalty.❌ Challenges and ConsiderationsWhile BI presents numerous opportunities, its implementation is not without challenges:1. Data quality2. Integration complexities3. Ensuring user adoption4. A culture that values data-driven decision-makingWith advancements in AI and machine learningBI tools are becoming more sophisticatedLearning BI is no longer optional; it's essential 💡I’m curious to know…👉 Are you leveraging BI in your role?Share in the comments—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨Dive Into the World of Data AnalyticsLearn With Me 👇🏼We've been brewing a new course at CPE FlowA course so many of you have been asking forIntroducing our latest CPE course: 📈 Data Analytics: From Basics to AdvancedWe’re diving deep into the data analytics worldAnd we want you on this journey with us!Whether you're looking to get your feet wetOr you’re ready to tackle advanced analyticsThis course is designed with you in mind🔗 Check it out here: Data Analytics Course | https://lnkd.in/eyyvMQbK We’ll take you from the fundamental principlesAll the way to the cutting-edge techniques 📈Drop any questions or thoughts below👉 Are you new to Data Analytics? Let’s chat in the comments—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨 How To Overcome Self-DoubtOn Your Path to CMA Success!Feeling overwhelmed and questioning yourself?You're not aloneSelf-doubt is common when studying for the CMAHere’s how you can transform itInto unstoppable motivation 💪1️⃣ Embrace Small Wins:Break down your study plan into manageable chunks. Celebrate every small victory, whether it's mastering a difficult concept or completing a chapter. These milestones build confidence and momentum.2️⃣ Cultivate a Positive Environment:Surround yourself with positivity. Join study groups where you can share experiences and strategies. Engage with mentors who can guide and inspire you. Even the content you consume plays a role; motivational accounts on social media can offer daily reminders of your capabilities and worth.3️⃣ Keep Your Eyes on the Prize:Never lose sight of why you started. Reflect on your career aspirations and how the CMA certification is a stepping stone towards those goals. Visualization is a powerful tool; imagine the moment you pass the exam and achieve your certification. Let this vision be your guiding light.—--------------------If I allowed self-doubt to winI would not be a CMA todayAnd wouldn’t have helped thousands do the sameSelf-doubt is not a reflection of youIt's just an emotional response to a challengeAcknowledge it and employ these strategiesYou've got this 🏆—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨 Data Analytics in Business4 Opportunities & Challenges 👇🏼In finance & accounting, data analytics is crucialUnderstanding its dual nature is beneficial And essential for every CFO, CMA, & finance proWith great data comes great responsibility 💡🚨 Top 4 Opportunities:1️⃣ Informed Decision-Making:Analyzing vast datasets offers great insights, guiding strategic decisions from investment to cost-cutting. 2️⃣ Predictive Analysis:Forecasting and predictive analytics empower organizations to anticipate market trends, customer behavior, and potential financial risks with high accuracy.3️⃣ Efficiency and Automation:Data analytics tools streamline operations, freeing up valuable time for strategic thinking and innovation. Helps identify inefficiencies, improve forecasting, and optimize resource allocation.4️⃣ Competitive Edge:Leveraging analytics gives firms an advantage, enabling them to identify and capitalize on market opportunities before competitors.🚨 Top 4 Challenges1️⃣ Data Quality and Integrity:Garbage in, garbage out. Ensuring the accuracy, completeness, and reliability of data stands as a significant hurdle to overcome.2️⃣ Skill Gap:The demand for professionals proficient in data analytics outpaces the supply. Training and retaining talent thus becomes a critical challenge.3️⃣ Privacy and Security:With great data comes great responsibility, as they say. Safeguarding sensitive information against breaches while complying with evolving regulations is a difficult task.4️⃣ Overwhelm and Analysis Paralysis:The sheer volume of data can overwhelm decision-makers, leading to indecision or misguided conclusions.—-----------------------------Using data analytics requires a balanced approachIt requires:1. Building robust data governance frameworks2. Investing in continuous learning & development3. Fostering a team that values data-driven insights👉 Is your company using robust data analytics? Let’s discuss in the comments 👇🏼—---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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🚨Pass the CMA exam easilyPooja’s success story 👇🏼The journey to the CMA certification is dauntingBut Pooja knows it’s possible w/ the right support💥 Transformation:With guidance from our dedicated team of CMAs, Pooja not only mastered the Part 2 syllabus but also aced the exam on her first try. Her journey is a great example of how structured preparation and personalized support can lead to remarkable results quickly.💬 Testimonial:Pooja shares her gratitude: "The way this program dissected a huge syllabus into small, digestible parts made my studying super easy. A huge thank you to the entire team for their support. Passing Part 2 on my first attempt has been a huge boost, and I'm now excited to tackle Part 1!"🔑 Takeaways:Pooja's success highlights the importance of a well-structured study plan and the invaluable role of a supportive coaching team of certified CMAs. Together, these elements create a winning formula for conquering the CMA exams.—---------------Inspired by Pooja's success story? Join us and let's turn your CMA goals into reality!👉 Send me a DMOr click the link in my bio —---------------Hi! I’m Nathan Liao, Founder & CEO of:🚀 CMA Exam Academy dot com- Pass the CMA exam on your first attempt!- 16-week Accelerator program (link in bio)- Students in 120 countries. 92% exam pass rate🚀 CPE Flow dot com- Are you a certified accountant?- Earn your annual CPE credits (link in bio)➕ Follow me for accounting & finance insights

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