Should auld acquaintance be forgot and never brought to mind?
Obviously, the answer to this rhetorical question in the opening line of the New Year’s song Auld Lang Syne is “no.” However, given the year we’ve just had, I’m quite happy to leave 2021 in the rear view! So, without further ado, it is on to 2022!
What are your new year’s resolutions? If you’re like most people, it might be to exercise more, lose weight, or get organized. I know that these are some of the resolutions that should be on my list! However, since I normally screw them up by mid-January anyway, I have decided to forego new year’s resolutions this year. That said, after talking with Bob and Chris about results of 2021 and our goals for the upcoming year, we came up with a few new year’s resolutions for our company, GAAP Dynamics.
Here are our top 3 new year’s resolutions for 2022:
Return to profitability
As noted in my Happy GAAPsgiving blog, we were hoping to break even in 2021. However, because of some receivables that remained outstanding at year end and the payment of well-deserved bonuses to our employees, we closed out the year with a slight net loss. No worries. It will all get better in 2022.
Or will it? It would be easy to “blame” our results on the fact that a few of our “whale” clients didn’t spend what they normally spend with us. And certainly, that’s part of it. But, after analyzing our results, we noted that often we agree to a fixed price before completely understanding the scope of the work or, if there are changes in scope, we don’t invoice the client for the additional work. In addition, although we haven’t increased our daily rates or prices for several years, we consistently give our employees raises, including nearly 5%, on average, for the upcoming year. It doesn’t take Sherlock Holmes to figure out that this is not sustainable.
Therefore, in 2022, we will:
- Understand the scope of the work before quoting a price to a client
- Track changes in scope and charge for the actual work performed
- Increase our rates and prices to help offset inflationary pressures
Also, we’ve made substantial progress in building up our online eLearning course catalog. This progress did not come without substantial investment and it’s time we monetize this investment through better marketing and sales efforts.
Improve our virtual training game
We did a lot of webinars last year, nearly 900 hours’ worth by our count. And we think we do a pretty good job as evidenced by participant reviews. That said, we can always up our game, and this is especially true with respect to incorporating technology in our webinars. This includes adding videos, music, and digital whiteboards to further engage our audience.
Another thing we would like to add is a chat feature between participants, which is currently not possible in our current webinar platform (GoToWebinar). We believe this feature is necessary for participant engagement and leads to more effective peer-to-peer learning. Therefore, we will be researching other webinar providers in the coming months to see if they can help us take our webinars to the next level. We want our webinars to be the best in the business!
Has your company been investing in webinars during the pandemic? If so, why not convert them into CPE-compliant self-study courses? We can help!
Expand our online eLearning library
Did you know that our U.S. GAAP eLearning library is nearly complete? With over 70+ eLearning courses and collections, it’s a great resource to increase your U.S. GAAP knowledge, available at your moment of need! Want to license a course or the entire library for your organization? We offer volume discounts. Let’s talk!
But we are not one to rest on our laurels. Wanting to give some love to our international friends, we plan to release over 40 IFRS eLearning modules in 2022, hopefully by this summer. You can check out our progress (and hold us to account) here.
While we already have a significant number of industry-specific eLearning courses in banking, investment management, and insurance, we still have a bit of work to do, especially in the area of developing additional microlearning modules on specific topics.
Well, there you have it. And, unlike my lose weight and exercise more resolutions (where’s the beer and pizza?), we’re going to stick to them!
Thank you to all our clients and subscribers for sticking with us for the past 20 years. Wishing you a healthy, happy, and prosperous new year!
We’ll take a cup o’ kindness yet, for auld lang syne!
About GAAP Dynamics
We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!
This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.