Mainebiz

V O L . X X I V N O. X X V O C T O B E R 2 9 , 2 0 1 8 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E N O T E W O R T H Y S O U T H E R N Stroudwater Associates, a health care consulting firm in Portland, was selected to participate as an approved vendor in the Massachusetts Delivery System Reform Incentive Payment Technical Assistance (TA) Program and the TA Marketplace to help improve health out- comes and experiences and reduce the cost of care for MassHealth members. ecomaine, a solid waste and recycling services company in Portland, launched single-sort recycling services for resi- dents in the town of Vinalhaven. The U.S. Department of Justice Office on Violence Against Women awarded a grant of $350,000 to Maine Boys to Men, a nonprofit in Falmouth. The award will be used to support a multi- year project to engage adult men as leaders, mentors and allies in prevent- ing male violence against women and girls in Greater Portland. Maine Medical Center in Portland said its Medical Education Department will launch the state's only peer-reviewed medical journal dedicated to origi- nal research in the health sciences and is seeking submissions from all professionals working in a clinical health care and/or medical education setting. Chaya Studio Jewelry in South Portland launched a new logo to better represent its unique style and broad- ening product lines. Saltwater Grille in Portland implement- ed TableSafe's pay-at-the-table platform to guard against escalating charge- backs in table-service restaurants. The 11th Annual Triple B Boots, Band and BBQ to benefit Riding to the Top Therapeutic Riding Center in Windham raised $165,000. CMP may go underground with transmission line In a bid to address concerns of state environmental regulators, host commu- nities and other stakeholders, Central Maine Power plans to avoid an aerial crossing over the scenic Kennebec Gorge as part of its $950 million New PORTLAND 207. 482.7920 | AUBURN 207. 791.2110 | NorwaySavings.bank these are my people I N V E S T M E N T M A N A G E M E N T T R U S T S E R V I C E S F I N A N C I A L A D V I C E E S TAT E P L A N N I N G • Not FDIC Insured • No Bank Guarantee • May Lose Value N O R WAY S AV I N G S A S S E T M A N AG E M E N T G R O U P As fiduciaries, we act with only your best interest in mind. Q: My chart of accounts has become unwieldy. What can I do? ACE advises: One sign that it's time for a new accounting system is that your chart of accounts includes pages and pages of account combinations. How does this happen? It happens gradually over time, especially with a linear chart of accounts. If you use a linear chart of accounts in your quest for more information and metrics about your business, those strings of account combinations become longer and more numerous. Bloating is never good, particularly when it comes to your chart of accounts. What you need is accounting software designed to maintain a lean chart of accounts, and that uses built-in system dimensions. Instead of hard-coding individual accounts, dimensions offer a more flexible and fast way to delve into the details of your financials. When it's time to close the books, a lean chart of accounts means fewer errors to correct, leading to a speedier close. A speedier close means key finan- cial reports are in the hands of the executive team much faster than before. Not only are you able to spend more time on the strategic role you have, your colleagues can, too. It's amazing the improvements you'll see when your team is able to make data-driven decisions in ways not possible with the restrictive chart of accounts found in entry-level or legacy accounting software. A S K AC E A n s w e r e d b y D e a n M i c h a u d , P r e s i d e n t , M i c h a u d A c c o u n t i n g S o l u t i o n s The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Dean Michaud can be contacted at dean@michaudaccountingsolutions.com C E N T R A L & W E S T E R N

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