If you accept payments from your customers on a time-based plan, are you keeping track of who owes you what? Really keeping track of it? If the answer is “Yes” – EXCELLENT! If the answer is “No” – you may have a leaky bucket and we need to put some duct tape to work. [...]
“I’m drowning in bookkeeping data but have absolutely no good financial information about my business!” Sound familiar? Maybe you’re getting monthly financial reports but nothing comes together to draw a picture for you of what’s really happening inside your business. You’re not alone! So many business owners are in this same spot: in businesses [...]
Whether you’re a start-up entrepreneur, or owner of a 9-figure mature businesses, there are circumstances that can cause you to run out of cash. It just happens. It obviously happens in new businesses, because there is no income in the beginning. But it also happens in more mature businesses, because of ill-planned growth, leakage, [...]
Working with a new client today, it struck me that a lot of people assume setting up a new bank account for a business is a hassle. So, I figured it was important to take a minute to jump out here and say, “It’s not so hard to do.” CLICK HERE FOR A FREE COPY [...]
Some time ago, I was hired as the CFO of a company with about 200 employees, 12 of whom were on the finance team. When I got there, the executive leadership team believed they had a litany of “issues” with the finance team: They didn’t deliver reports on time The information they provided was inconsistent [...]
As a business owner, you might be wondering how early you can reasonably expect your monthly financial reports. Should you get them by the 5th workday? The 10th workday? In the middle of the month? When is the optimal time to review them, and can you get them that early? The answer is surprisingly simple: [...]
When it comes to hiring part-time CFOs, there are, as you would expect, many different perspectives, experiences, and opinions. You hear whispers of: “A part-time CFO will cost you an arm and a leg!” “Good luck with that… they just don’t know your business well enough.” “You’re better off hiring someone full time to lead [...]
A significant portion of a business’ initial success is directly tied to the skill set, relentless drive, and vision of the company’s founder. There is no doubt that it is a small handful of people who have what it takes to create a business from nothing but a dream. So the good news is that [...]
Every step of your accounting process was created with the best intentions. There was a problem, and someone solved it. But over time (and it’s a lot less time than you think), business processes change. You hire new people, you have a change in leadership, and slowly but surely, you start to make micro-adjustments to [...]
In 2002, following the whole Enron fiasco, the Sarbanes-Oxley Act was signed into law. This new legislation set new requirements for all US-based public companies, management, and company boards with regards to — you guessed it — controls that lead to accurate financial reporting. It placed a new level of responsibility on CFOs and CEOs [...]
