Consult Your CFO Blog

Living Wage

What is a living wage?  It is an hourly amount that allows a person to meet a basic standard of living within a community. The President’s goal is to institute a national living wage. However, if you live in Hawaii or New York City a living wage of $10.10 will not...

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Should I Use an Outsourced CFO?

Consider these scenarios: Your business needs an independent advisor, free of internal politics and biases, to recommend and implement policy, procedure, and system changes for the betterment of the entire organization. Your internal accountant/bookkeeper requires...

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Managing Corporate Costs in these Tough Economic Times

Over the past 6 months we have helped a number of our clients in the following areas: operating cost reduction and process improvement.  If you have not done so already, this is the window of time to get your company's house in order, so when the economy turns your...

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Key Factors in Starting a New Business

With the increased unemployment, more people are deciding to venture out on their own or with partners to startup a new business.  However, the success rate of new startups is not very good. “The impact of the national recession is evident in the business survival...

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The Importance of Maintaining a Clean Financial Report

Depending on whether your company has to go through an Audit, Review or Compilation at the end of the fiscal year it is important that management has the financials prepared accurately and according to GAAP (Generally Accepted Accounting Principles).  These financial...

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Designing a Chart of Account (COA) Structure

Designing a new COA, in accordance with Generally Accepted Accounting Principles (GAAP), for a new company or changing an existing COA is easy to accomplish if you understand the basic fundamentals. There are 3 fundamental rules that need to be followed when designing...

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Preparing for an Audit or Review

The audit/review annual report is a report card on how well your    company’s financial department is performing.  The goal of the audit/review process is to have no documented audit issues or comments.  Having audit issues may have an adverse affect on obtaining bank...

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Cash Flow Management Techniques

The old mantra that Cash is King is even more important in today’s economy than ever before.  The access to loans and private equity has never been tougher to obtain.  While it seems that the credit market has at least stabilized, obtaining cash to grow your business...

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The 10 Key Financial Reports Every Company Should Use

There are thousands of financial reports that your company can write and use, but the following 10 key reports are a must to run your company successfully. (1)              Income Statement Trend Report An income statement report that shows consecutive monthly results...

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Documenting Company Business Processes

There are 6 reasons to document company processes. Understand the steps required to complete a certain process Understand the time necessary to complete the entire process and each step Understand the complexity of the process, by determining which department produces...

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Measuring a Company’s Stability and Success

As discussed in the 1/1/2010 Blog called The 10 Key Financial Reports Every Company Should Use, all companies need to monitor their key performance indicators or kpis.   There are thousands of kpis depending on your industry, departmental area and task.  Management...

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Creating an Accounting Policies and Procedures Manual

An accounting manual is an important tool that all companies should create and maintain.  An accounting manual describes in detail accounting procedures and policies that are currently in affect at your company.  The accounting manual is like an owner’s manual you...

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