Consult Your CFO Blog
What Is A Fractional CFO?
The role of the CFO has evolved over time to be an important part of the executive leadership team. They are responsible for guiding companies with their financial decisions and reporting on how they are doing. A Fractional CFO is a new way to bring senior-level...
What Services Do CFOs Provide?
The Chief Finance Officer (CFO) is responsible for ensuring that their company is properly maximizing its revenue and working to achieve profitability while minimizing risk. This person also helps assist with strategic planning to ensure goals are met which is...
Virtual vs. On-Site Interim CFO: What’s the Difference?
Hiring an Interim Chief Financial Officer or CFO has been a growing trend over the last twenty years because it provides many benefits to the company. Interim CFOs are experienced executives who fill in temporarily or on a periodic long-term basis. The most common...
What Is a Living Wage and Does It Actually Work?
A living wage is an hourly pay rate intended to allow a worker to meet a basic standard of living within their community. While the goal of reducing poverty is one most people share, the question worth examining is whether setting an artificial wage floor is the most...
How to Monitor Financial Controls on a Construction Project
Good design and quality finishes alone will not make your project successful. You need careful construction planning and budgeting to get the outcome you envision. Without both, costs can spiral quickly out of control. Start with a Clear and Complete Budget Your...
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...
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...
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...
Designing, Preparing, Executing and Evaluating the Corporate Budget
Whether you are starting out in your career, determining your retirement goals or managing a business, your future success or failure is based on how well you design, prepare, execute and evaluate your strategic plan and budget. There are many reasons why startups and...
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...
The Future Unemployment Insurance Effect on Employers Due to the Recession
On the 23rd of October 2009, the State of Maryland Department of Labor, Licensing and Regulation issued a letter to companies doing business in Maryland. This letter summarizes the impact of the dramatic increase in the number of unemployment claims by Marylanders. ...
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...
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...
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...
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...