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Guide to Fractional CFO Services
CFO’s Small Business Financial Report Guide
Articles
Small Business Accounting in 2024: Outsourcing and Tech Strategies to Beat the Shortage
In the rapidly evolving landscape of small business entrepreneurship, a concerning trend around the accounting profession has emerged. The lack of accounting talent available signals potential challenges ahead for small business owners. A recent report from the American Institute of CPAs reveals a sharp decline in students earning U.S. post-secondary accounting degrees. In the 2021-22
Maximizing Value in Your Finance Department: Cost-Effective Strategies for Small Business Owners
We live in a world where every dollar counts. Small business owners grapple with the dilemma of balancing cost-effective finance and accounting solutions with the need for more expertise. The key question is, how can you get the most out of your financial operations without breaking the bank? This article will explore strategies to set
AI In Accounting and Finance
In the dynamic world of small business, the emergence of AI within accounting and finance could revolutionize how owners manage and strategize financial operations. As a small business CFO, navigating this new terrain of AI-driven financial management can be both exhilarating and challenging. However, while the potential is intriguing and exciting, AI solutions currently fall
Keys To Succesful Franchise Coaching
When it comes to franchise support, there are two areas where I see franchisors fail to meet their franchisee’s needs. These observations come from working with franchise systems of all sizes. I work with clients starting up with a couple of units to those with as many as 200 units. I was a franchisor in
Selling Franchisees Isn’t the Golden Ticket but Coaching Is
Most franchisors come to learn that they don’t make money from selling franchises. After selling and training costs are deducted from the initial franchise fee, there is often little left over. What franchisors learn is the path to lasting wealth in franchising is paved with the steady flow of recurring royalties. There are so few
Setting Standards: Business Models vs. Budgets vs. Forecasting
As an outsourced CFO serving 12-15 different businesses, I’ve delved deep into the realm of budgeting and forecasting. Over time, I’ve come to believe that traditional budgeting has taken a backseat, with rolling 12-month forecasts becoming the preferred financial tool for businesses. This tool not only provides future insights but also sets a standard for
Mid-Year Financial Goals Check: Reviewing Budget vs Actual
Just about every business has goals, whether they’re informal targets or the product of a more formal plan. But just as important as setting the right goals is monitoring your organization’s progress, including a comparison of budget vs actual revenue and expenses. Let’s look closer at how to properly conduct these vital reviews and why
Advantages of Financial Planning and Forecasting
Financial planning and forecasting play a crucial role in the success and growth of any business. By utilizing these strategic tools, businesses can gain valuable insights into their financial future and make informed decisions. In this blog post, we will explore the numerous benefits of financial planning and forecasting, demonstrating why they are essential for
Accounting Software to Save Small Business Owner Time
In today’s fast-paced business world, time is of the essence. For small business owners, managing accounting tasks can be time-consuming and overwhelming. However, with the right tools and accounting software add-ons, owners can streamline their financial processes and save valuable time. Most small business owners don’t spend enough time with their small business accounting software
How to Implement Business Tax Planning Strategies Year Round
Implementing effective business tax planning strategies is crucial for any company, but leaving tax planning until the end of the year can create stress and cause you to miss out on savings opportunities, which is why you should be focusing on it all year round. In this article, we will look at the advantages of
Using Agile Methods in Small Business Finance and Accounting
In May of 2022 I attended a CFO conference put on by the American Institute of Certified Public Accountants. As is often the case, there are 3 to 4 themes that emerge throughout the week. At this particular conference, one of those themes was the use of agile methodologies in finance and accounting departments. At
Virtual CFO Services: What Should You Expect
Virtual CFO services are more than a person behind a computer, crunching numbers and running reports. They are an extension of your business; an additional team member without the in-house costs. When you work with a virtual CFO you can expect the financial aspects of your business to be handled with care and detail, but