Accountants and finance people talk in a certain language with specific terms. In these articles, we break down some of those concepts so that the small business owner can understand.
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
Virtual CFO Services: What Should You Expect Read More »
Every business owner is aware of the concept of cash flow. It is, afterall, the ultimate measure of how a business is doing. The ways that your small business spends and makes money are probably always on your mind. Accounting for cash flow is one way you ensure your business is successful. I believe the cash
The Cash Flow Statement Primer Read More »
The structure of a small business is often intricate. Finance and accounting teams are made up of many roles with different levels of authority and responsibilities. As such, it can be difficult to pinpoint the exact tasks of any given position. Small business owners are often confused when they try to determine the difference between
Demystifying Accounting Roles: CFO and Controller Read More »
GAAP is the four-letter acronym for Generally Accepted Accounting Principles….most non-accountants have other four-letter words they might use to describe it. Most entrepreneurs and business owners I talk to rightfully comment they don’t care about GAAP because it doesn’t apply to their business. Unfortunately, franchisors are not in that category. Most franchisors think of themselves
Who cares about GAAP? Unfortunately, Franchisors must Read More »
The last time you budgeted for your business, I am sure you did it the way 99% of owners do. You projected your revenue based on what your expectations were and prior history. You then moved on to expenses and again, projected this based on the history of the business. In the end, you scrolled
Crash Course: Budgeting for Profit Read More »
I love Under Armour. I am very brand loyal and it is not uncommon to see me in multiple Under Armour outfits throughout the week. As I coach both of my boy’s flag football teams, I do so decked out in Under Armour gear. However, I also know that as a company, Under Armour has
Decoding Accounting: A Crash Course in Inventory Management Read More »
I was meeting with a business owner last week who told me they were interested in moving to accrual-based accounting method. They were currently on the cash basis and their bookkeepers were inquiring if they wanted to convert over. The company was just entering their 3rd year and always prepared their financial statements and tax
Decoding Accounting: Cash vs. Accrual Read More »
The Department of Labor released a new rule to make it easier for small businesses to band together to create joint 401(k) retirement plans for workers. The new rule will take effect on September 30th of this year. Under the rule, companies in different industries—for example, a salon and pizza parlor—could create a joint plan
Decoding Accounting: Old 401(k) Math + New Rules Read More »
Small business owners hate reviewing their financial statements. A combination of it being a reality check and the general disdain for numbers give owners heartburn at even the thought of reviewing an income statement. Small business owners generally don’t have an interest in accounting (only us weirdos do). Besides, most business owners know exactly where
The Business Owners Guide to Analyzing Your Small Business Income Statement Read More »
If you have started a new business, then you have been through the “merchant provider bombardment”. From listening to them, you would think there are huge variations in different providers. However, with a couple of exceptions, they are mostly the same. In this article, we’ll go over what those couple exceptions are, how to do
Decoding Accounting – Merchant Services Read More »
