Accounting Strategies For Small Business

Take ideas and strategies that you think might only apply to bigger companies, and relate them to small businesses.

Best Accounting Practices for Small Businesses: Navigating the Landscape

Accounting Strategies For Small Business, General Accounting / By

In the early 2000s, Marvel Comics was facing a financial crisis. The company, now known for its blockbuster superhero movies, was struggling with massive debt and had even filed for bankruptcy in 1996. Despite having popular comic book characters, Marvel’s financial mismanagement and lack of strategic oversight had brought it to the brink of collapse.

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Actionable Financial Reporting

Transforming Data into Decisions: The Power of Actionable Financial Statements

Accounting Strategies For Small Business / By

You can’t blame the small business owner for rolling their eyes when their accountant says they want to review their monthly financial statements. As a fractional CFO, I have more than once thought I heard an audible groan from a potential client when I suggest monthly meetings to review their reporting package. The truth is,

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Small Business Accounting in 2024: Outsourcing and Tech Strategies to Beat the Shortage

Accounting Strategies For Small Business / By

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

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AI In Accounting and Finance

Accounting Strategies For Small Business / By

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

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Setting Standards: Business Models vs. Budgets vs. Forecasting

Accounting Strategies For Small Business, Small Business Cash Flow Management / By

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

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Mid-Year Financial Goals Check: Reviewing Budget vs Actual 

Accounting Strategies For Small Business, Small Business Financial Reporting / By

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

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Accounting Software to Save Small Business Owner Time

Accounting Strategies For Small Business, General Accounting / By

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

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The Cash Cushion Sweet Spot: The Right Amount of Cash Reserves for Your Small Business

General Accounting, Small Business Cash Flow Management / By

Determining the Right Cash Reserves for Your Small Business: Insights from a CFO Running out of cash can spell disaster for a business. But hoarding too much can be a waste. So, how much is just right? In this article, I tackle the crucial question most frequently asked by current and prospective clients: How much

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