Profit

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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Small Business Financial Reporting and Analysis

3 Comments / General Accounting / By

What is Financial Reporting and Analysis? When people ask me this question, there are a few metaphors that I could use to describe financial reporting. Sometimes, I will explain financial reports as your company’s report card, while at other times, I will describe it as the roadmap.  I particularly like the roadmap metaphor for financial

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Measuring Sales Channel Profitability for Food Manufacturers

General Accounting / By

As a small to medium-sized business owner, you are probably aware that opening a new sales channel can be an exciting process: New sales channels can mean accelerated growth and increased revenue, and the idea of reaching new customers is understandably appealing to business owners.  What you might not be aware of, though, is how

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Why Your Income Statement Doesn’t Match You Bank Account

Small Business Financial Reporting / By

“How can that be my net income?” “I didn’t make that much, check my bank account?” “This income statement makes no sense to me” I have sat with many business owners and heard these lines seem time and again.  Their income statements make no sense.  It’s no wonder many owners look at what accountants do

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A Quick History on “Paying Yourself First” and Why It Matters

Accounting Strategies For Small Business / By

I didn’t learn it on my first go around.  I studied a lot about entrepreneurialism and small business.  Like many, I read books, articles, and most whatever else I could find on the topics.  However, what most missed on was the financial part of operating a business. Sure, most of these books talked about ideation,

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Decoding Accounting: Cash vs. Accrual

Small Business Accounting Terms, Small Business Financial Reporting / By

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

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