A common complaint we hear from business owners is that they struggle to use information to run the business. It is either not timely, not accurate or both. Those same business owners find it harder and harder to manage the business by feel as the business grows and evolves. … Read More
It can be a cause of dread, confusion and even panic for many entrepreneurs. A trusted, tenured and essential financial person in your business just quit. You will replace them, but do you know exactly what you are looking for? And how difficult a transition might be?… Read More
As you’re studying your monthly financials and preparing for year-end reporting, and you find that your financials are not depicting the business narrative you know to be true, it could be a sign of bad accounting.
Here are some best practices for reviewing your P&L and determining if there is an opportunity to enhance the accounting practices:
Revenue
If you’re having a great month and selling a ton of services or inventory, but revenue is not telling the same story, it’s likely revenue is not recorded in the proper period on your financials.… Read More
Disruption in the supply chain is nothing new, and you don’t have to look hard to find new data on a daily basis. Overseas manufacturers are still unsettled from the pandemic, ports are full and there are not enough truckers to move the necessary loads of goods.… Read More
Accounting and finance are two commonly used words to describe functions within businesses. Let’s look at what they mean to small and mid-size businesses, some key differences between them and reasons why both are essential for long term success.
The most important point however for any small and mid-size business is a solid, intentional balance between the two.… Read More
In our last article (link here), we covered key considerations in evaluating a new ERP system. So, at this point, the decision has been made to implement a new system, the requirements of the new system have been agreed upon and the specific platform has been vetted and selected. … Read More
Whether they realize it, all businesses use some form of ERP (Enterprise Resource Planning) system, it just may be that one or more components are manual or disjointed. An effective ERP system provides greater team efficiency, continuity of information, enhanced visibility into the business and data security.… Read More
As Benjamin Franklin famously wrote in 1789, “Nothing can be said to be certain, except death and taxes.” No matter the size, all businesses must report their annual financial results to the IRS. For a significant number of companies, the choice is made to file tax returns on a cash basis; if you make or spend the cash during the year, it goes on the return. … Read More
For a number of business owners and management teams, financial statements are reviewed infrequently. Entrepreneur complaints about financial statements, such as “they aren’t accurate” or “they don’t tell me anything about my business”, are frequent. While understandable, this is a big lost opportunity.… Read More
