Posts Tagged ‘accounting’

Learn to Love Financial Data

What would you think if you heard someone say that company management should learn to love financial data? You might think they had lost their mind. Have they?

Attention Getter

Actually I used that question to get your attention. No, I don’t really expect the management of any company to get to love financial data. On the other hand, I do think Read the rest of this entry »

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Financial Checkpoints

For every business there are certain points in time that are ideal for assessing the progress of the business from a financial perspective. I think of these as financial checkpoints.

Just What is a Checkpoint?

For our purposes we can define a checkpoint as Read the rest of this entry »

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Remote CFO

The term Virtual CFO is now heard fairly regularly. Is that an accurate description? Allow me explain.

What is Virtual?

Virtual is the appearance of being something though not actually what it appears to be. To understand this better, think of the term virtual reality. We hear that used in Read the rest of this entry »

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Hiring versus Training

Should you hire new employees or train existing employees? This is really a trick question. Why? Well, there is no actual right or wrong answer as the hiring versus training decision depends largely on the actual situation. Read the rest of this entry »

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Real Assets

Can you identify real assets when you see them? This question may not be what you are thinking. This posting relates to a similar one called When an Asset is Not an Asset.

Aren’t All Assets Real?

Stop for a moment and consider some of the things categorized as assets on the balance sheets of various companies. These may include, among other items: Cash and Short-Term Investments, Accounts and Notes Receivable, Prepaid Expenses, Fixed Assets (Land and Buildings, Furniture and Equipment, Leasehold Improvements, etc.), Long-Term Investments, Patents, Goodwill, and other items.

Now, on the face of it there is really nothing wrong with Read the rest of this entry »

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Monthly Financial Closing Plan

Does your company always seem to be late getting monthly financial statements? The solution may be simpler than you think.

A Case in Point

Several years ago I took on a new client. When I did so the individual who had been doing what I would be doing spent just a few days familiarizing me with his routines. As he was doing so I kept thinking something was missing. Actually there turned out to be several things missing.

For Starters

After I fully took over what was missing began to become apparent. First, there was Read the rest of this entry »

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Company Crooks

This posting was prompted by an article I read about what to do when a company owner was committing fraudulent activities to evade income taxes. Whether the fraud is committed by an owner or someone else, let’s cut to the chase and call them what they are: company crooks. While I will not rehash the tax issue, I do want to touch on the issue of fraud from another vantage point; that of the employee or contractor/consultant who has knowledge of a fraudulent activity.

It Could Be Anybody

If you are in a position with a company where you have any kind of fiduciary responsibility this is for you. That not only means CFOs and Controllers, but Read the rest of this entry »

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Validate Your Information

How often do you hear someone tell you something that seems incredible, only to learn later it’s not true? This occurs in both personal and business situations. Of course this makes sense as, whether we like it or not, personal and business get mingled together.

If it Sounds Too Good to be True

We’ve all heard the saying, “If it sounds too good to be true, it probably isn’t.” Of course this is a warning not to believe everything we hear. However, sometimes we are surprised that something actually Read the rest of this entry »

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Too Many QuickBooks Items

QuickBooks items are one of its most powerful features, if used correctly and wisely. If you use QuickBooks, perhaps you have encountered one of the following issues with items:

  1. You have exhausted or are close to exhausting the list limits
  2. You have so many inventory or non-inventory item numbers that you are overwhelmed

Here are some thoughts on using items in QuickBooks that may save you some headaches.

Know the Limits of Items

Each version of QuickBooks has limits for list. For example, in QuickBooks Pro 2014 the limit for item lists is 14,500. That means that the total of Read the rest of this entry »

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3 Reasons to Keep QuickBooks Current

Most all of us have faced a situation where we were forced to catch-up on a lot at one time. It’s not fun. Even something as simple as cleaning out a basement or garage can seem overwhelming. Record keeping can be the same, especially for a business. Since I work with QuickBooks I know how difficult it can be when trying to get things current. In the process of helping a client get QuickBooks setup and operating I have had a chance to see just how difficult and discouraging it can be when starting from several months behind. To say the least, it is highly time consuming and increases the likelihood of errors. Here are 3 reasons to keep QuickBooks current. Read the rest of this entry »

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