When is it time to hire a CFO? I spoke to Tom Gentile, partner at part-time CFO firm BeaconCFO Plus in Cleveland, to find out. According to Tom, reaching a certain size is not the indicator. Situations cause the need for a CFO. Here are some he mentioned:
OOPS! 2016 is over and you forgot to do your bookkeeping. What should you do? You are not the only one. Every day we get a call from an optometrist or property manager who never kept any records last year. Here is what we do when faced with this dilemma.
As a real estate agent, you are more than likely paid as an independent contractor. Tracking your income from commissions and fees may be easier (and more rewarding) than tracking all the tedious expenses you incur each year.
If you haven’t already caught up, now is the time! Reconciliation puts a spotlight on accidental double entries and other errors. Make your life and your CPA’s life easier so you can address any potential write-offs or other items for your tax strategy. Reconcile those bank accounts!
December 31st is fast approaching and some advanced planning will allow for smooth year-end processing. Below are a few helpful dates to plan your activities.
Business owners often determine their cash balance by checking what the bank shows online in the accounts at a point in time. You cannot accurately forecast cash flow unless you match and verify activity in the bank statement to QuickBooks or whichever accounting system you use.
Just as important as a proper P&L Statement, business owners should put equal weight on having an accurate balance sheet. Some owners find it challenging keeping the accounts in this report correct. The simple formula on the balance sheet is: assets = liabilities + owner’s equity. Knowing your business’s real net worth is about more than just balancing.
As a business owner, cash in and cash out of your bank account may be the primary focus. However, the true definition of a profitable business is determined through consistent tracking of each client, each sale and all related expenses.
At BudgetEase, our motto is: Making YOU Profitable. How will you know YOU are profitable? You need solid financial reports in order to answer this question. BudgetEase can turn your financial information into a set of reports you can count on.