Bad Accounting

We see it all the time. Bad Accounting. In the article "The Five Most Common Ways Startups Waste Money" by Henry Kressel and Norman Winarsky in Fast Company magazine, Bad Accounting, unfortunately, made the list. What is bad accounting? Unfortunately, there is more than one reason and very often multiple reasons Bad Accounting exists in companies ranging from poor transactional work … [Read more...]

Test Your Fraud IQ

During this holiday season, business owners often think of business theft as a crime committed by persons external to their businesses. Unfortunately, internal fraud and abuse is estimated to cost businesses 5% of their annual revenues as determined by a study issued by the Association of Certified Fraud Examiners. Test your Fraud IQ below, provided by an article from Hedman Partners, and maybe … [Read more...]

The One Question Every Boss Should Ask

Accountants/Finance professionals and company management are routinely put in the position of providing the “answers” to many of the organizations questions and challenges. It is easy to forget that one of the most productive exercises can be to ask the question of our employees - “How we can we help you be more successful?” The following article by Vickie Elmer in Fortune explores how the use … [Read more...]

What Are Your Financial Statements Telling You?

What Are Your Financial Statements Telling You? Many small businesses often ignore valuable information generated through their own financial statement processes. Their focus is often on invoicing, or paying the bills, how much cash in is the bank or worse, consider the financial statement process something only for the tax people to be concerned about. As small business owners, we realize that … [Read more...]

Freed From the Budget – Year-End Financials

During this time of year, many companies are busy putting the finishing touches on their year-end financials, closing the first month of operations and re-evaluating their budgets that were finalized in the prior year. For many teamCFO clients, this traditional approach to the budgeting process is a faint memory. Our focus is on adjustable projections that are modified for unpredictable events and … [Read more...]

Twelve New Year’s Resolutions for 2014 [Part 2 of 2]

Here are the remaining seven New Year's Resolutions for business owners. 6. Find Three New Sources of Saleable Product. If your business is selling stuff online, one of your biggest challenges is finding high quality stuff to sell at a profit. If you're not currently taking consignments, you're out of your mind. Take out an ad in your local newspaper saying "I Take Consignments!" with a … [Read more...]

Twelve New Year’s Resolutions for 2014 [Part 1 of 2]

When you stop to think about it, New Year's resolutions are all about habits. Breaking some bad ones (smoking, drinking excessively, binging on fast food when you've had a bad day), and starting new ones (working out, eating more Brussels sprouts). Businesses, like individuals, develop bad habits over time that need correction, while success in business over the long run usually means adopting … [Read more...]