It’s a common daydream – leaving your job in the corporate world and striking out on your own. Maybe you want to pull the rip cord like Steven Slater did when he literally ditched his day job by sliding down the exit chute of an airplane — a beer in one hand and (I imagine) his middle finger waving on the other.
You could do that. You could quit, start your own company and be happy.
Running a company without a CFO is tough – but hiring one can be even tougher. No other role will be so crucial to your success, so getting the right chemistry, skill set, experience and personality is vital. 
Its no wonder that more and more business owners are turning to outsourcing for the CFO role and even the entire finance department function.
But not all Outsourced CFO providers are the same. Let’s take a look at the three most common CFOs and the ways they work with – and within – a business.
You may not know Edward Altman, but he knows an awful lot about your business — like whether your company
will be bankrupt in the next two years. Cool, right?
In the 1960’s Altman developed a corporate finance formula that would accurately predict business bankruptcy more than 90% of the time. The formula, Altman’s Z Score, needs just 8 numbers — and all of them can be found on your income statement or balance sheet.
How healthy is your business? Take the Z Score Test and find out for sure.
Edward Altman is a Professor of Finance at the Stern School of Business at New York University. He developed the Z Score formula in 1968, and it is still the best way to tell whether your company is on the brink of disaster. Though the formula was originally designed to predict business bankruptcy among public manufacturing companies, Altman has since designed variations that apply to privately held manufacturing companies (called the Z’ Score”) and non-manufacturing companies (the Z” Score). We highlight both below.
Think “Crowdfunding” and you might think of Kickstarter or Indiegogo. Both are good sites, but soon new crowdfunding rules will unlock powerful new options for fundraising online.
Yes, Kickstarter and other pre-sale sites have funneled over $1 billion to start-up projects since 2009, but serious angel investors and VC were not among those writing checks. Since investors can’t yet buy equity (ownership) in your company online, they are not typically interested in these kinds of crowdfunding sites.
In the seemingly endless parade of new features announced by Apple yesterday was one that should make you sit up and take note.
Apple Pay — a new way for iPhone users to pay you for goods and services without a credit card.
Apple Pay will be part of the new iPhone 6, the new Apple Watch, and other devices too as Apple rolls out iOS 8 to its existing base of users. The iPhone 5 family of devices will support Apple Pay for online and in-app transactions, but the physical retail use will only work if you also buy the new Apple Watch.
If your company engages in credit card processing, then you’re likely well acquainted with the complexity of deciphering a monthly credit card processing statement.
Last week when I finally decided to hire an accountant, I was up to my ankles in alligators. The last thing I wanted was the administrative nightmare of responding to resumes, scheduling interviews and sorting skillful accountants from the merely competent.
If you read last week’s post, then you already know how to attract the best accountants to apply for a job at your company. Now you need to pick the best one and hire them as quickly and efficiently as possible.
Last time we looked at nine warning signs that your business might need a transformation or major tune-up. This time we’ll talk about how to get started, with four improvements in management information and financial reporting. In short, to make better decisions with better data, you need to:
1. Correct errors in your financial data
2. Organize your chart of accounts to improve management understanding
3. Correct the data for product costing. Determine a pricing strategy
4. Create and maintain an up-to-date plan for cash and funding
I’m going to let you in on a secret: The best businesses—those that really boost the wealth and happiness of the business owner—are not built on intuition or luck.
As much as we would like to think that great entrepreneurs have some kind of special gift, the best among us simply know how to create and use meaningful financial reporting, and use it to make decisions that improve our businesses. With a good eye on the numbers and some careful analysis, any business owner can see what is going right and what is going wrong.
We’ve written a lot about automating accounting and other core areas of business.
That’s great for a financial analysis. But the best way to understand and appreciate the operational side of your business is to manage staff with HR software too. Since HR influences every department and employee, the data it generates can be used to optimize every aspect of your operations.
CASH CYCLE: (BALANCE SHEET)The Cash Cycle is a snapshot of cash and cash equivalents all through your business. It will help you understand where your working capital is used.
“Eventually, every business owner will leave their business… either sitting down at the deal table, or feet first on a stretcher.”
If you’re done celebrating the turn of the calendar, then its time to thing about the 2017 tax deadlines. Below is a quick calendar of the tax deadlines for 2017. We’ve highlighted the dates that have changed from last year — several things are due sooner than they were in 2016.
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