As a business owner, you may have heard various accounting terms thrown around, such as balance sheet, cash flow, and profit and loss statement. However, it is essential to have a clear understanding of these terms to make informed financial decisions for your...
Let’s talk about the boring side of your business. Financial statements and cash flow analysis are things that may scare and intimidate business owners because they do not know how to use them. Businesses today are challenged in ways they have never been challenged...
Grants need to be accounted for at all times and many organizations do not realize that it is necessary to establish proper and transparent accounting practices in order to manage grants and continue to receive them. All income and expenditures from the grant need to...
Financial management is one of the most important aspects of your business because it is how you will make all of your business decisions. Financial management consists of: Accurate bookkeeping Separate accounts to track your business Clear policies/procedure Business...
Nonprofits need to be as concerned and dedicated to their financial statements as any for profit business. Nonprofits are a business that operate for their mission and still need to review and evaluate their financial statements for the health of the organization....
Financial management consists of critical elements for success. They include: Planning: take the time to plan out your early budget and strategic plan. These tools will be your guide for how to run an effective business or nonprofit. Without this necessary step, most...
The Board of Directors have a fiduciary responsibility to the agency and its donors. All assets need to support the mission of the agency and ensure the donor's intent. All boards should adopt this structure for ideal financial management. Policies will help to...
Running a business means you will have costs associated with your company. However, an important part of managing your business is learning how to reduce expenses. Working with a CFO company can help you to determine what bills are due when and also how to reduce some...
Your bottom line, or your net income, is considered the most relevant way to determine a company's profitability. This figures encompasses all of your expenses and revenue for a given time period and in order to increase your net income, you can either increase the...
How to increase revenue: Your revenue is the most important part of you business. You hire, buy more, expand and have a broader reach when your revenue is strong. Here are some ways to get you moving in the right direction: Start by expanding your market. Is there a...
