Dear CEO Buddy, My boss asked me to help the team…
February 6, 2021
The horror stories of business partnerships gone awry, often sound like bad…
February 6, 2021
Dear CEO BUDDY, I CAN'T SEEM TO FIGURE OUT HOW TO BUILD…
January 20, 2021
November 27, 2018
Dear CFO, Our company is looking for a new ERP system. My CEO just informed me that I am leading our ERP system selection process as well as participating in the implementation team once we find the right fit. I’ve purchased accounting software in the past but selecting an ERP system seems like a BIG…
November 20, 2018
In the business world, we’re all about systems. Software and programs help us manage all aspects of our office life. But, of course, as time marches on, systems become outdated. If you’re considering an upgrade or update, there’s an art and a science to selecting a new system. No matter which business system you are…
October 16, 2018
Dear CFO, Whenever our business does forecasts, the owners only care about the P&L (Income Statement). As the Controller, I want the business forecast and budgets to include a balance sheet. How can I convince them it’s equally important to forecast the balance sheet? I also need to develop a model to forecast the balance…
October 9, 2018
Dear CFO, The business I run needs an infusion of cash. I asked my controller to analyze the best way to obtain it and he referred me to you. I run a growing small business and in my budget for next year, I am projecting a need for capital to support sales growth and product…
August 28, 2018
Dear CFO, As the controller in a very small manufacturing company, taking inventory is the worst job in the world (ok, maybe not the worst, but certainly tedious). The process itself is hard, but the reconciliations are even more difficult. My team uses information provided by the shop floor and sometimes I’m not sure if…
Dear CFO, I am the CFO of a mid-sized manufacturing company with three divisions. I am required to have “final” numbers to Senior Management by the 5th workday. It’s like pulling teeth to get the required information from everyone involved. I’m the one who looks bad when the numbers are late. How do I get…
July 31, 2018
Putting together a chart of accounts is the necessary first step for any organization to create an efficient accounting system. Charts of accounts are useful for keeping data organized and tracking expenses for the company. However, not all businesses understand what a well-designed chart of accounts looks like. Here are useful tips for setting up…
Dear CFO: My business earned a profit for the last two years, but we still can’t pay the bills. How did this happen and what should we do? Vendors are calling in Chicago You aren’t the first person to ask this question or run into this situation. It’s a common misconception among beginning business owners:…
May 29, 2018
Dear CFO: I was short of cash and I decided I could use my withheld payroll taxes to pay our company vendors. I did eventually deposit the taxes but I received a notice from the IRS. What should I do? Payroll Tax Deposit Problem – Baffled in Buffalo *Disclaimer: This post is not meant to…
Dear CFO: I know I need to understand my costs, but my accountant tells me my manufacturing overhead is out of line, “SG&A” needs to be controlled, and my prices are too low. I’m not sure I understand what she is talking about. What is SG&A? How do I lower my manufacturing overhead? Trying to…
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