Tag Archive : accounting

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…

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…

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: 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…

Even with good cash flow planning, unexpected events can cause a business to face a cash flow crisis.  This discussion is not in lieu of cash flow planning but addresses cash flow in response to disruptive situations:  higher than expected growth, loss of a significant customer, unexpected economic downturn or acts of God. There are…

“Your accountant costs how much?” Now there’s a phrase I’ve heard repeatedly between business professionals. Here’s another phrase we’re all familiar with: “You get what you pay for.” When it comes to accounting, there’s no substitute for experienced, professional oversight on the financial and operational aspects of your business. Unfortunately, many business owners and CEOs…