Tag Archive : business lessons

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…

What constitutes an advisory board? Who should participate on an advisory board? Is an advisory board the right fit for my business? While most private companies aren’t required to have a formal board of directors unless investors or their banks insist, advisory boards bring value to the business. Even if you are the sole owner…

Dear CFO, I am an accounting manager at small injection molding company. I’m also over the IT administration. Many of our employees complain they can’t find files in the system when they want them, myself included. I also have concerns about the security of some of the files. I am wondering if there are tips…

There is much discussion of key performance indicators: what are KPIs? How to set KPIs? How to organize your dashboard? Let’s clear up some of the confusion as to what KPI means as well as discuss how to choose YOUR key performance indicators for YOUR dashboard Key Performance Indicators, or KPIs, are a powerful tool…

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…

In today’s tight labor market, employee onboarding has never been more important. It’s often challenging to find and hire the right people for your company.  When you finally hire, it’s essential to have processes in place to help him or her succeed.  So, you’ve hired the perfect (or near-perfect) employee and they’re ready to start…

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…

All entrepreneurs face challenges, but women entrepreneurs have several additional obstacles to overcome. These four big hurdles can be addressed and tackled with a pragmatic approach. Every entrepreneur faces challenges. As outlined in this great article Top 10 Challenges Today Faced by Entrepreneurs: Solved, many of the challenges are addressed with common sense solutions.  But…

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…