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Topic: Advice

Does My Business Need a Part Time CFO?

Welcome to Part 4 of our “Does my business need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

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Does My Business Need an Accountant?

Welcome to Part 2 of our “Does my business need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

Other articles in the series:
Does my business need a bookkeeper?
Does my business need a financial analyst? 
Does my business need a part-time CFO?

What does an accountant do?

An accountant digests and presents the information that a bookkeeper enters into the accounting system. Their role is less transactional than a bookkeeper’s and more interpretive. Accountants help management make business decisions; they compile financial statements like income statements, balance sheets, and cash flows; assist with tax returns; and enter more complex journal entries (deferred revenue, accrued expenses, etc). While a bookkeeper generates data, an accountant helps you understand and turn that data into action.

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Does My Business Need a Bookkeeper?

Welcome to Part 1 of our “Does My Business Need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

Other articles in the series:
Does my business need an accountant?
Does my business need a financial analyst?
Does my business need a part-time CFO?

What does a bookkeeper do?

The role of a bookkeeper is to enter, categorize, review, and reconcile transactions in a company's accounting system. Having sales and expense data properly categorized enables business owners to see where they are spending and making money.

Historically, a bookkeeper would receive a list of entries or transactions in the form of receipts, emails, bank statements, credit card statements, invoices, loan documents, etc. and assign them to different accounts based on the type of transaction. While this is still common practice, it doesn’t have to be.

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3 Things History Teaches Us About Building a Brand (and Business)

A few months back, I traveled to Philadelphia and toured Independence Hall. The thing that struck me the most about our story of independence was how much it has evolved over the years. We think about this one day—the day our founding fathers signed the declaration of independence—and yet really, it was on July 2, 1776 that the Continental Congress voted to separate. On July 4, New York was still holding out. Really, there were lots of personalities with disparate, strong opinions and consensus was not so simple. Really, it was only on August 2 that the Declaration of Independence was signed. Really, independence was not a point in time, but a long, drawn out process.

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What Is Zero-Based Budgeting and Should I Use it for My Business?

Budgeting, budgeting, budgeting! It seems like we talk about it a lot, and yet even though it’s one of the most important processes for any business—big or small—to undertake, it is often one of the most daunting and difficult tasks to refine… Which is why many organizations default to using the prior year’s budget as a starting point for building the budget for the new year. This method of traditional budgeting, while efficient from a time standpoint, has its flaws. For one, traditional budgeting makes it easy for a company to operate at the (a hush falls over the room; eyes widen; looks of disgust prevail) status quo.

Right, because we’re all aiming for status quo.

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Tags: Budget, Advice

What the Start of Summer Should Trigger for Your Business

Depending on your business, summer might be the busiest time of year, the slowest time of year, or just another time of year. Regardless of what’s happening in your business, June, July, and August are the perfect months to think about what could help you manage through the crazy or fill the lull.

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