Financial statements tell a powerful story about your business. However, they can seem like an overwhelming collection of figures without proper analysis. Financial benchmarking studies can help you identify historical trends, pinpoint areas for improvement and forecast future performance with greater confidence. Gauging profitability Profitability ratios help evaluate how effectively a company generates profits from [...]

Accurate financial records help business owners manage cash flow, tax obligations and strategic planning. QuickBooks® is one of the most widely used bookkeeping software solutions for small and midsize businesses, offering a comprehensive suite of tools designed to simplify financial management and support business growth. Why QuickBooks stands out QuickBooks offers several advantages over other [...]

Risks are unavoidable in today’s volatile, uncertain marketplace. However, proactive owners and executives can manage business risks more effectively with an enterprise risk management (ERM) framework. A structured approach helps organizations anticipate risks, seize opportunities and build resilience. Think holistically, not reactively ERM goes beyond simply identifying risks — it’s a comprehensive, enterprise-wide process. Internal [...]

Financial forecasting provides a roadmap to guide your organization on the path to success. Forecasts support strategic planning by helping you allocate resources efficiently, manage risks effectively and optimize capital investments. However, today’s dynamic marketplace is uncharted territory, so you can’t rely solely on historical data. Reliable forecasts also consider external market trends and professional [...]

Running a small business often requires periodic cash infusions, and knowing how to secure the right funding can determine whether your business succeeds or struggles. Let’s explore the three primary types of funding available to small businesses: debt, equity and hybrid financing. Debt: Borrowing to grow Debt financing involves borrowing money and repaying it with [...]

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here are some answers to questions about what auditors assess when interviewing company personnel to evaluate potential fraud risks. What’s on your auditor’s radar? When planning audit fieldwork, your [...]

Many calendar-year entities are currently preparing for the start of audit fieldwork. One proactive way to facilitate your financial statement audit is to encourage teamwork between your internal audit department and external auditors. Consider the following four tips to foster a more collaborative relationship. 1. Reach out regularly By scheduling meetings between internal and external [...]

Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers and bringing in new sales — over tedious bookkeeping tasks. Plus, the accounting rules can be overwhelming. However, access to timely, accurate financial data is critical to your business’s success. Could outsourcing bookkeeping tasks to [...]

Is your company planning to hire a new CFO? A recent survey found that hiring managers look for more than financial acumen when vetting CFO candidates. In fact, only 38.5% of CFOs at Fortune 500 and S&P 500 companies were licensed CPAs in 2023, according to executive recruiting firm Crist Kolder. What other skills may [...]

There are currently more than 33 million small businesses in the United States, according to the U.S. Chamber of Commerce. To succeed in today’s competitive markets, it’s essential for your business organization to have accurate books and records.  Bookkeeping vs. accounting For starters, you should understand the distinction between bookkeeping and accounting. Bookkeeping refers to [...]