As a former CEO to some CEOs, this Blog is to my counterparts that “don’t know what you don’t know.” I have seen time and time again closely held businesses that have experienced growth make the same mistakes over and over again. To the CEO that believes bookkeeping is a necessary fixed cost that should be
Most people (especially those outside the finance side of the business) see the financial function as a cost center. Although an accounting department does not generate any revenue, it has the potential to dramatically improve profitability. Think about this: you should be able to convert 1-2% of sales into profits if the department was more
For some, networking is a dream come true… Extrovert: I’ve been wanting to talk all day about business, economics, and future ventures. Yippee! There’s a networking event tonight! I’m going to rock that room tonight. And for others… Not so much! Introvert: There’s a networking event tonight. I need to be prepping all day. What am I
Unfortunately, companies of all sizes can become victims of fraud. In fact, a study on fraud published by accounting firm KPMG International found “a very large increase in cases involving the exploitation of weak internal controls by fraudsters up from 49 percent in 2007 to 74 percent in 2011.” Thus, internal controls are a first
See also: Cost Driver Variable vs Fixed Cost Sunk Costs Activity Based Costing vs Traditional Costing Removal Cost Profit Center Responsibility Center Adding Value as a Financial Leader Cost Center Definition In accounting, a cost center is a type of responsibility center. A responsibility center is an organizational subunit the manager of which is responsible
Learn how to develop a daily cash report in today’s blog. Use the Daily Cash Report to report on the daily cash balance and to help manage cash on a weekly basis. This tool is especially useful when entering a situation where active cash management is required for your daily cash flow. The daily cash
JOIN THE NEXT STRATEGIC CFO™ WORKSHOP SERIES
Strategic CFO™ Financial Leadership Workshop
The Art Of The CFO®
August 7-10th, 2023
CONNECT WITH STRATEGIC CFO™
