At some point in your entrepreneurial journey, you’ll come to a crossroads and face the daunting decision between focusing on sales growth or pursuing profitability. Both of these outcomes are highly valuable for a business. Owners and corporate executives strive to position their organizations for both maximum growth and healthy profitability. Unfortunately, it’s nearly impossible to attain both at the same time.
You’re a business owner or a corporate executive, not an accounting professional. Your focus is on delivering a service or product, managing operations, maybe even selling. So, when it comes to addressing your company’s financial statements, you realize you need to rely on the experts.
Many businesses delegate this responsibility to a separate accounting department or defer the work to an outsourced accounting firm. Partnering with a skilled, experienced accounting team is one of the smartest decisions you can make for your business. But do you really know what to expect from your accounting professionals? Do you understand what a valuable partnership looks like?
Financial statements are windows into the health of your business, and managing them can be a complex challenge. From balance sheets to disclosures, accurately reporting on your financials requires a responsible approach.
In the world of business accounting, GAAP, or Generally Accepted Accounting Principles, has become the standard for completing financial statements. But the complexity of these rules and procedures has urged some businesses (especially small and/or private ones) to question the need for following them. If you’re wondering whether GAAP really matters in the preparation of your financial statements, read on for some eye-opening truths and expert insights.
Many companies contract the services of an independent public accounting firm to audit their financials. These audits can be expensive and time-consuming, but sometimes, they are a necessary undertaking for the business. So, how do you know if you fall into this category? If you’re not sure whether you should get an audit, here are some important questions you can ask to make the determination and figure out how to proceed.
For many entrepreneurs and business owners, the term “year-end budget” elicits dismal groans and a flood of unfavorable thoughts. The tedious task of analyzing your business’s financials and dissecting fund allocation is likely to be far down your list of desirable ownership responsibilities. As a result, you may be inclined to put it off until the last minute. But this is a big mistake.
A little while back, I was asked to be interviewed by Edwin Warfield for citybizlist. I had a wonderful time talking about G-Squared and how it has developed into the business it is today. I also had a chance to discuss some of lessons I've learned from working with a wide range of entrepreneurs and their business ventures. Many of those lessons have driven me to pivot in my own business and find new ways to help businesses grow.
Finding the right bank financing option for your company is no easy task. In an ideal world, you would be able to fund your business with independent capital, but most startup owners do not have that option.
If you are an entrepreneur, one of the biggest challenges you face is how your company adapts to growth. Growth is a sign that your business is doing something right and going in the right direction.
If you are starting a business, choosing a legal structure for your company is one of the most important decisions you will make. It is not always a clear decision, as there are a variety of legal entities to choose from, each with their own pros and cons.
Many business owners mistakenly view financial consulting as only having an impact on finances – the hard numbers. Instead, the benefits of partnering with a strategic financial consultant extend to the future and success of your business.