ONLINE TOOL CREATED BY HOUSTON BUSINESSMAN HAS
CFO’S, CONTROLLERS POINTED IN THE RIGHT DIRECTION
HOUSTON, TX – If the activity at WikiCFO – an online reference tool created by Houston businessman Jim Wilkinson for CFO’s and controllers – is any indication, businesses in these economic times are starving for information and ideas that will lead to improved cash flow and profitability.
Now filled with more than 700 how-to articles, videos, definitions and best practices, the WikiCFO site is on pace to record more than 365,000 visits in 2010, more than doubling its traffic figures for 2009, with most visits coming from the U.S. but some as far away as the U.K. and Singapore.
Wilkinson, president of The Strategic CFO, also projects returning visitors to the site will top 42,000 in 2010, an increase of more than 200 percent from 2009.
“These figures demonstrate just how big the demand is for a tool that goes into depth with the content and tools CFO’s and controllers need in these tough economic times,” says Wilkinson, who launched WikiCFO in 2007. “Plus, the content is timeless. Its information a business will always need.”
Articles, how-to advice and best practices on WikiCFO are sorted into 33 categories including those in the areas of accounting, financial projections, business intelligence, fraud management, factoring, financial analysis, treasury management, cash management, mezzanine lending, payroll and others.
One of the more popular topics at WikiCFO, Chart of Accounts, addresses how to create a chart of accounts and some of the more common problems associated with chart of accounts design. WikiCFO also presents samples charts for classifying assets, receivables, inventories, payables, accrued taxes, revenue, cost of goods sold, operating expenses and other accounts which make up the general ledger of most companies.
Articles and best practices on the site also take an in-depth look at topics such as creating a chart of accounts, depreciation, direct cost vs. indirect costs and variable vs. fixed costs. Entries examine cash flow after tax, thirteen-week cash flow reports and steps to track money in and out of a company. Every article posted at WikiCFO was either developed or reviewed by Strategic CFO staff.
Wilkinson says the expanded role of today’s CFO and controller have driven WikiCFO’s content beyond traditional accounting issues including information technology, human resources, insurance and legal topics.
“WikiCFO is akin to a dictionary or reference book exclusively for CFO’s and controllers,” he adds. “If there is an accounting or finance-related term or process they need to better understand, chances are they’ll find it at the site. We like to think of the site as a one-stop resource for those charged with bringing value to a company.”
“We’re building a real ‘community’ of CFO’s and controllers,” Wilkinson adds.
A few weeks ago, I started another series of our Financial Leadership Workshop, and in Day 1, we discuss that paradigm shift that needs to take place to go from accounting to financial leadership. So, I compiled all the quotes from all of my curriculum that make me think… How can I lead my company differently? What can I