An item often taken for granted and seldom reviewed is a company’s chart of accounts. Often a hodgepodge of random accounts created for one-off events, it can lead to confusion and erroneous reporting. It is a good idea to take a look at the chart of accountsmodel periodically and clean it up. As always, simplicity is desirable, though not always attainable.
Creating a flash report is an essential part of being a financial leader. Managers and ownership often ask CFOs and controllers, “how are we doing?” While this seems like a simple enough question, there lie many devils in the details. The key is to be able to communicate above the details while being neck-deep in them. A way to accomplish this is by creating a simple one or two page flash report to easily communicate the myriad details of your company so that an informed user can see the true picture of the company’s performance and its position in the marketplace.
Welcome to Blog CFO, dedicated to an overlooked, yet vibrant and important part of the economy: the CFOs and controllers of middle-market private companies. This group is faced daily with unique and demanding challenges, yet fails to receive the attention of their counterparts in large, publicly traded firms. We at Blog CFO are committed to serving this neglected group with informative commentary and suggestions to solutions for everyday problems which can be found on the internet. It is our goal to be as direct and free of hyperbole as possible.