The economic impact of the COVID-19 pandemic has forced business owners to reevaluate their operations and make difficult decisions on how to best move forward. Looking to your financial statements—your statement of cash flows, balance sheet, and income statement—can help you make rational, informed decisions during these tough times.
Now that we’re a few months into the new year, it’s a great time to evaluate how far along you are in achieving your business goals, and outline steps you can take in the months ahead.
If your company comes in over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward.
Autumn brings falling leaves and … the gridiron. Football teams—from high school to pro—are trying to put as many wins on the board as possible to make this season a special one.
Part of offering a defined contribution plan, whether a 401(k) or a 403(b) plan, is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task in the scope of a plan sponsor’s fiduciary duties, the Department of Labor (DOL) views non-compliance with remittance rules as a major issue, and missing deadlines for deposits—even by a couple of days—can carry significant penalties.
Employee benefit plans have their own set of complex laws and regulations. But did you know that even small plans can be subject to audits?
Generally, if you have 100 eligible participants in your plan at the start of the year, your plan will require an audit. Note that this number includes all participants who are eligible—not just those who are enrolled.
The Construction Financial Manager, or CFM, plays a vital role in the success of any construction company. In an industry where competition is high and margins are small, it's critical to monitor, report on, and make decisions around accurate financials.
Wondering if your CFM is contributing to your profitability? Here are 4 things a good CFM should be doing:
Many of our clients are turning to CRR for outsourced CFO services, to help them manage their finances and accelerate their growth. Hiring a part-time, or "fractional" Chief Financial Officer (CFO) gives smaller businesses access to a professional with years of experience and an outside perspective, while avoiding the high annual salary that a seasoned, full-time CFO would typically require.
A part-time CFO can help your company focus on they key financial elements that will take your business to the next level. Do you think a part-time CFO could benefit your business? Here are 7 key characteristics to look for during the hiring process:
I help many of our clients manage their bookkeeping using QuickBooks, and I've found that regardless of the business type—recreation, manufacturing, technology—certain best practices apply across the board.
These five best practices are the fundamentals that I believe will keep your bookkeeping environment organized, efficient, and accurate:
After several years of proposals and deliberations, the Financial Accounting Standards Board (FASB) has issued its new accounting standard - a long-awaited regulatory update that will change the way that leases are reported on company balance sheets.
For contractors, operating leases - including real estate, vehicles, equipment, and other assets - are an integral part of everyday operations. In my recent article in Professional Contractor Magazine, I discussed the impacts of this new regulation on the construction industry. Below, I've answered the top 5 questions I've been asked by contractors about this new regulation.
