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Stanley Black & Decker Names Fortune Brands Executive as CFO

CFO News Room

based company on Monday said Patrick Hallinan will become CFO, effective April 6. Mr. Hallinan will remain CFO at Fortune Brands until March 2. the previous CFO, was elevated to chief executive officer. Photo: Mark Segal Photography “Patrick is a seasoned executive who has led global, high-performing finance functions across top consumer brands,” Mr. Allan said in a statement, referring to the incoming CFO. Stanley Black & Decker Inc.

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CFO Leadership Council Highlights Our First 10 DEI Ascend Honorees

CFO Leadership

The CFO Leadership Council proudly highlights our very first ten Diversity, Equity, and Inclusion Ascend Honorees! The Ascend program is an opportunity for Senior Finance Executives from underrepresented groups to join The CFO Leadership Council. About The CFO Leadership Council.

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Zack Meyer Joins The Charity CFO as Director of Quality Assurance

The Charity CFO

Zack joins us after two decades as a not-for-profit accountant in both public accounting and the nonprofit industry. In this new role, he will serve as one of our in-house experts on existing and emerging nonprofit accounting standards and auditing best practices.

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Controller vs. CFO: Which is Best for your Company?

The Finance Weekly

The job description for a financial controller and a CFO are eerily similar. A controller (or comptroller in government roles) is the company’s lead accountant and the one in charge of running day-to-day activities of the accounting department. The case for a CFO.

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Revenue Recognition for Nonprofits: 4 Mistakes to Avoid

The Charity CFO

All these sources must be carefully managed to ensure compliance with Generally Accepted Accounting Principles (GAAP) and guidelines. Revenue recognition is an accounting process of properly identifying when income has been earned. Accounting Audit Nonprofit Reporting

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3 Warning Signs Pointing to Outdated Accounting Software

https://trustedcfosolutions.com/feed/

As your business grows, your accounting solution should scale and grow with you, but this isn’t the case with older, outdated software. Spreadsheets can only tell you so much at a glance and cannot address complex accounting issues. Trusted CFO Solutions Blog Posts

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When Does Your Nonprofit Need an Audit?

The Charity CFO

Don't hire the wrong accountant for your nonprofit! The #1 accounting mistake that nonprofits make is hiring the wrong people to help them. Get this FREE guide to discover what you need to do to ensure you hire the right accountant, bookkeeper, or CFO the FIRST time.

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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB).

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What does the EBITDA margin imply about a company?

CFO News Room

The EBITDA margin is considered to be a good indicator of a company’s financial condition because it evaluates a company’s performance without needing to take into account financial decisions, accounting decisions or various tax environments.

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How Is Impairment Loss Calculated?

CFO News Room

generally accepted accounting principles , or GAAP, assets that are considered “impaired” must be recognized as a loss on an income statement. generally accepted accounting principles (GAAP) assets considered impaired must be recognized as a loss on an income statement.

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Pro Forma Statements vs. GAAP Statements: What’s the Difference?

CFO News Room

The generally accepted accounting principles (GAAP) require American-based companies to adhere to uniform reporting standards that govern accounting in the U.S. must follow GAAP when their accountants compile their financial statements to file with the U.S.

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Do Nonprofits Use Cash or Accrual Accounting?

The Charity CFO

If you’re like many people, you probably think that there is a single set of accounting rules that every company must follow. . So which accounting method is right for you? Is your nonprofit required to use accrual accounting? Cash vs. Accrual Accounting: What’s the difference?

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Nonprofit Tax Filing: 7 Steps to Peace of Mind

The Charity CFO

NPOs should track all donations, grants, and investments made to their organization to make sure they are properly accounted for. Proper revenue recognition is a core accounting principle that ensures proper financial reporting, ensuring that you remain compliant and maintain donor confidence.

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IBM Cognos Controller: Financial close management managed by the office of finance

Future CFO

It also helps finance teams deliver financial results, create informative financial and management reports, and provide the chief financial officer (CFO) with an enterprise view of key financial ratios and metrics.

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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. Check out our blog on accounting for in-kind donations for more details.

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The Basics of Nonprofit Bookkeeping

The Charity CFO

Do a Google search on nonprofit bookkeeping, and you’ll find page after page of articles on nonprofit accounting. Because while nonprofit bookkeeping and accounting are related, they’re not the same thing. Allocate revenue and expenses to restricted fund accounts .

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Statement of Activities: Reading a Nonprofit Income Statement

The Charity CFO

Like all nonprofit financial statements , the central role of the Statement of Activities is to provide transparency and accountability to your donors and board. If you use cash-based accounting, you’ll only record cash deposited into your bank during the reporting period. .

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How Do I Forecast with Tax Code 280E?

CFO Share

The difference between cost of goods sold and ordinary business expenses is well defined in Generally Accepted Accounting Principles (GAAP) but routinely ignored by small business bookkeeping services. Hence you need good cannabis accounting to defend yourself in audit.

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Reporting Requirements of Contingent Liabilities and GAAP Compliance

CFO News Room

Journal entries are recorded for contingent liabilities, with a credit to the accrued liability account and a debit to the liability-related expense account. A business accounting journal is used to record all business transactions. What Are Contingent Liabilities in Accounting?

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Nonprofit Audit Checklist (+ Free PDF Download)

The Charity CFO

A financial statement audit is a thorough review of your financial statements to determine if your financial statements present fairly, in all material respects, in accordance with generally accepted accounting principles. Do your bank account and/or loan balances look accurate?

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Fund Accounting for Nonprofits & Charities

The Charity CFO

And the issue of restricted funds presents unique bookkeeping and accounting challenges for a nonprofit that a for-profit company doesn’t face. This accounting system is called fund accounting. Who’s Required to Use Fund Accounting? . What is fund accounting? .

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What is Quality of Earnings?

CFO Share

Audited financial statements focus on compliance with GAAP accounting standards, whereas Quality of Earnings reports focus on the company’s earnings history and potential. Significant and/or unusual accounting policies such as: Changes in accounting methods.

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7 Essentials Of Nonprofit Financial Management

The Charity CFO

These rules or principles should reflect your organization’s values and culture. Accountability for everyone involved. When creating your fiscal policy, ensure that it complies with the Generally Accepted Accounting Principles (GAAP). Make board members accountable.

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Set Up a Nonprofit Chart of Accounts (Free Template)

The Charity CFO

If you’re brand new to nonprofit accounting, the Chart of Accounts might be the best place to start. Because even if you only have one bank account, bill, investment, or expense, you’ll need one. What is a Chart of Accounts? What goes on the Chart of Accounts?

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Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. with this overview of nonprofit accounting basics. . What is nonprofit accounting? Don't hire the wrong accountant for your nonprofit! Accounts receivable.

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How Are Prepaid Expenses Recorded on the Income Statement?

CFO News Room

Prepaid expenses are first recorded in the prepaid asset account on the balance sheet. The Generally Accepted Accounting Principles (GAAP) matching principle prevents expenses from being recorded on the income statement before they incur.

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Calculate Depreciation: Methods and Interpretation

CFO News Room

Depreciation accounts for decreases in the value of a company’s assets over time. In the United States, accountants must adhere to generally accepted accounting principles (GAAP) in calculating and reporting depreciation on financial statements.

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Understanding Functional Expenses for Nonprofits

The Charity CFO

Don't hire the wrong accountant for your nonprofit! The #1 accounting mistake that nonprofits make is hiring the wrong people to help them. Get this FREE guide to discover what you need to do to ensure you hire the right accountant, bookkeeper, or CFO the FIRST time.

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Accounting for In-Kind Donations to Nonprofits

The Charity CFO

But accounting for in-kind donations presents its own unique challenges. In this article, we’ll dig into how to account for in-kind donations on your nonprofit’s books. Why accounting for in-kind donations matters. How accounting for in-kind gifts works .

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Deferred Revenue in SaaS

CFO Plans

By Fizal Meera, Associate Controller – CFO Plans. Note: This article is meant for non-accounting business professionals with minimal or no accounting knowledge). Accounting principles.

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Nonprofit Accounting Services: The Right Solution

The Charity CFO

What should you look for when evaluating nonprofit accounting services? Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting. Benefits of Nonprofit Accounting Services.

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Single-Step vs. Multiple-Step Income Statements

CFO News Room

must adhere to Generally Accepted Accounting Principles ( GAAP ), which are accounting standards issued by the Financial Accounting Standards Board (FASB). Single-Step vs. Multiple-Step Income Statements: An Overview.

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Accrual Accounting vs. Cash Basis Accounting

CFO News Room

Accrual Accounting vs. Cash Basis Accounting: An Overview. The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized. Accrual Accounting. Under this method, revenue is accounted for when it is earned.

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Understanding Goodwill vs. Other Intangible Assets

CFO News Room

One of the concepts that can give non-accounting (and even some accounting) business folk a fit is a distinction between goodwill and other intangible assets in a company’s financial statements. Goodwill vs. Other Intangible Assets: An Overview.

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How Canopy Growth Makes Money: Recreational and Medical Marijuana

CFO News Room

generally accepted accounting principles (GAAP). The segment accounted for nearly 59% of Canopy Growth’s total revenue for the quarter. The segment accounted for all of the company’s gross profit during the quarter. Canopy Growth Corp.