CFO News Room

JANUARY 23, 2023

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

AUGUST 12, 2021

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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The Charity CFO

JANUARY 18, 2022

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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The Finance Weekly

DECEMBER 18, 2021

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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The Charity CFO

JANUARY 11, 2023

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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https://trustedcfosolutions.com/feed/

SEPTEMBER 15, 2022

As your business grows, your accounting solution should scale and grow with you, but this isn’t the case with older, outdated software.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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The Charity CFO

DECEMBER 30, 2021

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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The Charity CFO

JANUARY 19, 2023

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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CFO News Room

MAY 20, 2022

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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CFO News Room

APRIL 3, 2022

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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CFO News Room

APRIL 3, 2022

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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The Charity CFO

APRIL 5, 2022

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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The Charity CFO

JANUARY 26, 2023

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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Future CFO

APRIL 18, 2022

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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The Charity CFO

MAY 10, 2022

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 Charity CFO

FEBRUARY 4, 2022

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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The Charity CFO

JANUARY 31, 2022

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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CFO Share

AUGUST 5, 2021

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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CFO News Room

MARCH 25, 2022

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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The Charity CFO

APRIL 29, 2022

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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The Charity CFO

JANUARY 21, 2022

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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CFO Share

MARCH 14, 2022

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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The Charity CFO

JANUARY 5, 2023

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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The Charity CFO

FEBRUARY 25, 2022

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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The Charity CFO

JANUARY 17, 2022

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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CFO News Room

MARCH 18, 2022

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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CFO News Room

MARCH 14, 2022

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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The Charity CFO

JANUARY 5, 2022

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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The Charity CFO

JANUARY 13, 2022

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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CFO Plans

AUGUST 5, 2020

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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The Charity CFO

NOVEMBER 10, 2022

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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CFO News Room

MAY 19, 2022

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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CFO News Room

MAY 6, 2022

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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CFO News Room

APRIL 11, 2022

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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CFO News Room

MARCH 22, 2022

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.

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