The Charity CFO

FEBRUARY 25, 2022

For example, you don’t need separate accounts for different types of office supplies (pens, paper, markers). Your financial reports will be organized according to the accounts in your Chart of Accounts. So it will be much easier to make sense of them if you list accounts in a logical order.

Nonprofit

CFO Talks

MARCH 20, 2024

From Controller to CFO: What Changes? Moving from being a Controller to a CFO is a big step up. Both the CFO and Controller deal with the company’s finances, but they focus on different things. The CFO, however, looks at the bigger picture. It’s like going from keeping score to calling the plays.

CFO

The Charity CFO

APRIL 5, 2022

Accrual accounts exist to track your accrual transactions and their balances, according to the type of transaction. Common accrual accounts include: . Accounts receivable. Accounts payable. Notes payable. What is the Cash Accounting Method? Which accounting method is more effective?

Nonprofit

CFO Simplified

NOVEMBER 28, 2022

The President of CFO Simplified, Larry Chester , shares the importance of inventory value reports with us. . What is the Inventory Value Report? An inventory value report is a financial report that lists the value of a company’s inventory at a specific point in time.

General Ledger

The Charity CFO

MAY 31, 2022

But if you bring zero experience in accounting or financial management to your organization, that’s okay. In this article, we’ll walk you through the elements of nonprofit finance that every executive director, CFO, and accountant should know. Don't hire the wrong accountant for your nonprofit! Get the free guide!

Nonprofit

Michigan CFO

JUNE 7, 2023

In today’s ever-evolving business landscape, the role of the Chief Financial Officer (CFO) has become crucial for effective financial management and decision-making. However, not all businesses have the resources or the need for a full-time, in-house CFO. This is where virtual CFOs come into play.

CFO

The Charity CFO

JULY 19, 2024

Their primary role is to ensure that all transactions are entered into the accounting system with accuracy and consistency. What is a Chief Financial Officer (CFO)? A Chief Financial Officer (CFO) is a senior executive in charge of the strategic direction and goal setting of a nonprofit’s accounting and financial management.

CFO

The Charity CFO

APRIL 12, 2022

After all, their financial reports showed they had much more revenue than expenses. In an accrual accounting system, financial reports are complex documents. And not every number on your financial statements reflects cash changing hands. . Everything was looking not just good, but great. But why, exactly?

Nonprofit

The Charity CFO

FEBRUARY 4, 2022

Bookkeepers lay the foundation for the accounting processes that will follow. They organize the data and ensure accuracy so the accountant can create reliable and timely financial reports. At The Charity CFO, we handle the books and all of your accounting needs. Get the free guide!

Nonprofit

https://trustedcfosolutions.com/feed/

MAY 27, 2022

One of the best features of Sage Intacct’s franchise accounting software is that it supports almost any business structure, including fractional ownership and other complex operational structures. Drill down to entity source transactions, receivables, and payables to get complete details.

Accounting

CFO Plans

SEPTEMBER 3, 2021

By Casey Gillam, Sales Manager @ CFO Plans Inc. Realizing he did not want to spend his time worrying about the daily back-office tasks such as accounting, accounts payable, and payroll, Alex met with CFO Plans to see if they could offer a solution to his pain points.

CFO

https://trustedcfosolutions.com/feed/

FEBRUARY 12, 2023

Think of a dashboard as an accounting hub: all essential information pertaining to business can be found here. Dashboards act as an effortless way to save several hours of time on financial reporting, and offer valuable insights into business performance.

Accounting

The Charity CFO

APRIL 29, 2022

For more detail, refer to this article on permanent accounts.). Examine accounts receivable (A/R) aging summary for reasonableness. Examine accounts payable (A/P) aging summary for reasonableness. At The Charity CFO, we don’t perform audits, or audit-prep account cleanup for non-clients. Get the free guide!

Nonprofit

CFO Simplified

AUGUST 21, 2022

Here, we have Larry Chester , President of CFO Simplified, on camera to discuss why a bank might change advance rates as well as what to do if a bank tightens up your advance rates. Bank fatigue might mean that your bank feels like: Your financial reporting isn’t getting done on time. Your financial reporting is inconsistent.

Banking

Future CFO

FEBRUARY 11, 2024

The accounts payable (AP) department goes beyond just ensuring that all bills and invoices are cleared on time. By accurately managing all APs the business is ensured it complies with appropriate tax regulations, contractual obligations, and financial reporting standards.

Accounts Payable

BlueLight

JULY 30, 2020

The financial implication of these decision is critical and the CFO is the executive helping the CEO navigate these decisions. Historically, the CFO role was focused on backward looking information: ensuring on-time and accurate financial reporting. The CFO suite doesn’t want to be the “department of No.”

CFO

The Charity CFO

MAY 18, 2022

Developing key financial policies for endowments , investments , capitalization, operating reserves, internal controls, etc. Reviewing financial statements in detail each month (financial reports reviewed at the finance committee level are generally more detailed than the reports going to the board level.

Nonprofit

https://trustedcfosolutions.com/feed/

FEBRUARY 11, 2023

Having the right strategies in place helps open up new opportunities while preventing major roadblocks in your financial reporting. On-premise solutions don’t offer the superior flexibility of cloud accounting, which gives organizations access to critical financial data from anywhere. We’re here to help answer them.

Accounts Payable

CFO Simplified

APRIL 8, 2022

Bring Value through CFO Insights. This person learns all the ins and outs of the accounting system and everything else about the business. The office manager controlled the company’s financial operations. She did payroll, accounts payable, invoicing and cash receipts. Financial Reporting.

Accounts Payable

Centage

SEPTEMBER 6, 2022

As a business owner or chief financial officer (CFO), spreadsheets may be an important part of your financial forecasting, planning, and budgeting processes. So, why are so many companies relying on them to handle their financial needs? As organizations expand, they will need to rely on more complex reporting functions.

Securities

Future CFO

AUGUST 1, 2023

This highlights the demand for financial risk management and expense tracking capabilities in financial applications to identify current risks, prioritise profitability, eliminate the paper trail, and reduce administrative effort. This can be time-consuming and lead to errors when handled manually.

Invoicing

The Charity CFO

JUNE 7, 2023

Analyzing Financial Structure : By presenting the organization’s assets and liabilities, the statement assists in analyzing the financial structure, including the composition of assets (e.g., accounts payable, loans). Financial Reporting : Provides a comprehensive view of the organization’s expenses.

Nonprofit

The Charity CFO

OCTOBER 9, 2024

The Core Functions of Accounting Software Like fundraising software, accounting software uses technology to simplify your bookkeeping and accounting processes. Instead, accounting software prioritizes accuracy, standardization, and regulatory compliance. Need some help interpreting your financial data?

Accounting

CFO Simplified

FEBRUARY 17, 2022

Bringing Value through CFO Insights. The business’ part-time CFO was providing financials that didn’t match the reports they received from their accountant. Financial Reporting. The company’s financial results varied wildly from month to month. Business – E-commerce computer retailer.

Accounting

CFO Simplified

APRIL 15, 2022

Bring Value through CFO Insights. Initial Contact – The business owner had used a part-time CFO for many years, but they recently moved on to a full-time position elsewhere. Current financial staff consisted of an accounts payable clerk, an accounts receivable clerk, and an accounting manager.

Profit and Loss

The Charity CFO

APRIL 25, 2024

About The Charity CFO The Charity CFO is an accounting firm specializing in serving nonprofits through outsourced accounting and fractional CFO services. We know what a nonprofit goes through each day, and we utilize technology to simplify our clients’ accounting processes. Let’s meet these organizations.

Nonprofit

Future CFO

FEBRUARY 26, 2025

Modern ERP solutions allow finance leaders to leverage AI to transform financial management through integrating AI-driven capabilities such as: Enhance Forecasting Accuracy Predict cash f low, monitor budget trends, and optimize financial planning with AI-powered analytics.

Accounts Payable

CFO Simplified

APRIL 15, 2022

Bringing Value Through CFO Insights. Unfortunately, financial reporting had been inconsistent, so the owners wanted help putting together a set of financials that the bank would accept. Financial Reporting Inconsistencies. The post Dealing with Obsolete Inventory appeared first on CFO Simplified.

Profit and Loss

The Charity CFO

APRIL 1, 2024

A good technology solution addresses each of your nonprofit accounting concerns. Elements of a Strong Nonprofit Accounting Tech Stack How do you build a strong nonprofit accounting tech stack? At The Charity CFO, we’ve found four tech tools that have worked for several of our clients to improve their accounting systems.

Nonprofit

The Charity CFO

OCTOBER 12, 2022

On the other hand, your liabilities are everything you owe to other people, like credit card balances, loans, mortgages, lines of credit, accounts payable, and more. At Charity CFO, we understand the complexity of nonprofit accounting. Learn to See Your Financial Reports Like Your Accountant Does!

Nonprofit

The Charity CFO

FEBRUARY 8, 2023

Simply stated, a decrease in accounts receivable means there was an increase in cash, so you add this value back in. If there was an increase in accounts payable, there is more cash that your organization owes, but the cash has not yet left. Do You Struggle to Make Sense of Your Financial Statements? Get the free guide!

Nonprofit

Planful

SEPTEMBER 10, 2015

ERP includes a general ledger which summarizes all of the details from other modules like purchasing, accounts payable, and accounts receivable. And it can perform some actual vs. budget reporting, so it does overlap EPM software in some areas of financial planning and decision making.

Planning

The Charity CFO

MARCH 2, 2022

Isabel is the Onboarding Specialist at The Charity CFO. She focuses on helping new clients feel more confident about their financial records by re-engineering financial systems and minimizing opportunities for errors. I don’t know if my accounting is bad. I don’t know if my financial reports are inaccurate.

Nonprofit

The Finance Weekly

OCTOBER 13, 2021

Compliance: Abide by laws regarding environmental regulations, financial reporting, etc. In this way, the FC can provide high-detail, granulated financial analysis that can be used by the CFO for broader financial planning. Strategic: Quality of various strategies helping companies reach short and long term goals.

Financial Planning and Analysis (FP&A)

Michigan CFO

JUNE 14, 2022

For instance, the Texas state comptroller, popularly referred to as the Texas Comptroller of Public Accounts, serves as “Texas’ chief financial officer — tax collector, chief accountant, chief revenue estimator, and chief treasurer for all of state government, as well as administrator for several other programs” according to comptroller.texas.gov.

General Ledger

CFO Talks

MARCH 19, 2024

Change Management: The Modern CFO’s Blueprint The role of a Chief Financial Officer (CFO) goes way beyond just looking after the company’s money. Developing the Finance Agenda Once strategic priorities are identified, the CFO distills these insights into a clear, concise list of goals.

CFO

CFO Share

NOVEMBER 3, 2023

As a business grows, so do its financial intricacies. It’s common for many small business owners and finance directors to handle accounts receivable, accounts payable, and other financial tasks themselves in the early days. However, as the business scales, this can become overwhelming.

Invoicing