Sheri Ferguson, on Apr 2, 2019
Businesses around the Northwest say their number one challenge is finding and retaining employees. For a business with an existing team, it is vital for them to retain their employees and increase engagement.
Not only are the costs of finding, hiring, and training new employees (if you can find them) high, a team of passionate employees often leads job seekers to your company. Investing in the happiness of your existing team will generate a big return on your investment.
Dave Saporta, on Feb 25, 2019
For many middle market, closely-held businesses, the annual independent financial statement audit is an important part of the financial reporting process.
Lenders, investors and the company’s board of directors rely on audited financials to validate the interim financial data they are receiving as well as provide a sense of security as to the assets they have at risk.
As a result, many loan and shareholder agreements require annual audited financials.
In the best run businesses, the audited results should not differ from the unaudited internal financials.
That’s because the finance and accounting team is closing the monthly books on an accurate and timely basis. The team is also staying abreast of potential accounting issues that may need to be dealt with before year end.
In many businesses, incentive compensation plans may be tied to audited results.
This means that a well-managed company can ill afford to provide the management team with financial data subject to significant audit adjustments. Accordingly, it is in everyone’s best interests that the audit be conducted in an effective and efficient manner.
CFO Selections Team, on Feb 20, 2019
Change comes more from managing the journey than from announcing the destination.” - William Bridges
Change can be hard to navigate under the best of circumstances. When things aren't right within the financial arena, it can unknowingly create a delicate situation. CEOs should tread lightly, and yet, must still be effective leaders.
The inclination of many CEOs is to assume that because financial teams tend to be more analytical than, for instance, a marketing team, they can make changes without understanding the potential ramifications. This may not be the case. Here are some best practices for navigating change in your financial waters.
Tom Broetje, on Sep 25, 2018
Repeat after me…
Accounting is a team sport."
This has been my mantra for the past 30 years and it’s as important and true now as it was 30 years ago. What I have learned in my 30+ years as a CFO is that accounting works best when it is integrated with the management team and you will never be at your best if your accounting team works in a silo.
Todd Kimball, on Sep 13, 2018
There are professions that most people would consider trustworthy. Doctors & nurses, firefighters, and teachers all come to mind. How about accountants? Do you trust your bookkeeper? The reasonable answer here is: Yes! Trust is often built over time, through relationships and evidenced by past and ongoing performance. The reality is, if you didn’t trust your employees, they probably wouldn’t still be working for you.
Todd Kimball, on Sep 10, 2018
This is Part 3 of a series on the causes of a perfect employee fraud scenario. Read “Employee Fraud Factor #1: Pressure” here, and “Employee Fraud Factor #2: Opportunity” Part 2 here.
In case you missed Part 1 & 2, there was once a really smart guy, Donald Cressey, who created a theory that said: “If three factors were met, any ordinary, trusted person could bring themselves to commit fraud.”
Todd Kimball, on Sep 5, 2018
This is part 2 of a series on the causes of a perfect fraud scenario. Read “Employee Fraud Factor #1: Pressure” here.
In case you missed Part 1, there was once a really smart guy, Donald Cressey, who created a theory that said: “If three factors were met, any ordinary, trusted person could bring themselves to commit fraud.”
In other words, given the right situation (or perhaps wrong situation), anybody could commit fraud. Not just criminals, not simply “unethical” people, and certainly not just somebody ELSE’s accounting staff.
The three factors include:
> Pressure
> Opportunity
> Rationalization
In Part 1 we talked about the first factor, Pressure, and how a person with an apparently SECRET financial problem might feel no other option than to steal company money. They are on the prowl for just the right opportunity!
Todd Kimball, on Aug 28, 2018
Consider which of these you believe to be true:
Insights to better understand key performance indicators.
