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An Interim CFO vs. A Fraction CFO: What are the Differences?

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  Hiring a CFO permanently for any mid-sized company or a startup may be out of reach. Usually, guidelines say that hiring a CFO can sometimes range up to $10 million annually. The amount is too high for a mid to small sized company to pay. That is why most of them tend to operate without a CFO or hire them on a project basis.  The key of any business firm is to understand their finances in order to progress and grow. Therefore, the  accounting partner   must have knowledge of cash flow of the business organization. Without knowledge of cash flow and stock, the KPIs, profit potential, margins of the company would be at risk. Making decisions without this knowledge may hamper the company’s finances overall.  On the other side, a small business must share equal attention to every part of the business. In the initial days, there are a lot of things to look at – product-market fit, promoting and marketing the product, driving adoption, and other activities whi...
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How Can A CFO Help You Avoid Business Bankruptcy?

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    How well do you know your business? This comes as the first question when assessing a business’s potential. To understand a business, select practices of work within the business are important. What businesses sometimes ignore is the effectiveness and importance of support functions like finance. Take, for instance, small business bookkeeping. This is a part of the overall accounting process of an organization. The better the small business accounting services , the further the chances of good overall management and operations. A successful organization is only when the operations and support functions work in tandem and is able to support and tie the operational results to the financial health of the company. Do Numbers Tell a Complete Story? For companies like Accounting Partner in Canada and countless other similar firms, the belief remains with insightful figures. All these important figures stem from the financial performance of a company. A company that ...
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Revenue Recognition Standard for Small Businesses in 2021

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    The new revenue recognition standard, ASC 606, as stated by Accounting Today, "is one of the biggest changes to accounting standards in the last 100 years." That being said, every business is preparing for the new changes brought by the latest revenue recognition standards. The new standards are impacting small businesses in different ways, based on the industry they are operating in. While some businesses are yet to prepare their company for the new changes, small business accounting services are being increasingly demanded to adapt to the latest changes.   While an accounting partner is extremely necessary to deal with the latest revenue recognition standards that is set jointly by the FASB as ASC 606 and IASB as IFRS 15, it is also crucial to know about every essential detail and crucial factors that are likely to affect small businesses in 2021. Pertaining to the new revenue recognition standards, auditors and finance managers of various businesses are p...
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Financial reporting issues to consider post COVID 19

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  Businesses and financial markets are dealing with increased volatility as the horrors of the  coronavirus outbreak  continue. Travel bans and quarantine measures have resulted in a loss of revenue and halted supply chains for  global organizations . Health and safety is the top priority during this difficult time, however, providing support for struggling businesses is also necessary. Governments have announced several plans to assist the affected businesses.     During these unprecedented times, there is a dire need of reliable information and transparency.  A huge chunk of this reliable information will be carried out via financial reporting. This is an important challenge for auditors and financial reporters as businesses need to regularly monitor updates and analyze the potential  impact of covid-19 . Following are the few issues that are of utmost importance and need to be addressed on a priority basis. Revenue Recognition The principl...
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