Avoid the Rev Wreck

Revenue Recognition Impact Consultants in Texas

Avoiding a Revenue “Wreckognition” Nightmare- How the new Revenue Recognition Standard Could Impact Debt Covenants The way entities recognize revenue and certain expenses associated with obtaining or fulfilling contracts is changing as a result of the new revenue recognition accounting standard (ASC Topic 606).  It is important that entities understand the impact of these changes …

Revenue Recognition and M&A Transactions

Revenue Recognition Consultant Texas

How the New Revenue Recognition Standard Affected a Recent M&A Transaction In late 2017 vcfo Houston Practice Manager, Russell Naisbitt, enjoyed the opportunity to serve as transaction CFO for the sale of a small SaaS software company to a much larger publicly-traded company.  The Seller had wisely put together a deal team to represent them …

Two Sets of Books for Revenue Recognition

Revenue Recognition Standards – Virtual & Part Time CFO

You Will Have to Keep Two Sets of Books if Impacted by the New Revenue Recognition Standard. It is not too soon to be evaluating the impact of ASC 606 on their financial reporting and other aspects of their business. It is recommended that businesses undertake and impact assessment and develop an implementation plan and budget.  …

Seven Common Mistakes in Strategic Planning

Seven Common Mistakes in Strategic Planning – Virtual CFO

Strategic planning can be critical to the success of a business. As a Consulting CFO, I have been engaged in many strategic planning sessions over the years and I find that there are common mistakes leaders make. Here are some examples and ways to mitigate the challenges.   Using an internal facilitator who does not …

Russell Naisbitt Announced as Houston Practice Manager

Russell Naisbit, Practice Manager Russell Naisbitt promoted to Practice Manager for our Houston Texas office. Russell is a strategic financial leader with a broad and diverse base of industry and functional experience. He brings demonstrated experience with acquisitions, divestments, mergers, strategic planning, business turnarounds and funding transactions. Previously, Russell has held leadership positions with Aquila …

Ashford Chancelor announced Practice Manager for North Texas Region

Ashford Chancelor, Practice Manager vcfo is pleased to announce Ashford Chancelor as the new Practice Manager for our North Texas office. Ashford is a profit-driven and visionary professional who excels at driving organizational and financial change, turning around struggling organizations, and launching profitable and stable startups in high-profile corporate, and nonprofit organizations. He has a proven …

How to Determine if You Need New Accounting Software Part Two – Systems Selection

Selecting The Right Accounting Software – Interim CFO

In part one of this series, I identified the considerations you should keep in mind when deciding whether or not your company has outgrown Quickbooks. Part two covers how systems selection is the first big hurdle in a conversion.  Selecting the “wrong” system is not an uncommon mistake and the “right” system may be one of several …

Outsourcing vs. Centralizing vs. Offshoring: Which is Best for your Business?

Outsourcing, Centralizing or Offshoring – Virtual & PT CFO

Looking to streamline your business functions and can’t decide whether you should outsource, centralize or offshore? All three are great options for small business owners looking to increase efficiencies, reduce cost and improve service – so let’s break them down to determine which is the best for your business. Defining the Options When it comes …

How to Determine if You Need New Accounting Software Part One

How To Determine if You Need New Accounting Software Part One - vcfo

A common concern for many of our clients is in regards to their accounting software, specifically QuickBooks. Deciding when to make the switch from QuickBooks for a more robust accounting or Enterprise Resource Planning (ERP) system is no trivial matter. On the one hand, once a company has outgrown QuickBooks, remaining with it may limit …

The Single BEST Way to Prevent Financial Fraud

The Single BEST Way to Prevent Financial Fraud - vcfo

Financial fraud is a bad scenario for business owners. Beyond the embarrassment or the financial loss, fraud can also result in the termination of a long-term employee. A few factors may put a company at risk; however, the primary cause is a lack of internal controls and oversight. We also find that a lack of …