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. …
Tag Archives: operational advice
21
Jan
Jan
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 …
10
Jul
Jul
I’m sure you’ve heard the statistic that half of all restaurants will close within the first three years of opening. In fact, new and exciting concepts are generally started by a chef or restaurateur, but often not by a business person. The systems for running these operations are virtually non-existent, which isn’t really a problem …
22
Jun
Jun
Options to fund a business range from family and friends to banks to institutional capital and business owners are best served by understanding the advantages and disadvantages of each option before making this decision. Read more below for tips on navigating this process effectively. Overview of the Stages: Even though every company has a timeline, …
22
May
May
“Do I need a CFO?” This question pops up casually at almost every lunch or event I attend. And it’s not surprising for CEOs with good controllers and accounting managers to struggle with it. The lines between unique skill sets are blurred in many companies; however the differences are important and should not be overlooked. …
16
Feb
Feb
With 2017 still new and full of possibility, we thought it was the perfect time to revisit some of our most helpful webinars from recent years. Whether you need winning ideas for a big upcoming pitch or want to brush up on your budgeting basics before diving into the year’s financial planning, you’ll find valuable …
08
Dec
Dec
For manufacturing firms, managing product lines to maximize gross margins while maintaining quality and safety standards is the key to profitability and success. In this industry, it is critical to have clearly defined profitability measurements and a plan for tracking, analyzing and integrating that data to inform the financial and operational decisions necessary to sustain …
24
Jun
Jun
The HR and business data disconnect—and what to do about it In HR, as in practically every realm of business, there are a lot of interesting discussions happening about how to use analytics and big data to improve decision making and business outcomes. Yes, the possibilities are exciting but they are often limited by business …
09
Apr
Apr
When it comes to revenue planning, there are a few different ways to gather relevant data needed to produce a comprehensive budget, including resource-based projecting and market-based projecting, which take historical data into account, and analog-based projecting, which looks at comparable business models. Resource-Based Projecting utilizes your company’s history to forecast your sales. Understanding the …
16
Dec
Dec
As 2014 draws to a close, we’re taking a look at some of our most popular blogs from the past year. Whether you’ve read them before or are seeing them for the first time, we hope that vcfo has provided you with knowledgeable, informative content, and we look forward to continuing to share our financial, …