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Suppliers and Customers as Financing Sources
Let’s face it, getting financing is not easy these days, especially for small and mid-sized businesses. Banks are extra cautious and many business are too small (or not in a sexy enough industry) to be on the radar screen of venture capital or private equity funds. That leads small business owners to the “friends and family” round of financing, which…Read More -
Steps to Establishing Business Credit
With the recent economic changes, it is harder for businesses to obtain loans to grow their business. Here are steps you can take now to establish good business credit, so loans are accessible when the business needs one. First separate the business and its finances from your personal credit with these key items; Incorporate: The business must either be a…Read More -
Part III: ERP System Integration for a Purchasing Card Program
You’ve made the decision to implement a Purchasing Card Program at your business and just completed the last phase of pilot testing in small-scale production mode. Now what? One of the most effective ways for companies to get their card program up and running quickly out of test mode is to integrate their existing ERP system (i.e. SAP, Oracle, PeopleSoft)…Read More -
3 Attributes Of The Successful CFO
A recent article from CNN Money and Fortune touted some of the top attributes of an effective CFO, and referred to a great CFO as the “best secret weapon” of the CEO. The article called out three key assets found in top CFOs: 1) Being a great general manager 2) Possessing above average external relations skills 3) Ability to manage…Read More -
Entrepreneurs Sharing Ownership
Times have been tough…your employees have gone several years without raises. You are concerned that some of your key people may start looking around as job prospects improve. Even if you’re not worried about them leaving, you may have a paternalistic streak that makes you want to “take care” of your key people. But in this tenuous, tentative recovery you…Read More -
AICPA Globalized With New CGMA Designation
On May 23, 2011, the governing bodies of the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), headquartered in London, agreed on the creation of a new professional designation, the Chartered Global Management Accountant, which will be a worldwide standard of professional excellence in management accounting. Now approved by the AICPA and CIMA’s…Read More -
Five who left corporate America for small firms give advice
Several local businesspeople shared their experience of leaving bigger companies to start ventures. Most of them also spoke last month at a Richmond Venture Forum discussion on the challenges of leaving the corporate world to pursue personal business ambitions. Keith Middleton, who left a corporate job and co-founded Fahrenheit Finance in 2010, said he still sees a lot of activity…Read More -
5 Basics Of Cloud Computing And How It Can Help You
“Cloud computing” is a broad term used to describe technology resources that are located on a vendor’s property and purchased on an on-demand basis accessed via the internet. The technology resources include the hardware infrastructure of servers, storage, networks, firewalls, load balancers and other hardware. To utilize the “cloud” users only need a secure internet connection. Analyst firm Gartner specifies…Read More -
Cash Forecasting: Internal Communication is Key
Today CFO’s and CEO’s are expected to maintain a watchful eye on their cash flows; every dime spent and every dollar earned. But companies need a disciplined approach to record keeping and forecasting to be successful. First, identify the manager responsible for the cash forecast and their team. The team is made up of an owner from each functional area…Read More -
Hire Experts To Ease Financial Growing Pains
Mergers, acquisitions and growth all come with some transitional problems, and financial reporting is an important aspect. It can be tough to acknowledge when a project is outside of the area of expertise of your internal teams, but an outside consultant can often greatly streamline the process. This is especially true when a company suddenly finds itself having to adhere…Read More -
Two Sides to the Same Picture
I spend a lot of my time working with entrepreneurs and bankers. These two groups don’t always have the easiest time communicating, so I sometimes find myself in the position of translator. These communication problems predate the current difficult lending environment, and I expect will still be around long after the credit markets loosen up. They reflect the fact that…Read More -
6 Tips When Considering A Monthly Reporting Package
Access to timely, accurate information is essential to making informed decisions and running an efficient business. Establishing a universal method for measuring success is key – here are a few things to consider when implementing a monthly reporting package or dashboard. Get Financial and Organizational Commitment from Management It’s important for all members of management to establish exactly what is…Read More