The catch-phrase “Show me the money!” was immortalized in the movie Jerry Maguire when the title character and his client, pro football player Rod Tidwell, scream the line back and forth at each other over the phone. Tidwell, of course, was telling his agent Maguire to negotiate a big...
It’s critical that manufacturers, wholesalers and retailers know how to manage inventory, as well as understand the LIFO vs. FIFO inventory valuation methods. If you’re a manufacturer, your inventory is raw materials, work-in-progress and finished goods, and if you’re a wholesaler or retailer, your inventory is only finished goods. Your inventory...
In certain scenarios, organizations must transition accounting duties to another entity. For example, the company might be going through a merger or acquisition, or it might be outsourcing accounting duties to a third-party accounting services provider. When this occurs, extreme care must be taken as the accounting duties are transitioned....
The idea behind traditional business insurance is relatively simple: Your company pays premiums to an insurance company that promises to pay out claims if your business suffers a covered loss. But some companies are looking at insurance in a whole new way that enables them to essentially form their...
Have you given much thought to what would happen to your business if you were to unexpectedly die or become disabled and no longer able to run things? Many owners of small and mid-sized firms haven’t — and this can end up being a huge mistake if one...
Tax reform has once again become a hot-button issue since the election of Donald Trump as president. In particular, Republicans and President Trump have floated the idea of a border adjustment tax, or BAT, on imported goods. The stated goal of a BAT would be to encourage U.S. companies...
In recent articles, we have discussed how business owners and CEOs are addressing risk management and cyber security in their organizations today, as well as how disruptive a lack of planning for contingencies can be. Cybercrime is an especially hot topic for businesses right now when it comes to...
Successful business owners and CEOs know that it’s important to cultivate a number of key relationships in the course of running their businesses. These include relationships with their attorney, accountant, financial advisor and outsourced CFO services provider. Another important relationship that should be carefully nurtured is the relationship with your business...
Any entrepreneur who has been in business for any length of time knows that it takes capital to run a successful company. But some business owners get so caught up in the product development, manufacturing and distribution, or sales and marketing side of their company that they neglect the...
With respect to the extremely important relationships small and mid-sized firms have with their partners and stakeholders, the people who have “put their money where their mouth is” in terms of backing up their beliefs in a business with cold, hard cash, it’s important for business owners and CEOs...