by D. Maykl Muhammad | Oct 5, 2024 | CFO
SUMMARY: Subscription-based businesses must follow specific revenue recognition principles, like ASC 606 or IFRS 15, to ensure that revenue is recognized over time as services are delivered. This helps provide accurate financial reporting, maintain compliance, and...
by CFOE Team | Oct 5, 2024 | 101, Bookkeeping, CFO
SUMMARY: Accurate bookkeeping and accounting are essential for businesses to secure bank loans and investor financing, especially during economic shifts when financial scrutiny increases. Hiring a professional accountant ensures organized financial records, tax...
by CFOE Team | Sep 10, 2024 | CFO, Nonprofit
SUMMARY: A nonprofit audit checklist helps organizations prepare for financial audits by organizing key documents such as financial statements, tax filings, and internal control policies. It ensures the audit process is smooth, promotes transparency, and reassures...
by CFOE Team | Sep 10, 2024 | CFO, Nonprofit
SUMMARY: A financial committee ensures an organization’s financial health through budget oversight, internal controls, and long-term planning. However, they can become ineffective due to a lack of financial expertise, irregular meetings, over-reliance on leadership,...
by CFOE Team | Sep 10, 2024 | Bookkeeping, CFO, Nonprofit
SUMMARYA bookkeeper handles day-to-day financial transactions, an accountant ensures compliance and produces reports, while a CFO provides strategic financial leadership in a nonprofit organization. A seasoned CFO understands the importance of all three roles,...
by D. Maykl Muhammad | Aug 27, 2024 | CFO
SUMMARY In competitive markets, businesses can identify growth opportunities by leveraging data-driven insights, innovating around customer pain points, and exploring adjacent markets. Embracing digital transformation, forming strategic partnerships, and focusing on...
