ProvenCFO

Small and medium business owners, you wear many hats. From CEO to creative director, it's a lot to handle. We understand. One business owner we recently talked too was spending 15 hours a month on basic bookkeeping tasks. That's time better spent growing their business! Focus on what you do best. Let an account focus on what they do best accounting. Reclaim your time and energy for what truly matters. Let us know if you have any questions on your accounting. #smallbusiness #outsourcedaccounting #financialfreedom #businessgrowth

Rising costs are a major concern for many small businesses. Inflation is eroding profit margins, making it harder to stay afloat. But don't despair! There are strategies your small business can implement to navigate these challenging times. Here are some tips to consider: Review and potentially adjust pricing: Analyze your costs and consider raising prices strategically to maintain profitability. Optimize expenses: Look for areas to cut back on unnecessary spending without sacrificing quality. Negotiate with suppliers: Renegotiate contracts with vendors to secure better deals on raw materials or services. Focus on operational efficiency: Streamline processes and invest in tools that can save time and resources. Seek professional financial guidance: A fractional CFO Like us can help you develop a comprehensive strategy. #inflation #smallbusiness #profitability #financialplanning #fractionalCFO

SMBs: It's Okay to Say "I Don't Know" About Your Finances Running a small or medium-sized business is a constant learning experience. But sometimes, the most important thing you can admit is: "I don't know what I don't know" when it comes to your finances. Here's why: Financial Blind Spots: From complex regulations to strategic forecasting, financial management can be overwhelming. A SMB owner can't be expected to be an expert in everything. Missed Opportunities: Not knowing where to turn for financial guidance can hinder growth and limit your ability to capitalize on new opportunities. Don't let financial uncertainty hold your business back. Search for things that you don't know about. And if you need some help with this let us know we can help! #fractionalCFO #financialplanning #smbgrowth

Did you know the US tax code is over 2,600 pages long?! That's a lot to navigate for any business owner. Trying to decipher tax regulations on your own can be a major headache, costing you valuable time and potentially leading to missed deductions or even penalties. A good Tax advisor can help you: Maximize deductions and credits to reduce your tax burden. Stay compliant with ever-changing tax laws. Develop tax strategies to optimize your business growth. Don't go it alone! Let a tax advisor take the weight off your shoulders and help you keep more money in your pocket. If you need help in this area we can help! #taxplanning #business #ProvenCFO #taxtips #entrepreneur

Spreadsheets are great! But I wouldn't recommend using it for your accounting. Here is why Error-Prone: Manual data entry in spreadsheets is a breeding ground for mistakes. One typo can throw off your entire financial picture. Limited Functionality: Excel just isn't built for robust accounting. It lacks features for things like inventory management, automated reports, and integrations with other business systems. Security Concerns: Spreadsheets are easy to share and edit, making them vulnerable to data breaches and accidental tampering. Scalability Issues: As your business grows, your accounting needs will too. Excel quickly becomes cumbersome and difficult to manage with large datasets. The good news? There are amazing accounting software solutions like Xero that can transform your financial operations Accounting Softwares can Automated Features: Say goodbye to manual data entry! Automates tasks, saving you time and minimizing errors. Real-Time Insights: Get a clear view of your finances anytime, anywhere with real-time reporting and dashboards. Streamlined Collaboration: Easily share financial data with colleagues, advisors, and even your accountant. Scalability for Growth: accounting software can grow with your business, accommodating your evolving accounting needs. Ready to ditch the spreadsheet struggle? We're experts and here to help! Feel free to comment below or send us a message with any questions you have about accounting software. Let's get your finances on the right track! #accounting #excel #xero #businesssoftware #financials #growth

any businesses with inventory struggle with a hidden enemy – inaccurate Cost of Goods Sold (COGS) calculation. Miscalculating COGS can be disastrous, distorting your profit margins and presenting a misleading picture of your financial health. This can happen due to: Shrinkage: Mysterious product losses Data entry errors: Simple typos can have big consequences Outdated inventory systems: Manual processes are prone to mistakes Unexpected chargebacks: Returns you weren't prepared for The Solution: Strengthen Your Accounting Practices for Clear Financial Vision Here's what we've seen work wonders: Organized Trial Balance & P&L: Separate COGS, overhead, marketing, and other expenses for crystal-clear financial statements. Consistent COGS Updates: Book COGS consistently every month, segregating discounts and returns for a true net sales and cost picture. Accrual Accounting: Match revenues with expenses for better inventory costing and financial reporting. Tech-Enabled Cost Allocation: Implement systems to accurately allocate product costs, ensuring reliable COGS reporting. By implementing these practices, our clients have seen significant improvements in: Financial Reporting: Gaining a clear picture of your financial health Profitability Insights: Understanding where your profits truly come from Decision-Making: Making informed choices based on accurate data #inventorymanagement #costofgoodssold #financialreporting

Anyone relate to this picture? Remember that initial fire - launching your dream business? Now you're buried in accounting, neglecting what you do best: building your business! Trying to be a business owner AND an accounting wizard is hard and a recipe for burnout. Just like you leave the plumbing problems to the plumber. So should you leave the accounting to the accountants. Delegate your finances! Let the experts handle the numbers while you focus on: Strategic growth & running your business! #accounting #delegate #entrepreneur #burnoutprevention

80% of businesses operate without a CFO! Does your business lack the financial leadership it needs to thrive? Hiring a permanent CFO can be expensive, but a fractional CFO offers a powerful solution at a fraction of the price! A fractional CFO provides expert financial guidance during critical times, like: Sudden CFO departure Mergers and acquisitions Rapid growth Financial restructuring They can help with: Financial management & oversight Strategic planning & execution Cash flow management & forecasting Investor relations & fundraising Benefits of a Fractional CFO: Cost-effective solution Specialized expertise Objective perspective Faster decision-making #fractionalCFO #finance #business #leadership

Leveraging Financial Data for Smarter Decisions in a Volatile Market Economic uncertainty can make navigating your business finances feel like flying blind. But with the right data and insights, you can chart a course for success. This is what we recommend. Uncover hidden trends: We go beyond the surface level to reveal what your financial data is really telling you. Data-driven forecasting: We use financial modeling to create forecasts that consider different economic scenarios. This allows you to plan for multiple futures and make informed decisions. Scenario planning: We help you wargame different possibilities and develop contingency plans to stay ahead of the curve. In a volatile market, don't let your financial data collect dust. Turn it into actionable insights that drive smarter decision-making. #financialdata #datadrivendecisions #fractionalcfo #businessstrategy #economicuncertainty

The Importance of Clean Books in Understanding Your Business. Here's why: Clear Financial Insights: Clean books provide a clear picture of your company's financial health, helping you make informed decisions. Better Budgeting and Forecasting: Accurate records enable precise budgeting and forecasting, ensuring you allocate resources effectively. Improved Cash Flow Management: With clean books, you can monitor cash flow accurately, preventing any potential liquidity issues. Enhanced Compliance: Keeping organized records ensures compliance with tax regulations and reduces the risk of audits. Investor Confidence: Investors and stakeholders are more likely to trust a company with transparent and well-maintained financial records. Let us know if you ever have questions on how to clean your books. #ProvenCFO #CleanBooks #FinancialClarity #BusinessSuccess #Accounting #CFOservices #SmallBusinessSupport