by Kyle Hill | Apr 29, 2022 | accounting, Business Growth, Finance Knowledge, Financial Strategy, Financial Systems, General Business
What Is the Purpose of Accrual Accounting? There are two methods of accounting: cash and accrual. In cash accounting, transactions are recorded when payment occurs. In the accrual method, revenues and expenses are matched and recorded at the time the good is delivered...
by Jerry Vance | May 25, 2021 | About, Financial Controllers, Financial Strategy, Financial Systems
An outsourced controller is a financial expert who helps keep your books up-to-date. They also provide financial reporting and information in a timely manner. Controllers can be in-house or outsourced. If the controller is outsourced, this typically means they are an...
by Troy Skabelund | May 11, 2021 | Financial Systems
How often do you reevaluate your financial management system? For most organizations, the answer is not very often. After all, the ultimate point of a financial system is to put it in place, then rely on it and the people who contribute to it to help things run...
by Curtis Bigelow | May 4, 2021 | Finance Knowledge, Financial Systems, General Business
As companies grow and their operations become more complex, they tend to outgrow their existing software. Expanding business units or segments tend to become more independent over time. This makes interdepartmental communications and resource allocation more difficult...
by Wes Anderson | Feb 11, 2021 | Finance Knowledge, Financial Strategy, Financial Systems, General Business
What is Cost of Goods Sold (COGS)? Cost of Goods Sold is also known as COGS or Cost of Sales. It is a critical financial metric that indicates the direct cost of creating or acquiring the goods a company sells during a given time period. This figure helps companies...
by Loren Anderson | Dec 28, 2020 | Business Growth, Cash Flow, Financial Forecasting, Financial Strategy, Financial Systems
Preferred CFO has worked with hundreds of businesses from startups and small businesses to medium-sized businesses or businesses looking to fundraise. While many of these are companies experiencing high levels of growth, many are not yet in a position to afford or...
