INSIGHTS & ARTICLES
Explore some of the most recent articles by our CFOs.
FEATURED ARTICLE
The Outsourced Controller: A Secret Weapon for Financial Stability
As unsung heroes of financial management, outsourced controllers can bring significant benefits that go well beyond basic bookkeeping.
RECENT INSIGHTS & ARTICLES
Comptroller vs Controller Explained
The terms “controller” and “comptroller,” as well as the positions they define, may seem strikingly similar. Indeed, the word “comptroller” is believed to stem from a 15th Century misspelling of “controller.” However, despite the similarity in titles and functions,...
6 Signs You May Need a Financial System Upgrade
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...
How to Choose an ERP System for Your 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...
Variable Costs, Fixed Costs, Total Costs: How Do They Differ?
Nearly every business has both fixed and variable costs. To ensure that your business remains fiscally solvent and profitable, it is important to understand the different types of costs and how to manage them. In general, variable costs relate to the number of items...
Debt vs. Equity Financing: Which to Choose?
Every business needs financing to fund growth. The old adage is true: it takes money to make money. There are two basic types of business financing: debt and equity. Each has its advantages and its drawbacks, and over time most businesses will need both. Finding the...
Strategies for Improving Vendor Contracts
For businesses that are inventory-supported, such as retail, resale, or manufacturing businesses, strategic vendor contracts can greatly enhance your profitability and cash flow. For some companies, vendor contracts are a set-it-and-forget-it portion of the business....
Basics of Business Banking
Every business needs banking services so they can receive funds, pay bills, and finance large purchases. It may be tempting to just use your personal bank for your business needs. However, a business has much greater need to understand and carefully select its banking...
How to Determine Cost of Goods Sold (COGS)
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...
7 Most Common Financial Mistakes Construction Companies Make
Strategic CFO, Bradford Pack, discusses the 7 most common financial challenges faced by construction companies. With long project times, sizable material orders, and upfront labor costs, the construction industry often faces a variety of financial challenges. Below...
Evaluating Your Company’s Financial Confidence
An axiom in business is that CEOs and founders must “know what they don’t know.” It’s rare that a CEO or founder has expertise in all arms of the business. Instead, they must rely on identifying their weaknesses and make strategic adjustments—usually by hiring someone...
How Does a CFO Add Value?
CFOs are high-level, strategic experts who optimize financial resources in a company while using those resources to achieve company goals more efficiently and effectively. Unlike bookkeepers, controllers, and accountants whose primary functions are rear-facing,...
5 Hiring Tips from a CFO That Will Save You Time & Money
When is the best time to make a new hire? Hiring too late can mean work (and clients) falling through the cracks; hiring too early can mean unnecessarily increasing your expenses. Payroll is one of the largest expenses a company will face, which makes the decision to...
10 Benefits of Hiring a Virtual CFO vs. an In-House CFO
When your organization decides it’s time to bring in a new chief financial officer, is it better to hire a virtual CFO or an in-house CFO? When many companies think of CFOs, they default to the expectation of a long-term hire requiring an office, six-figure salary,...
How to Determine How Much Your Business Is Worth
Business Valuation Methods & Determining What Your Business is Worth Whether you're preparing for a sale or acquisition, seeking debt or equity financing, or evaluating other strategic business decisions, it's helpful to have a good pulse on the value of your...
Understanding the 9 Core Traits and Qualities of a Successful CFO
As Preferred CFO performs speaking engagements and advisory with CEOs around the country, one of the topics we’re continually asked to address is how to evaluate the quality of a financial team. Among these is answering the question, “What makes a great CFO?” We’ve...
1 Big Budgeting Mistake You’re Probably Making
One Big Budgeting Mistake You’re Probably Making A budget-first mindset not only wastes time and resources but also often results in an unrealistic and/or inaccurate budget. It’s a time-old Q4 tradition—lengthy planning cycles consisting of sitting down to tap out a...
What Are The Differences Between a CPA And a CFO?
We're often surprised by how many businesses hire a CPA, believing they're receiving not only tax services but CFO strategies as well. The reality is that there are many differences between a CPA and CFO. However, it's no wonder the two are confused, as CPAs will...
Signs Your Company is Ready for a Part-Time CFO
A CFO brings high-level expertise and strategy to an organization. A CFO’s primary role is to elevate financial strategy, streamline operations, trim fat, and maximize sustainable growth. But how do you know if your company is ready for a CFO? How do you know if your...
7 Essential Financial Tools Every CEO Needs
Turn on the Headlights: 7 Essential Financial Tools Every CEO Needs to Confidently Accelerate Success & Growth Many businesses make the mistake of believing that financials are all about historical numbers and budgets. However, if these are the financial tools you...
What is a 13-Week Cash Flow, and Why Isn’t It Enough for Most Businesses?
We've recently seen more and more CPA firms, fractional CFOs, and financial experts advertising 13-week cash flow plans. The messaging behind these offers insinuates that this simple 13-week financial reporting document can help businesses ease the burden of financial...
Payroll Protection Program Flexibility Act Passes in Senate
On May 28, 2020, the U.S. House of Representatives approved a bipartisan bill, the Payroll Protection Flexibility Act 417 to 1. On the evening of Wednesday, June 3, this bill passed in the Senate and is now on its way to the President's desk where he is expected to...
