I used to like cookie jar accounting earlier in my career. But now I don’t. When I was younger, I thought, “Oh, that’s just being conservative.” And in my misguided naivete, I also didn’t have a problem with smoothing out earnings (positive) hiccups which could be used for a rainy day. But it’s also a […]
I find cleaning out a garage about every 5 years (preferably longer) like running a marathon on flat terrain with no hills or beautiful scenery–it’s as though it will never come to an end. You will experience the same frustrations when you start looking under the hood of the general ledger accounts storing all of […]
There’s a reason financial executives hate collecting (or chasing) money from slow-paying customers. We just hate it. You say you enjoy it? You’re crazy! In the name of chilling out on such a frigid topic, I thought I’d share some of the suggested column headings for your AR aging schedule.
I’ve been mentoring and coaching CEOs as their 1099 CFO and Controller since 2001. And here’s a question I can bank on after about our 128th meeting–“Mark, can you explain that cash flow statement again?” Let’s start with a simple multiple choice question: Which of the following statements is generally true with respect to cash […]
I hate intercompany accounting. Not because it’s hard. But because it’s rarely done by small businesses. And if the finance department makes some attempt at intercompany transactions, it’s done poorly. That is, until I get involved. Then it’s done right. Is that arrogance? Probably. But not really. I just like rock-solid processes and clean financials that are […]