Business conditions are changing and outsourcing is on the rise. Today’s business owners are facing greater expectations when it comes to financial transparency and government compliance. All too often, businesses are juggling day-to-day responsibilities alongside more complex and time-consuming tasks such as finance, accounting, compliance, internal audit, and risk management. They are simply trying to [...]
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A seller’s business acumen will be judged severely by a prospective buyer. Having bad internal financial information and error-riddled financial statements is the fastest method you can use to chase away a good prospective buyer. The buyer will expect information to be accurate and in accordance with generally accepted accounting principles (GAAP). The buyer will [...]
Almost all startups – whether they are in major hubs like Silicon Valley, Boston or New York or less metropolitan areas like Kansas City, Mo. – face the same problem. Every Wednesday morning, I sit in 1 Million Cups Kansas City, an educational program where startups pitch their companies to other entrepreneurs and community members for feedback, [...]
Banks review company financial statements to comply with regulations and safeguard themselves from bad credits. So providing accurate, integrated reports is the key to obtaining requested funds. Unless the company is new and has no operating history, banks look at statements covering on average the last three years. In addition, lenders inspect projected financial statements [...]
The balance sheet is an indispensable tool for businesses of all sizes. At a glance, the balance sheet provides a snapshot of the company's financial health. Arguably, the balance sheet is the most important of the three major financial statements, the other two being the income and cash flow statements. Learning how to read a [...]