The Real Reason Companies are Hiring Fractional Executives
CFO Selections
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3w ago
Earlier this year Callum Borchers, a columnist for The Wall Street Journal, wrote an article called “These Professionals Aren’t Retired, they Just Have Zero to Prove.” The article highlighted successful professionals living what has been dubbed “a post-achievement lifestyle.” These professionals are high achievers who found enough success early in their careers that they no longer need to engage in the daily office grind to bring in a regular paycheck. Some have socked away enough money to live lavishly for the rest of their lives and some have just enough to maintain their current lifestyle ..read more
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Hiring a CFO – Do You Need the Tortoise or the Hare?
CFO Selections
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3w ago
Aesop’s fable about the race between the tortoise and the hare provides a story to show how a race is not always for the swiftest. In the business world, some companies are very focused on short-term financial results while others are managing for the very long-term time horizon. Some companies are working to improve their operations and financial results in order to sell the business in a few years, while others are building a business for the next generation of owners. When there is a need to hire a new CFO, the question the CEO and the owners should consider asking is: do I need a tortoise ..read more
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The Guide to Buying or Selling a Business: Understanding What Kind of Finance and Accounting Support You Need to Get the Price You Want
CFO Selections
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1M ago
Originally published: 8/14/17 Updated: 5/24/24 Preparation and expert guidance are key for successful middle-market business acquisitions, sales, and mergers. In this comprehensive guide to buying and selling businesses, our expert CFOs provide all the finance and accounting information you need when entering into a transaction. It covers: Transaction structures Buyer analyses and considerations Buy-side and sell-side finance/accounting transaction support Buyer-side and seller-side due diligence Business sale best practices READY OR NOT? Owners and CEOs of middle-market companies may encou ..read more
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What is The Difference Between COGS and SG&A from a Chief Financial Officer’s Perspective
CFO Selections
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1M ago
As fractional CFOs (Chief Operating Officers) we get a lot of questions about COGS (Cost of Goods Sold) and SG&A expenses from our clients. They want to know how to classify different types of expenses, which one to focus on when trying to control costs, how to think about them when evaluating business opportunities, and what kind of impact each can have on profitability. As such, their questions often span the two interconnected worlds of accounting and finance. From an accounting perspective, categorizing expenses correctly helps to ensure regulatory compliance and aids in ongoing cash ..read more
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Artificial Intelligence – Bane or Boon to the CFO?
CFO Selections
by Larry Breitbarth
1M ago
As CFOs, we have a full plate of responsibilities for financial reporting, planning and analysis, and risk management. We’re often skeptical of “breakthroughs” that promise to “transform the finance function” and “shift the paradigm of accounting and finance.” To us, these types of phrases just sound like more of the same – another overhyped management consulting fad based on a Harvard Business Review article. All we hear is just “blah, blah, blah” and we tune it out. Should we feel that way about the current wave of Artificial Intelligence as well? The name itself suggests, AI is a technolog ..read more
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Accounting Turnover: Why is it Happening and How do we Stop It?
CFO Selections
by Jeff Dunn
1M ago
Having a hard time finding talented accountants for your business? That’s no surprise. I see news headlines every day that indicate many businesses are struggling with this hiring challenge. Here are just a few: The reasons for today’s accounting shortage are well-documented, and include: A changing educational landscape Competition from other fields Increased demand Work-life balance concerns An aging workforce with fewer younger entrants While there is a lot of press around the shortage of accountants and challenges in finding accounting talent, I think it’s important to consider why acco ..read more
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Book Review – The 36-Hour Day
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2M ago
Here at CFO Selections, we are always in pursuit of the knowledge needed to continue growing personally as well as professionally. We are constantly reading, watching, and listening to resources across many different topics as well as discussing what we are learning along the way. Our goal is to foster a culture of continuous learning in ways that transcend our roles in the office. In keeping with that spirit, we periodically spotlight books our team members are reading. In today’s CFO Selections book review and share, Jen Girard is highlighting The 36-Hour Day – a book that she has not only ..read more
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Your Budget is Wrong… and That’s Okay!
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2M ago
The first thing you need to know when creating a budget is that it is wrong from the start. In the world of accounting and finance, we like things to be precise and tie out neatly. A budget, on the other hand, is meant to be a predictive tool and a roadmap to help you get to where you are going. When you enter an address into your GPS, you often get three to four different routes you can take to get to your destination. Sometimes the route has construction or other traffic impediments along the way. Think of a budget somewhat the same way. You build assumptions that you can change based on th ..read more
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The Top 10 Accounting System Conversion Mistakes to Avoid
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3M ago
As fractional CFOs and Controllers our team engages with organizations in either a short-term or part-time capacity. One area where we often lend our expertise is in ERP (Enterprise Resource Planning) and MRP (Material Requirements Planning) installations. Properly implementing and managing the accounting and finance elements of these systems requires a depth of financial acumen that is best suited for an experienced CFO to handle because there are wide reaching business implications to consider with this type of strategic execution. In the many years that we have been helping clients with ac ..read more
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How Outsourced CFOs Handle Ethical Considerations
CFO Selections
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3M ago
As outsourced CFOs we are brought in to assist in a variety of situations across many different types of organizations. Every instance is unique in terms of what kind of financial position they are in, where they are excelling and/or struggling operationally, and what they are looking to get help with across their financial functions. As a result, their expectations can get hazy for the consulting CFO coming into the role. When this unclear view of what a fractional CFO should be doing is combined with financial management activities that are (either unintentionally or purposefully) against b ..read more
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