My CFO Portal
384 FOLLOWERS
We provide Accounting & Bookkeeping Services Mississauga Payroll Taxation Services and Source CFOs to your business cloud accounting, virtual accounting. Follow to get updates.
My CFO Portal
4y ago
Understanding profit margins is the most critical component of healthy financial management.
For a product-oriented business, profit margin mainly focuses on goods and materials, and that can easily be quantifiable.
For a service-based business, it is a bit trickier to calculate the profit margins. Several factors decide on costing a service stream and setting up prices for sustainable margins.
As one of the top suppliers of business services, Onshore Advisors make sure that we provide the best possible solutions to our clients to manage their finances effectively. When we get a service ..read more
My CFO Portal
4y ago
Is Budgeting a Waste of Time for Small and Medium Enterprises (SME)?
There is a famous quote from TshOxenreider “The simplest definition of a budget is “telling your money where to go.”
It is crucial for SMEs to estimate their income and expenses, and based on this estimation, tell their money where to go.
Budgeting ensures planning and monitoring of financial activities; therefore, it is essential for SMEs who would like to sustain and grow their operations.
What is a Budget:
An estimate of income and expenses for a set period is known as a budget.
Are There Different Types of Budgets:
Ye ..read more
My CFO Portal
4y ago
In today world, where manufacturing companies are looking to improve their bottom line, it is a must that they manufacture their products in an efficient and cost-effective manner. The point to focus here is that no matter how good your product may be if you can’t manufacture it cheaper than your competition, your business will most likely suffer.
Based on my experience there are following four main areas where we can save money:
Material
In any manufacturing environment, material costs dominate the overall product cost. To reduce this cost, focus on the ways to purchase materials for less m ..read more
My CFO Portal
4y ago
To err is the human and that’s why the auditing profession exists. You cannot eliminate errors but you can materially reduce them.
For any size of business, the prime goal is to ensure that your business grows and thrives to ultimate heights in order to achieve this accounting and bookkeeping play a pivotal role. And one needs to make sure to avoid following common mistakes.
Handling All Accounting Work By Yourself
Most business owners have a do it yourself (DIY) attitude, which means that they do every little thing pertaining to business by themselves. It is good to reduce overhead cost, but ..read more
My CFO Portal
4y ago
During the past
several years, business management technology has evolved. Advancement in
technology has simplified the processes of data capturing and has provided
unlimited capacity and capability to analyze the data and use it for the
management of businesses.
To most people, software for accounting and enterprise resource planning (ERP) software are interchangeable, however, in reality, these are two very different things, and they aren’t interchangeable.
Accounting Software
Accounting mainly deals with quantitative data. The role of accounting is to capture, retain, and report tr ..read more
My CFO Portal
4y ago
Sorry to say but some finance professionals speak an ambiguous language. If you ask them whether this project is feasible or not, they will tell you that they will have to use capital budgeting techniques. Moreover, if you ask what capital budgeting is, they will tell you it is the process used to determine whether the long term investment is worth the funding of cash through your company’s capitalization structure. Difficult to understand – right.
You might have seen entrepreneurs who make decisions on the toe. You tell them about the investment and the cash generated by it per year, the life ..read more
My CFO Portal
4y ago
Many people ask what accounting reports they should review regularly. Generally, I believe, that you should review the following accounting reports and particular on focus areas mentioned below to keep your accounting records and operations streamlined
Accounts Receivable & Aging Report
Accounts receivable show the outstanding balance of customers. Aging of accounts receivable shows how old are these balances.
Focus on old accounts receivable. Follow up with your customers by sending emails or calling them. Keep yourself updated on your customers’ credit situation and tighten your credit t ..read more
My CFO Portal
4y ago
Profitability of any organization depends upon getting higher revenues and lower costs than its competitors. No matter how big or small, new or developed, manufacturing or service, you can benefit from cutting everyday costs. However today I will concentrate on medical practices and show by adopting a few simple techniques how we can save a significant amount of money, which can be used to improve your practice.
Set up an effective billing structure
Whatever practice type you have, the vast majority of physicians will bill in some form. There are several aspects to doing this effectively
Read ..read more
My CFO Portal
4y ago
Many times, you have a unique idea that you think can be the next breakthrough in your industry, but you don’t know how to go about it. A few months down the road, you see somebody else doing business using your idea.
All people are thinking and generating these ideas but there are only a few who take up the challenge of transforming their idea into a business. Did you ever think why is that? My analysis is that when it comes to the nitty-gritty, most of the people find it difficult to fully conceive the cycle of project development. And even if they know the fine details, they are overwhelme ..read more
My CFO Portal
4y ago
Fidel Castro once said, “I began revolution with 82 men. If I had to do it again, I do it with 10 or 15 and absolute faith. It does not matter how small you are if you have faith and plan of action.”
I think this statement fits into our current business environment. The sustainability of any business is dependent upon focusing on your customers’ needs and ensure that the contribution margin (sales price minus variable cost) of the product is maximized. And to keep your fixed costs minimum.
Artificial intelligence and technological advancements have increased the complexity of businesse ..read more