Financial statements do not necessarily present an accurate picture of a company’s operations. They are based on accounting principles and tax regulations and may not show a business’s true earning capacity or value. So, as part of an accounting cleanup, WWLC works...
My last few blogs about accounting cleanups have dealt with the more obvious of cleanup tasks, like the reorganizing of the Chart of Accounts, uncluttering of AR/AP, and the reconciliation of critical accounts. With these actions complete you will have a better base...
The shellfish industry in parts of Massachusetts has been devastated by harmful algae blooms known as Red Tide. Financial chaos caused by millions of tiny organisms. Not unlike the red ink caused by many tens of subscription fees paid by small businesses. Losses...
My past two blogs focused on how to approach an initial accounting review and clean-up. After updating the Chart of Accounts and scrubbing the Vendor and Customer lists, it’s time to reconcile accounts. Account reconciliations will ensure consistency and accuracy in...
As mentioned in last week’s blog, I often conduct an accounting clean-up as part of an initial client review. I like to address chart of account shortcomings first. Once accounts are (re)numbered, merged, inactivated, added, or otherwise modified, I still prefer to...
The role of a part time CFO covers a lot of territory, from accounting program setups to due diligence reviews, even company sales/exits. The one common denominator, however, is the need for an initial review. An in-depth look at current and past financial...
