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Do You Need a Controller or a CFO?

Do You Need a Controller or a CFO?

Many people often think that the Chief Financial Officer (CFO) and controller are the same. However, these two roles have different expectations and responsibilities. Financial controllers and financial executives tend to work with similar types of companies. However,...
What is Petty Cash and How to Manage and Record It

What is Petty Cash and How to Manage and Record It

What is petty cash in accounting? Petty cash, also referred to as a petty cash fund, is a small amount of funds that are kept available for companies to use for small purchases which come up from time to time in the course of business operations. That’s a long way of...
Importance of GAAP & Why We Use It

Importance of GAAP & Why We Use It

In 1971, Coca-Cola launched a campaign to unite the world by sharing a coke. GAAP, in the broadest sense, is similar but rather than joining the world through carbonated sugar water, the purpose of the Financial Accounting Standards Board (FASB) has been to establish...
Top 6 Employee Engagement Killers

Top 6 Employee Engagement Killers

In 2007, when Elizabeth Holmes was leading doomed consumer healthcare technology company, Theranos, from startup to a multibillion-dollar empire, she approached her head of engineering and requested that the engineers work around the clock, 24/7. In a team where...
Understanding your Financial Statements

Understanding your Financial Statements

As a business owner, you have probably heard it a hundred times over: businesses fail due to poor cash flow management. However, knowing the cash inflows and outflows of your business are just one area of understanding the economic performance of your company. As a...
How to reduce your business tax liability

How to reduce your business tax liability

If you are running a business that is earning a profit this year, you are probably pretty happy. After all, being profitable means you have created a successful entity and are doing very well. But you aren’t the only one excited about the performance of your business....