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Introduction: For leaders of small and medium-sized enterprises (SMEs), financial literacy is a cornerstone of effective decision-making. However, some financial terms are often misunderstood, leading to potential missteps in business strategy and financial planning. This article aims to clarify not just the definitions, but also common misconceptions surrounding these terms.
Introduction: As we venture deeper into 2024, businesses across sectors are keenly observing the monetary policy trajectory set by the Federal Reserve. With the Fed Funds rate currently holding at 5.25%-5.5% and projected adjustments on the horizon, understanding and preparing for the impacts of these policies is crucial for CEOs
As a response to growing concerns about illicit financial activities, the United States has introduced the Corporate Transparency Act (CTA), which mandates significant reporting obligations for many companies. This new legislation aims to improve transparency in business operations and curb activities like money laundering and tax evasion. Key Elements of
Chief Financial Officers (CFOs) play a pivotal role in the financial and operational health of businesses, irrespective of their public or private status. While fundamental responsibilities around financial reporting, analysis, and forecasting remain consistent, the approach and emphasis significantly differ when comparing privately-held companies to publicly traded ones. This article
The close of the fiscal year is a crucial period for any organization. It is a time to reflect on the year’s performance, set the groundwork for the year ahead, and ensure that your financial house is in order. Central to this process is your Chief Financial Officer (CFO), whose
The traditional view of fractional executives, including Chief Financial Officers (CFOs), often confines them to the realm of startups or small enterprises operating on tight budgets. However, this perspective is evolving rapidly. In today’s dynamic corporate landscape, businesses undergoing periods of substantial growth or significant transition—regardless of their size—stand to
Navigating the Financial Leadership: CFO & Controller At Rankin McKenzie, we know that the success of your business hinges on effective financial management. Understanding the roles within your financial team is crucial, particularly the distinct functions of Chief Financial Officers (CFOs) and controllers. Below, we delineate these roles to help
Business owners of any size need a financial bench that can accommodate their ever-changing needs – everything from bookkeeping, tax compliance and reporting, to revenue forecasting and long-term financial strategy. There is a common misconception among small and medium-sized business owners that an external CPA firm and the role of a
You’re the owner of a small to medium-sized business and are pulled in a million directions. Did you know that a part-time CFO can help with this? Many people don’t realize that an on-site part-time CFO can provide a financial perspective on your business operations. They can also own and
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