How to Monitor and Understand Budget Variances

, ,
Budget Variances - The Good, the bad and the how-to

The good, the bad, and the how-to for budget variance analysis.
What is a budget variance? As the first quarter wraps up for most companies, it’s a perfect time to perform an in-depth analysis on your budget to and all that work you put into building your perfect budget.

How to Tackle Expense Report Fraud

, ,
Eliminate Expense Report Fraud Using Expensify - The Entrepreneur's CFO

Fraud. It’s no one’s favorite subject. Especially when it involves your employees. Put plainly, if your company provides expense reimbursements then your company has risk of fraud. Expense report fraud is a touchy yet important issue to address. That being said, one of the many ways to protect yourself from risk is to ensure you have appropriate internal controls in place.

3 Signs You Need a Virtual CFO

, ,
3 Signs You Need a Virtual CFO

If you’re reading this article chances are you’ve got a few things on your plate right now. It’s likely you’re feeling overwhelmed or even confused by your finances, perhaps you’re growing faster than you anticipated, and you’re worried that growth isn’t sustainable. But you’re not entirely convinced you need a full-time CFO.

The Case for Zero-Based Budgeting for Profitability.

, ,
The Case for Zero-Based Budgeting

If I told you there’s a growth-oriented approach to your financials that both aligns departments and managers while eliminating wasteful spending would you believe me? Industry Week called it “deceptively simple.” The financial industry calls it zero-based budgeting (ZBB).

Before you assume that cost-reduction budgeting isn’t the right approach for your growing enterprise, allow me to break down the pros and cons of ZBB.

The Best Online Tools or Apps of 2018 for Entrepreneurs

, ,
Best Cloud Apps & Online Tools for Entrepreneurs

Last year, Forbes reported that by September 2018, 80% of businesses would be using cloud apps or solutions. Being at the forefront of cloud accounting services in Chicago, we wanted to share with you our favorite online tools and apps along with the pros and cons of each that we use to live our most efficient life in the cloud.

8 Business Lessons Learned from our Interview with DUDE Products

, ,
Business Lessons Learned from DUDE Products

We’re spilling the beans on one of our clients. These are the takeaway business lessons we gleaned from a recent interview with Brian Wilkin of DUDE Products including a sneak peek of what’s in store for the DUDEs. 1. Your brand is your identity. 2. You can be passionate about your work and still value flexibility. 3. Avoid cash flow issues before expanding…

How Detailed Does My Business Budget Need to Be?

, ,
Detailed Business Budget - Outsourced Accounting | The Entrepreneur's CFO

We, at Red Granite and ORBA, frequently get asked this exact question by clients: “How detailed does my business budget need to be?” The easy preliminary answer when you’re creating your business budget is to be as detailed as possible because you are laying the groundwork for the upcoming year. Continue reading for our steps and advice on how detailed your business budget should be…

Tax Reform: Changes to Meal and Entertainment Expenses

, ,
Tax Reform for Meals & Entertainment Expenses - Changes

We want to alert business owners, clients and readers to an important change under the new tax reform commonly known as the Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act (TCJA) enacted extensive changes to the deductibility of meals and entertainment (M&E) expenses for companies. Prior to the new tax reform, companies generally could deduct 50% of expenses for business-related meals & entertainment expenses. With the enactment of the TCJA, entertainment expenses paid or incurred after December 31, 2017 are no longer deductible.

Before You Expand Your Business, Ask Your Accountant These 4 Questions

, ,
Ask Your Accountant - Expand Your Business Feat Image

Think you’re ready to expand your business? We often see startups attempt to expand too quickly before they are at the appropriate stage in their growth. These are our four (plus one bonus!) questions to ask your accountant before preparing to expand.