Financial Statements – DougFreemanCPA.com

Some businesses may have an easier path to financial statements

Bookkeeping, Certified Public Accountant (CPA), Financial Statements, Small Business, Small Business Owners, Small Business Tips / Douglas Freeman

There’s no getting around the fact that accurate financial statements are imperative for every business. Publicly held companies are required to not only issue them, but also have them audited by an independent CPA. Audited financial statements provide the highest level of assurance to third-party users that the documents in question are free of material […]

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In financial planning, forecasts and projections aren’t the same

Financial Oversight, Financial Planning, Financial Projections, Financial Statements, Small Business, Small Business Owners / Douglas Freeman

Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors. However, keep in mind that financial statements are historical records. They depict the state of the company at a given

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Want to see into the future? Delve deeper into forecasting

Financial Statements, Small Business / Douglas Freeman

For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer competitive prices and keep your business on firm financial footing. Although financial statements are often the starting

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Let your financial statements guide you to optimal business decisions

Financial Statements, General Accepted Accounting Principles (GAAP), Sales, General, and Administrative Expenses (SG&A), Small Business Owners / Douglas Freeman

Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally

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View your financial statements through the right lens

Accounting, Assets, Financial Statements, Small Business, Tax Planning / Douglas Freeman

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be — especially when they follow Generally Accepted Accounting Principles. But how can you best extract these useful insights? One way is to view your financial

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The Balanced Scorecard approach to strategic planning

Employees, Financial Statements, Strategic Business Planning / Douglas Freeman

In the early 1990s, the Balanced Scorecard approach to strategic planning was developed to enable business owners to better organize and visualize their objectives. With 2021 shaping up to be a year of both daunting challenges and potentially remarkable recovery, your company should have a strategic plan that’s both comprehensive and flexible. Giving this methodology

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Using your financial statements during an economic crisis

Accounting, Assets, Business Expenses, COVID-19, Entrepreneurs, Financial Statements, Small Business / Douglas Freeman

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet

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5 ways to strengthen your business for the new year

Budgeting, Business Plan, Financial Statements, Insurance, Small Business, Strategic Business Planning, Tax Planning / Douglas Freeman

The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare

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Is it time to hire a CFO or controller?

Bookkeeping, CFO, Controller, Financial Statements / Douglas Freeman

Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore. If you can relate to the feeling, it may be time to add

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Is your accounting software living up to the hype?

Accounting, Bookkeeping, Financial Statements, Small Business / Douglas Freeman

Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple steps you can

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