Choosing between accrual or cash basis accounting depends on the size of your business and whether you need to present your financial information to shareholders. It also depends on your sales revenue and whether you’re a publicly traded company. In this blog, we’re looking at the differences between accrual and cash basis accounting and which […]
Why Do Accountants Need Data Analytics?
There is a vast difference between bookkeepers and accountants. The main reason for the growing disparity between bookkeepers and accountants is because of data analytics. Before data analytics, bookkeepers and accountants alike had to enter figures manually, leaving room for human error. With four types of data analytics, accountants can create dependable reports, diagnose issues, […]
The Benefits of Real-Time Reporting and Accounting
Accounting technology has continued to evolve and shows no signs of stopping. In fact, 56% of accountants say that technology is increasing their productivity. As more and more businesses look for accelerated reporting, it’s important to understand how your business can utilize real-time accounting. As a business owner, you recognize the importance of having reliable metrics when […]
Should Your Startup Use an FaaS Company?
As a startup, you already have a lot on your plate. But as daunting as a startup seems, the truth is that business growth never comes easy–no matter what stage you’re in. What you do to get to $1 million is different from what it takes to get to $10 million. You need a finance […]
What Are the Benefits of Finance-as-a-Service Companies?
You’ve likely heard of the benefits of outsourced accounting services and how they can eliminate the challenges of an in-house accounting team. In fact, 78% of businesses all over the world feel positive about their outsourcing partners. However, it’s important for business owners to know that Finance-as-a-Service (FaaS) is slightly different from an outsourced accounting […]
Moving from Finance-as-a-Function to Finance-as-a-Service
For years, executives have conceptualized their finance department as an unexciting, yet necessary evil. Many companies still view their finance department as nerdy employees who gush over minutia, such as compliance and back office responsibilities. Thankfully, these misconpcetions are changing. The world of finance-as-a-function is drawing to an end and the new world of Finance-as-a-Service […]
Financial Strategy During Recession
Creating a successful financial strategy during an economic recession is a challenge. But it’s not the death sentence many analysts may make it out to be. Many businesses face the temptation to panic during tough economic times, causing them to make unprompted cuts in the wrong areas and worsening an already tenuous situation. It might […]
Economic State of Affairs June 2022
With inflation, the geopolitical status, and supply chain concerns still running rampant, we at Fully Accountable are constantly reminded that the pandemic wasn’t the only obstacle ahead. In this article, we’re looking at the economic state of affairs using a wide range of statistics and surveys to identify what companies can do to ensure their […]
How to Adapt Your Financial Strategy During Times of Inflation
Unchecked inflation has sparked fears of a recession across the globe in the wake of the COVID-19 pandemic and the Russian invasion of Ukraine. During times like these, a sound and comprehensive financial strategy is the only thing that can prevent your company from drowning. While price increases might seem inevitable, there are other options. […]
What Is the Strategic CFO’s Role In Innovation?
For years, the role of the CFO has been considered one of mechanical accounting rather than creativity and pragmatic innovation. That’s changing, and companies are benefiting greatly from the transition. The evolution of CFO from a position focused on mundane numbers to one focused on overarching financial initiatives and objectives makes sense. One need only […]
What Should You Consider In Your Mid-Year Financial Review (2022)
As a business owner or executive, the summer is one of the best times to re-evaluate your progress from the previous six months and devise a financial strategy that works with your business. Conducting a mid-year financial review is the simplest way to do so. But what’s involved in a mid-year financial review and how […]
What Is the Difference Between an Operational CFO and a Strategic CFO?
If you have a company of your own or you’re an executive at a company and you’re wondering how to maximize revenue and profits, you understand just how critical your CFO is. However, many people might not know that there are different types of CFOs. Among the different types, operational and strategic CFOs are two […]