When preparing financial statements, it’s important to note that you are complying with the legal standard set for your business. In the US, a business’ financial reporting and analysis must be compliant to the Generally Accepted Accounting Principles (GAAP) guidelines to make sure they are following the ethical and accurate process.

The volatility in today’s economic and business landscapes has increased the complexity of risks that businesses face. Increasing tariffs, political instability, technological disruptions, and other shifts have transformed the role of the CFO, making them less of a number-cruncher and more of a strategist. In this regard, CFOs should be involved in internal fraud risk management.

Financial statement analysis and valuation serve as a backbone for businesses to know how their finances are going. Are the funds moving in an increasing trajectory? Is it in the red? Will your existing capital help you stay afloat in the coming fiscal year? With the right financial reports on hand, you can confirm your firm’s current performance, compare it with your past year’s standing and even forecast if you can stay in the green during the next quarter. 

Recent years have borne witness to increasingly sophisticated innovations in the finance industry. At the turn of the century, we saw how different technological solutions rapidly transformed consumer experience: from mobile banking to artificial intelligence, fintech and cryptocurrency, technology has caused one major disruption after another. 

Inventory management is one of the tasks that business owners should prioritize. You can use a small business inventory software to take stock of your inventory or if you’re not yet ready for automation, you can also use a simple stock book or Excel spreadsheet. But why is it an important step in your accounting process?

The latest trends in finance, accounting, data, and technology are redefining the work of finance and accounting (F&A) professionals everywhere. For Chief Financial Officers (CFOs), these rapid changes in the F&A industry mean that they need to adjust and recalibrate their roles as they redefine what makes a good CFO and meet the growing needs of their business. Here are four important skills that will help CFOs deliver more in the next five years, according to CFOs: