Are you an Accounting Professional who is tired of sitting at the same desk every day?

Apply today for our On-site Accounting Manager:

Firm Mission:  We here at CFO Your Way love nothing more than collaborating with small business owners to make their blood, sweat and tears show up as profit in their bottom line.  They don’t know what they don’t know – so we teach them how to use their P&L as a roadmap so they can keep more of the money they make.

Required skills, abilities, and knowledge:

  • Passionate about helping others
  • Professional
  • Trust worthy
  • Strong accounting background (experience working for a CPA firm preferred)
  • Excellent work ethic
  • Strong communication skills
  • Experience working in a small team environment
  • Position and task ownership and initiative
  • Ability/Flexibility to do what it takes to get the job done
  • Ability to travel to different client sites
  • The discipline, focus, and workspace to periodically work from home

Applicable skills, abilities, and knowledge:

  • Extensive accounting knowledge – G/L, A/P, A/R, journal entries, financial reporting – Advanced level
  • QuickBooks – both desktop and online versions – Advanced level
  • Excel – Advanced level
  • Process Efficiency – Assess operating procedures, recommend and execute improvements
  • Analysis of financial statements, budgeting and cash flow projections

Preferred skills, abilities, and knowledge:

  • CPA
  • Desire for stability and longevity with employer
  • Readiness and interest to grow into supervision of staff
  • Experience working in/with family owned businesses, small businesses, and real estate investors/property managers

Forward your resume along with salary requirements to cheryl@cfoyourway.com.

On-Site Accounting Specialist

Employment:  Full time position

Firm Mission:  We here at CFO Your Way love nothing more than collaborating with small business owners to make their blood, sweat and tears show up as profit in their bottom line.  They don’t know what they don’t know – so we teach them how to use their P&L as a roadmap so they can keep more of the money they make.

Required skills, abilities, and knowledge:

  • Passionate about helping others
  • Professional
  • Trust worthy
  • Strong accounting background
  • Excellent work ethic
  • Strong communication skills
  • Experience working in a small team environment
  • Position and task ownership and initiative

Applicable skills, abilities, and knowledge:

  • Extensive accounting knowledge – G/L, A/P, A/R, journal entries, financial reporting – Advanced level
  • QuickBooks – both desktop and online versions – Intermediate level
  • Excel – Advanced level

Preferred skills, abilities, and knowledge:

  • CPA or interest in becoming one
  • Desire for stability and longevity with employer
  • Prior experience working for a CPA firm
  • Property accounting experience
  • Ability/Flexibility to do what it takes to get the job done

If you see yourself as part of our mission and exceed the skills, abilities and knowledge, please email your interest, including your resume, to cheryl@cfoyourway.com.

The More I Know the More I Realize What I Don’t Know

by Mark Van Grouw, CPA

Determining the precise accounting needs of your business is easier said than done, especially when you are unclear as to what would benefit your company. Do you need a bookkeeper, an accountant, a Controller, a CFO? Should you hire full-time, part-time, or on an as-needed basis? Sorting through what each position offers may help you better understand what would benefit your business would benefit.

A bookkeeper performs the internal, day-to-day accounting functions such as paying bills, making deposits, monitoring receivables and payables, performing bank reconciliations, and ensuring that accounting transactions are completely and accurately entered into the accounting software. This is a vital position in every business that should not be left to the unorganized and inexperienced individual.

An accountant is capable of performing bookkeeping duties, yet has the additional knowledge and experience to take the daily transactional data and verify and analyze this data into meaningful financial reports that small business owners can use to make sound business decisions as well as communicate business operations to key stakeholders. Accountants will have, at a minimum, a 4-year degree in accounting.

A controller essentially is an accountant responsible for supervising the quality of the accounting and financial information of a company, monitoring internal controls, assisting in preparation of operational budgets, performing essential duties of payroll, monitoring future legislation that impacts taxation and operations, recruiting, selecting, and training staff, and more. Controllers should preferably hold a 4-year degree in accounting and have a CPA license and managerial experience, even though a CPA license is not required.

A controller typically reports to the chief financial officer (CFO), although these two positions may be combined in smaller businesses. The CFO gets involved with financial planning, financial data analysis, and establishment of internal policies, procedures, and controls.

Keep in mind that cost is directly correlative to the increase in experience, qualifications, and responsibilities required of each position. Many small to medium sized businesses simply cannot afford to hire a full-time accountant and/or bookkeeper leaving them wondering what options do they have. Fortunately, the option to hire an outside bookkeeper, accountant, controller, and/or CFO is directly at your fingertips and can be found all in one place, namely CFO Your Way.

At CFO Your Way, we are a group of experienced professionals who can offer you a cost-effective solution that will meet the specific needs of your business. CFO Your Way enables your business to have a financial professional on your management team, at your fingertips without having them in your office.

Contact us today for a consultation to discuss your business needs. You can reach us at 973-897-0650 or email Cheryl Mucha at Cheryl@cfoyourway.com.

 

Is Your Business Leaving You Puzzled?

Have you ever challenged yourself to complete a 1000-piece jigsaw puzzle? If you have, you can relate to opening the box for the first time and taking in the jumbled mess of puzzle pieces. Pieces are upside down, right side up – intermingled in one heap of confusion. Where do you even begin?

Spurred on with the desire to convert confusion into a beautiful picture, you dig in and take on the challenge.

If you ever wonder what a virtual accountant / CFO / controller does, think of the analogy just given. Our job is to straighten out the financial books and records of an organization and bring clarity to the mass of numbers that often confuses the business owner. Most owners are visionary entrepreneurs and results driven. What they often forget is that to create a picture and put all the pieces together takes time and diligent consideration.

As accountants, nothing gives us more satisfaction than to dive into the business puzzle box and begin the efficient approach of bringing a company’ financial picture to life. This systematic approach involves the following steps:

Identify the edges of the puzzle. The company’s balance sheet accounts (i.e. assets, liabilities, and equity) are identified and structured according to character and importance. Our goal is to simplify the balance sheet and establish a parameter for moving forward.

Sort pieces by color and/or tabs and blanks. Understand the purpose of revenue and expense accounts for classification and whether there are multiple departments or classes that should be taken into consideration. Categorize activities and accounts according to purpose (i.e. costs of goods, selling, general and administrative) will help segregate key components of the income statement, to further define the financial picture of the company.

Complete different color groups of the puzzle. Trace and agree various account balances to supporting documentation, understand the business transaction’s purpose, and piece together any other items that may impact the account balance(s).

Place completed sections in approximate location of where they should go. Identify the most suitable placement of transactions within the company’s financial statements.

Fill in the gaps. With sizable pieces of the financial puzzle outlined and supported, this step involves filling in the gaps with items that are not significant to the financial statements or finding answers to questions and open items on various areas previously addressed.

Picture comes into focus. At this point, the financial picture of the company begins to come into focus. Decisions become less time consuming and tedious and financial reporting begins to take on a new meaning.

Complete the puzzle. The feeling of exhilaration and accomplishment when the final piece is proudly placed down! There is now clarity in the picture. It makes sense and leads to educated, supported decisions.  Each year may be looked at as a puzzle that requires completion. Although the financial picture of a business is ever changing, the thought of putting the last piece down on any given year is enough to make any business owner happy.

At CFO Your Way, we enjoy opening the financial puzzle box of small and mid-size businesses and placing each piece into its appropriate place. As with any puzzle, the picture doesn’t come into focus without first experiencing the tedious and time consuming work of identifying and assembling various pieces. Patience is key to unlocking the unlimited potential found in accurate, timely, and reliable financial reporting.

Not up to the challenge of conquering your company’s financial puzzle? Give a call today at 973-897-0650 or email us at cheryl@cfoyourway.com to discuss your unique business puzzle.

Tis the Season-Twelve things that should be on your business list

By Mark Van Grouw, CPA

During World War II, pilots coined the phrase “flying blind” when they couldn’t see the horizon and needed to rely on the plane’s flying instruments. Pilots must be able to confidently rely on these devices to guide them. What tools are you relying on to guide you through your business decisions? Are you flying blind, or do you have the right instruments in place to show you the way?

We are already half way through November and the end of the year is quickly approaching. Thanksgiving Day is next week, which means the winter holiday season is right around the corner. December schedules quickly fill and before we know it, we are making our list and checking it twice.

Your November business list should include the following:

  • Year-to-date cash receipts and disbursements summarized into accounting software
  • Bank and credit card accounts reconciled to date
  • Profit & Loss statement and Balance Sheet account activity properly classified
  • Retained Earnings matched to prior year ending balance
  • YTD payroll reconciled to payroll reporting
  • Budget vs. Actual report printed and analyzed
  • Profit & Loss statement and Balance Sheet printed and analyzed year over year
  • Budget and Cash Flow projection for 2017 prepared
  • Estimated taxes paid for 2016 filings
  • Tax accountant called regarding year-end tax preparation
  • Gather information to complete 1099’s
  • Contact CFO Your Way to get you through this list

If these items are not on your business “To Do” list, you should ask yourself “Why not?”. Keeping your accounting records up to date and in good shape is equivalent to a pilot keeping his/her plane in top condition. When the very instruments we rely on are unreliable, we are “flying blind”.

Don’t let running your business stress you out and take away from being thankful this season.

At CFO Your Way, we not only want you to have the time to be grateful for your business and your family, but also be financially prepared to give thanks and provide your loved ones with the gifts of love and gratitude you desire. We offer bookkeeping, financial reporting, and financial management services customized to meet your needs. So, contact us. We will help and guide you thru the list.

Assistance is just a phone call away. Contact us today for a consultation to discuss your business needs at 973-580-9175 or email Cheryl Mucha at cheryl@cfoyourway.com.

Tis the season…not to stress, not to procrastinate, but to be grateful and enjoy our loved ones.

Don’t Be Taxed with Not Paying Taxes

Common to many business owners is the concern of paying too much in taxes at year’s end. Consequently, such business owners seek to minimize reportable income in an effort to avoid paying taxes to the federal and state governments. Minimizing your tax liabilities is certainly a commendable practice; however, one should not neglect to notice the benefits that come with showing reportable net income.  Some benefits are as follows:

  • Ability to secure financing to meet business demand.
  • Maximization on collection of Social Security benefits upon retirement.
  • Opens opportunities to take advantage of tax credits.
  • Avoidance of unwanted internal revenue audits.

By not reporting adequate income levels, it will be difficult to convince lenders that:

  • Your business is creditworthy and deserving of a favorable interest rate,
  • You are able to pay back your loans, or
  • Your business is growing and your capital needs are real.

Small business owners need to pay self-employment tax based on reported business income to help cover the cost of Medicare and Social Security obligations. By not paying into the system, the funds may be unavailable or insufficient when you come to retirement age.

Additionally, failure to report income could raise red flags with the IRS that warrant unwanted internal revenue audits of filed personal and business tax returns. Failure to report income could result in various civil and criminal penalties and may even lead to the IRS taking a stance that the business is a hobby rather than an actual business venture.

Reporting income isn’t a bad thing, but it does require you to plan ahead and be mindful of tax implications. An experienced CFO can help ensure that you understand the nuances of reporting your business income while being tax savvy in the process. If your business cannot afford a full-time CFO, consider hiring a part-time CFO such as CFO Your Way.

CFO Your Way is a virtual CFO that helps organizations execute on their business strategy. Our team can help guide you in maximizing financial statement net income to demonstrate financial strength while also guiding you in ways that minimize your tax liabilities. CFO Your Way works with several of northern New Jersey’s fastest-growing companies, giving them the opportunity to get the financial management expertise they require with the flexibility they desire.

If you need a virtual CFO to ensure that your business enjoys the benefits of having this professional on your team—but not necessarily in your office—contact Cheryl Mucha at cheryl@cfoyourway.com for a business consultation.

 

Will Your Year-End Process Be as Seamless as Nature’s Transition from Fall into Winter?

By Mark Van Grouw, CPA

As September marks the end of Summer and beginning of Fall, so October 17th marks the end of another tax filing season and reminds us that winter and the end of the year are drawing near. Take a look outside and you will see the leaves starting to turn into brilliant hues of red, orange, and yellow. The air is turning brisk and soon all the leaves will have fallen from the trees. Nature makes the transition from fall to winter seem so effortless and easy. Will your year-end close process be just as seamless?

Ah, but year-end is still two and a half months from now; let’s not rush the year away; there’s still time to clean things up. Think again!

These last ten weeks of the year can be used to organize your finances, maximize financial statement income, minimize taxable income, budget and plan for the upcoming year. It is a great time to reassess your financial record keeping and determine if your business needs additional support to make the year end close a seamless transition into the new year.

Questions you should be asking yourself at this time:

  • Are my accounting records current in my accounting software?Sunlight breaks through the autumn leaves of the trees in the early days of winter
  • Are all my bank and credit card reconciliations current?
  • Have I paid all required sales tax to the appropriate jurisdictions?
  • Am I current in paying my quarterly estimates for the 2016 filing year?
  • Do I know how much I have in assets and liabilities?
  • Do I know how much income my business reported year-to-date?
  • Have I spoken with my accountant to determine what they expect or need from me?

If you have answered no to any of the above questions, you should strongly consider seeking professional assistance. At CFO Your Way, we work directly with business owners and their staff to ensure accounting records are accurately maintained, financial reporting is timely and useful in management decision making, and that they are well prepared to face tomorrow’s challenges. Our team of professionals are licensed CPAs in the state of New Jersey and are certified as QuickBooks ProAdvisors. We understand accounting and the challenges small and mid-size business encounter. That is why we are here to help guide you through any financial challenges you are currently facing in your business.

Take a moment to consider our services for an effortless transition into 2017 and give us a call at 973-580-9175 or email Cheryl at cheryl@cfoyourway.com for a complimentary needs assessment.

 

 

 

 

Are Your Finances Leaving You All Warm and Fuzzy?

By Mark Van Grouw, CPA

Autumn is a time to give thanks for the bounties given throughout the year which has flown by. The cool brisk air reminds us winter is around the corner and we seek warmth with fall coffee flavors, hot apple cider, hot chocolate, or even the warmth of love that family and friends provide us. With all these means to give us the feeling of warmth, the question arises whether we can say the same about our business. Does the financial performance of your business give you the warmth and satisfaction you desire?

Maybe you have fallen behind on your bookkeeping. The time or resources are just not there to keep up with the mounding piles of bills, invoices, receipts and disbursements that are claiming your desk and drawer space.

Maybe you have someone to maintain the bookkeeping, but can never quite get a handle on where you stand at any given moment, whether from an income or cash flow perspective.

Maybe you, as the business owner, don’t have the time to keep a watchful lookout on your staff responsible for the accounting of your business. You simply just don’t have the time to spare getting into the weeds on reviewing day to day transactions.

Maybe you are realizing that demand for your business is growing and you simply can’t afford to add another full-time employee to help out with the growth.

Maybe you just need that extra push to motivate you to get organized and up to speed with your finances.

If any of these maybes describes you, then you should strongly consider hiring a part-time professional to assist you with your specific needs. Consider a virtual accountant or CFO who can provide you with professional guidance, knowledge, and support. Such professionals are a perfect solution to any of your financial struggles.

At CFO Your Way, our mission is to be the solution to your financial needs. Our professionals can provide you with the necessary knowledge and skills to enhance your business performance and relieve you of the financial stressors that are taking away from the warmth and satisfaction you and your business crave.

Contact us today at 973-580-9175 or email Cheryl@cfoyourway.com for a complimentary needs assessment. It is our pleasure to serve you.

Are Bad Habits Leaving You Stuck in a Rut?

By Mark Van Grouw, CPA

Over Labor Day weekend, I was reading to my kids the book “The Berenstain Bears and the Bad Habit”. Mama Bear’s advice to Sister Bear as they walked down the old garden path struck me. Habits, while they may not be intentional, can have negative consequences. Mama Bear was so accustomed to pushing her wheel barrow the same way down the old garden path that she had created a rut so deep that Sister Bear had to help her get the wheel barrow unstuck. Often, I find business owners experience much the same as did Mother and Sister Bear.

To illustrate, a small business owner recently asked me to help him enter an accounting transaction into an accounting software I’m unaccustomed to, namely M.Y.O.B. Trying to use my accounting knowledge and experience, I did a little navigating through the software and came to realize that this person had no idea what was being reported on his balance sheet or profit & loss statement for that matter. While he knew how to access and generate certain reports involving customer invoices and payments, he had no idea how much the business made in profits for 2016. When I questioned him about his current business profits and the way he accounted for his business transactions, he simply responded, “I do it all at the end of the year when I prepare for my taxes; It’s the way I have always done it; I don’t know any different.”

More than once, I have run into clients who don’t pay attention to keeping up to date on entering business transactions and are shocked at the amount they owe in taxes come the filing deadlines. Their reactions are, “I knew about what I was making, but I didn’t realize I made that much!”.

As we enter into the last quarter of 2016, it is time for business owners to be looking ahead to the end of the year and strategizing ways to minimize their income tax liabilities. Are you guilty of keeping bad habits, especially in regards to accounting and financial reporting?

The above examples illustrate what Sister Bear had to learn – habits, especially bad habits, have consequences that can leave us stuck in a rut. Don’t get stuck in the rut of having to pay off your prior year tax liability when you could be putting away to minimize your current tax liability. Act now and get your books in order so you know where you stand.

Don’t have the time? Feeling overwhelmed? Not sure what exactly to do? Don’t panic, just contact us at CFO Your Way and we will be glad to help you heal your bad habit(s) and get you out of the rut.

At CFO Your Way, we understand what it takes to run a business and the time needed to account for all your business transactions, that is why we offer to assist in performing bookkeeping and internal, day-to-day accounting functions; train and support you and your staff on basic accounting and finance functions, accounting software functionality, financial reporting; provide controllership services so you better understand your financial position and identify ways to run your business more profitability and efficiently; and much more.

As a virtual CFO, we work with small businesses in Northern New Jersey to lend a hand in organizing small-business finances through use of QuickBooks – online or desktop versions and are happy to train on QuickBooks and other accounting processes to ensure the most efficient and effective use of your employee(s).

Contact us today for a consultation to discuss your business needs at 973-580-9175 or email Cheryl Mucha at Cheryl@cfoyourway.com.

Bookkeeping vs. Accounting: What’s the Difference?

Aristotle once quoted, “The whole is greater than the sum of its parts”. This quote speaks of synergy, the interaction or cooperation of two or more parties that produce a combined effect greater than the sum of their individual effects. In context of small business accounting, this saying holds true.

Small business owners often find themselves handling the accounting function on top of everything else that is important to operating a business. Some hire a bookkeeper to assist with the day to day recording of cash receipts and disbursements to alleviate the burden of financial record keeping, while others may look towards hiring an accountant to oversee and verify the accounting data.

A bookkeeper and an accountant both play a crucial role in establishing a strong and reliable accounting environment for your small business. The key difference between a bookkeeper and an accountant is that bookkeepers simply record in sequential order the daily transactions of a business, while accountants take this information a step further and verify and analyze this data into meaningful financial reports that small business owners can use to make sound business decisions as well as communicate business operations to key stakeholders.

Bookkeepers must ensure that all transactions are accurately and timely recorded into the accounting system. Accountants must ensure that all data entered into the accounting system provides a true picture of the financial health of the business. In order to enhance the individual efforts of the bookkeeper and accountant, your small business needs a skilled professional to properly interpret your accounting information and bring valuable insight to your business.

At CFO Your Way, we are a group of experienced professionals who can offer you a cost-effective solution that will make the whole greater than the sum of its parts. CFO Your Way enables your business to have a financial professional on your management team at your fingertips without having them in your office. We provide financial expertise to many of northern New Jersey’s fast-growing companies, tailoring our services to best suit your needs.