Business Consulting

Refreshing Your Performance Reviews– nurture retention & engagement

Written by Tom Prest

Many organizations have significantly transformed performance reviews over the past three years. This change was driven by the recognition that traditional processes were flawed, a realization emphasized by the pandemic when many employees started working virtually. Additionally, our workforce is changing and becoming increasingly complex. These factors have prompted numerous organizations to discard performance reviews or introduce modified versions to proactively create a more relevant process to respond to this evolving dynamic.

Read More

When a fractional CFO is right for your business–why consider fractional c-suite expertise

Written by Stephanie Ford

For those not familiar with the concept of fractional leadership, it is an efficient and cost-effective model for businesses to outsource functions when they do not have the expertise in-house or are going through a transition. A fractional CFO is a part-time financial executive who works with your organization on an as-needed basis. They offer an objective perspective and can guide businesses when faced with challenging decisions. Their role is to be your trusted advisor, lead through change, and provide unbiased advice.

Read More

Transitioning with QuickBooks– from Desktop to Online -tips to ensure a smooth & successful transition

Written collaboratively by our Finance/Accounting Team

In today’s digital age, businesses are transitioning to cloud-based solutions to streamline their operations. Moving from desktop platforms to cloud-based ones may improve accessibility, cost efficiency, scalability, collaboration, and reliability. One widely used platform that is steering users to their online software is QuickBooks. QuickBooks is doing this by gradually limiting services to their desktop platform, making it clear that, inevitably, everyone needs to transition to their online cloud version. However, it is crucial to acknowledge that while QuickBooks Online (QBO) offers numerous benefits, there are drawbacks to QBO to consider, which include: the absence of certain reporting functions and other features in QuickBooks Desktop (QBD), a learning curve during the transition process, and limited control over updated schedules. For many organizations, relying on third-party integrated software will force or forestall a transition. This article explores the advantages of migrating from QBD to QBO, along with practical tips to ensure a smooth and successful transition.

Read More

Maximizing the Value of Your Businesses Sale Transaction –tips to help plan & prepare to get the best value

By: Neil Suffa

For many entrepreneurs, owning and growing a business is your dream. You put your heart and soul into the business and watch it slowly grow while you and your investors prosper.   Then comes the hard part- – what do you want to do with it? Has the business succeeded so well that others want to purchase it and add it to their existing portfolio? Or is the sale of your business your retirement plan? Or do you simply want to grow the business? No matter what the reason is for your transition, the better prepared you are, the more value you will get for your business.

Immediately before joining Warren Whitney, I spent half a dozen years as a Controller/CFO of a private equity-owned manufacturing business. During that time, we went through the sale of our business twice and purchased another business with a third private equity sponsor. As a former CFO, Controller, and auditor, I also realized that planning and preparing for the sale of a business made the process easier and ultimately yielded the highest sale price for the business. Are you unsure what to do to plan for the next steps for your business? Here is an approach to help streamline the process to help you maximize the value of your business.

Read More

Cashflow Forecasting: A vital tool for your business to maximize performance & manage risk

By: Helen Dow

Cash is the fuel of business. Run out of it, and your business engine shuts down, leaving you with a machine that doesn’t work.

For something so crucial to the life and success of a business, you would think it would be given more prominence in strategic planning and day-to-day decision-making, especially since important decisions with long-term financial impact are often made. And some of those decisions involve future investments, balloon payments, and contingencies. The best tool to predict and manage cash levels is a Cashflow Forecast.

Read More