Wed Apr 21, 2021 | Alan Lefkowitz | Banking Relationships, Cannabis, CFO Services
If you own cannabis or hemp-related business or are looking to start one soon, you should learn about the ins and outs of cannabis banking. Because marijuana use and distribution are illegal at the federal level, cannabis businesses often have trouble partnering with banks and other financial institutions. Currently, only a little over 700 out of the 12,000+ banks in the U.S. serve marijuana businesses and the ones that do tend to have strict approval processes and hefty fees. Read on to learn everything you need to know about banking in the cannabis industry.
Read More
Thu Mar 18, 2021 | Alan Lefkowitz | Accounting, Construction
Construction-in-progress (CIP) accounting is the process accountants use to track the costs related to fixed-asset construction. Because construction projects necessitate a wide range of prices, CIP accounts keep construction assets separate from the rest of a company’s balance sheet until the project is complete.
Read More
Wed Mar 17, 2021 | Alan Lefkowitz | Bookkeeping Services, Cash Management, Construction, Financial Reporting
Construction accounting has unique challenges compared to many other business bookkeeping and management types. Construction businesses frequently travel, incur specialized job costs for each construction project, and use unique processes to keep track of financial transactions. Unfortunately, construction accounting errors can be costly, so contractors must hire professional, knowledgeable accountants to manage their finances.
Read More
Mon Feb 8, 2021 | Alan Lefkowitz | Business, CFO Services, Field Examinations
Lending institutions in the United States know there are inherent risks involved with providing loans to businesses. Borrowers must also demonstrate that they are reliable enough for the institution to lend them money. They must show that they can supply collateral to a lender. Collateral is any asset or property that a consumer promises to a lender as a backup in exchange for a loan. This can sometimes be hard to demonstrate due to challenges, such as changing accounts receivable balances and inventory valuation or valuation of the company’s products or services.
Read More
Fri Feb 5, 2021 | Alan Lefkowitz | Cash Management, Construction, Financial Reporting
If you are in the commercial construction industry, you have probably struggled with profit margins in the past. Unfortunately, profit margin depends on several factors outside your control, and some years tend to be more profitable than others.
Read More
Sat Dec 26, 2020 | Alan Lefkowitz | Bookkeeping Services, Business, Cash Management, Financial Controller Services
In the U.S., the survival rate for small businesses is bleak, with 20% going under in the first year and 50% failing after five years. These businesses shut down for various reasons, including a lack of customers for the product or service or having difficulty hiring the right people. But insufficient cash flow is frequently the reason for these closures.
Read More
Sat Dec 26, 2020 | Alan Lefkowitz | Business, CFO Services
Are you getting a new startup off the ground? Are you a CEO looking to grow your company? Do you have financial projects in the works that require more than your small, hard-working team can handle? If so, you may want to consider hiring an outsourced CFO for consulting services.
Read More
Sat Nov 28, 2020 | Alan Lefkowitz | Business, Financial Controller Services
Could your Chief Financial Officer (CFO) use a helping hand? For CFOs in growing companies, finding time to oversee strategic planning and manage the day-to-day financials can be a significant challenge. And as transactions increase in volume and complexity, handling the daily duties of accounting and finance while maximizing growth and performance can get overwhelming in a hurry, even for the best of us.
Read More
Sat Nov 28, 2020 | Alan Lefkowitz | Business, Cash Management, CFO Services, Virtual Accounting Services
These days, business owners, managers, and investors are seeking any way possible to reduce overhead and make every dollar count. And as businesses look for ways to curb unnecessary spending, many are now turning to virtual CFO services as a money-saving alternative to in-house financial leadership.
Read More
Sat Nov 28, 2020 | Alan Lefkowitz | Bookkeeping Services, Business, Virtual Accounting Services
Virtual bookkeeper services are a popular and cost-effective strategy for managing your business’s accounting. Here’s how to get started and hire the right company.
Read More
