In today’s challenging economy, there is more pressure than ever on small to mid-size firms from their banks, their CPAs, investors and the SEC (if they are public) to produce accurate and timely financial reports. In many firms this task, painful and slow if not automated, falls on the shoulders of the firm’s Accounting Team, usually the Controller.
I recently wrapped up yet another significant fraud examination for a small business client who trusted her bookkeeper infinitely. Sadly, all too often, the thief in your company is just that – the person my clients keep closest. Someone in their inner circle. Someone they keep company with. All the red flags were there. The client could not get basic financial reports from her bookkeeper. The bookkeeper’s lifestyle did not match her income. Answers to basic financial questions were met with plausible explanations, but no documents or proof. Why would they be? After all, the bookkeeper was infinitely trusted.
Selling a business requires the same planning and commitment that starting a business required - except that there is more at stake. This short, step-by-step guide will help you get started. Don’t leave your business sale to chance. Begin planning now to maximize your chances of success.
Finance is the quantitative trade-off between risk and reward; a simple AEIOU framework can help you build that into your process. Learn about this framework below, in the second of this three-part series, Good Forecasting Is Good Risk Management.
This edition of Gustavo’s Corner examines how AI is advancing from standalone tools into systems capable of solving complex research problems, completing online tasks, managing business communications, consolidating workplace applications, and supporting self-hosted deployment. Together, these developments highlight the growing capabilities of AI while raising important questions around cost, integration, data access, infrastructure, and geopolitical risk.
