A company’s general ledger (G/L) is a comprehensive record of all your accounting transactions. Whenever a transaction is made, that transaction is recorded in the general ledger. Each journal consists of a debit to one account and a credit to another.
CFOs bridge the gap between technical financial information and business strategy. Most CFOs have a deep understanding of accounting and finance, yet also be an adept manager. They typically have an extensive background in these functional areas, as well as qualifications such as a CPA license or CFA designation.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) stated that internal controls are “designed to provide reasonable assurance of the achievement of objectives” in the following three areas:
As your company grows, things get complicated. More cash is coming in, which is good — but understanding what is really happening within your company’s walls and planning for the future can be more complex.
Budgeting and forecasting are accounting and finance processes helpful for setting goals and measuring a company’s growth. Although the terms are often used interchangeably, they have some differences to be aware of.
