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Scot Justice
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I decided to hold off posting until I knew which team I’d be traveling with from Brentwood Baptist Church to Haiti. I received notification last week that I will be a member of the team that will be traveling to Haiti on April 22nd, a month from today. Now that... Continue reading
Posted Mar 22, 2010 at Haiti Bound
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Mar 15, 2010
Kim, Of course, controllers have to know the system they manage. Every company I've been CFO of that had a controller, the controller was the person who had the hands-on management of the accounting system.
Thank you for your response. I agree, accounting personnel are vital in any organization. Scot
Any good CFO knows that they can;t make it without a great staff, see http://virtualcfo.typepad.com/virtual_cfo/2010/02/small-business-accounting-personnel-controllers.html, my post about controllers.
In 2000, I was attending the People’s Church in Franklin, TN and was a member of the church’s twenty-five to thirty-five year old adult singles group. Through a friend in the group, I learned about a singles sand volleyball get-together that took place once a month In Bellevue. Singles from... Continue reading
Posted Feb 21, 2010 at Haiti Bound
Last week, I put up a post on the Virtual CFO Blog entitled: “The Virtual CFO is Going to Haiti in April and Would Like Your Support for the Trip ”. In the post, I discussed my desire to fund most of the expenses for the trip from contributions from... Continue reading
Posted Feb 20, 2010 at Haiti Bound
I told a couple of friends about the mission's trip I was planning to Haiti over breakfast last week. One of my friends had a great comment, “You can’t fix all the problems affecting Haiti, but you can spend a week helping solve a small part of the problem”. And... Continue reading
Posted Feb 19, 2010 at Haiti Bound
Thanks Jenni, I appreciate it. Glad your trip to India went well and all of you got back safely. Scot
I believe you are responding to my comment that controllers keep on top of the functional accounting. Yes, automated accounting systems do beep at you when entries are out of balance, but they won't catch an entry made to the wrong expense account or an incorrect accrual to account for future tax payable. This is why it is advantageous to have someone, such as a controller, to make sure your accounting system is functioning correctly.
Rita, Very good question. One of the reasons I wrote this post is that bad budgets don't help anyone in a company improve performance. And normally, the bad budgets are ignored because they do not give employees reasonable benchmarks to compare actual performance to. This why you should revise your budget periodically to get it in line with reality. The frequency depends on how well your previous revisions are as well as how dynamic your company or industry is. You don't want to drive yourself crazy, and use valuable company resources, continually revising your budget. So quarterly may be best, unless there is a huge bust in the budget that you know can be fixed with small revisions.
Toggle Commented Feb 16, 2010 on Revising Your Budget at The Virtual CFO
The thought process to take the missions trip to Haiti didn’t start a couple of weeks ago when Brentwood Baptist Church’s senior pastor, Mike Glenn, discussed how the church was going to facilitate assistance for Haiti. The seed for the trip was actually planted a year ago in a Cross... Continue reading
Posted Feb 15, 2010 at Haiti Bound
Hello and welcome to the Haiti Bound blog! My wife, daughter, and I are members of Brentwood Baptist Church (BBC), which supports several missions in Haiti. BBC recently announced that they will be sending missions teams periodically to Haiti to assist with disaster relief. Last week, my wife, Linda, and... Continue reading
Posted Feb 14, 2010 at Haiti Bound
Ceci, Thanks for reading my blog. I really do appreciate it. I hope you enjoy your future visits to the Virtual CFO Blog. Scot
Michele, Thanks for your comment and for reading my blog! You bring up a good point about segregation of duties. This is definitely something small business owners should be concerned with. I don't have the exact statistics in hand, but in the past the Association of Certified Fraud Examiners has reported that a high percentage of fraud, both in number and in dollar cost, is perpetrated at small companies. The cause of a lot of this is having a small staff (or one staff who handles this) and lack of owner’s oversight or segregation of duties. Thanks again for your comment; I’ll probably write a blog series on fraud in small business in the future to address your question. Scot
Indri, Thank you for your comment and for reading my blog! Scot
Christine, Thanks for your kind words. I'm glad your enjoying my blog. Scot
Miranda, Thank you for your comment, I really appreciate it. I'm curious, what service do you work for? Scot
I wanted to thank you for for mentioning my blog series in your blog post. Keep up the good work! Scot