Top 10 Misunderstood Financial Terms for SME Leaders

closeup of EBITDA term

Introduction: For leaders of small and medium-sized enterprises (SMEs), financial literacy is a cornerstone of effective decision-making. However, some financial terms are often misunderstood, leading to potential missteps in business strategy and financial planning. This article aims to clarify not just the definitions, but also common misconceptions surrounding these terms. 1. EBITDA: Misunderstanding: It represents […]

Navigating the Impacts of Federal Reserve’s Monetary Policy on SMEs in 2024

Federal Reserve Building

Introduction: As we venture deeper into 2024, businesses across sectors are keenly observing the monetary policy trajectory set by the Federal Reserve. With the Fed Funds rate currently holding at 5.25%-5.5% and projected adjustments on the horizon, understanding and preparing for the impacts of these policies is crucial for CEOs and executives. In this article, […]

Understanding the Corporate Transparency Act: Navigating the New Era of Beneficial Ownership Reporting in the U.S.

Image of the US Capitol building

As a response to growing concerns about illicit financial activities, the United States has introduced the Corporate Transparency Act (CTA), which mandates significant reporting obligations for many companies. This new legislation aims to improve transparency in business operations and curb activities like money laundering and tax evasion. Key Elements of the CTA Who Must Report […]

The Focus of CFOs at Privately-Held Companies

CFO and client in discussion

Chief Financial Officers (CFOs) play a pivotal role in the financial and operational health of businesses, irrespective of their public or private status. While fundamental responsibilities around financial reporting, analysis, and forecasting remain consistent, the approach and emphasis significantly differ when comparing privately-held companies to publicly traded ones. This article delves into the distinct focus […]

Year-End Planning: The Conversations You Should Have Already Had with Your CFO

Year end conversation between CEO and CFO

The close of the fiscal year is a crucial period for any organization. It is a time to reflect on the year’s performance, set the groundwork for the year ahead, and ensure that your financial house is in order. Central to this process is your Chief Financial Officer (CFO), whose expertise is invaluable in navigating […]

Fractional Executives are for Businesses Experiencing Growth and Transition – Regardless of Size

Fractional Executives for SMEs

The traditional view of fractional executives, including Chief Financial Officers (CFOs), often confines them to the realm of startups or small enterprises operating on tight budgets. However, this perspective is evolving rapidly. In today’s dynamic corporate landscape, businesses undergoing periods of substantial growth or significant transition—regardless of their size—stand to gain immensely from the strategic […]

CFOs vs. Controllers: Understanding these Distinct Roles

CFO sitting next to controller

Navigating the Financial Leadership: CFO & Controller At Rankin McKenzie, we know that the success of your business hinges on effective financial management. Understanding the roles within your financial team is crucial, particularly the distinct functions of Chief Financial Officers (CFOs) and controllers. Below, we delineate these roles to help you harness their full potential. […]

5 Reasons You Might Need a Part-Time CFO

Why you might need a part-time CFO

You’re the owner of a small to medium-sized business and are pulled in a million directions. Did you know that a part-time CFO can help with this? Many people don’t realize that an on-site part-time CFO can provide a financial perspective on your business operations. They can also own and complete projects that will help […]

5 Reasons to Write a Business Plan

Woman working on her business plan with Rankin McKenzie

A business plan is a compass that can lead entrepreneurs to make the right decisions over and over again. However, many business owners find excuses to not write a business plan. Here is a list of just five of the many reasons why a business plan can fast track your success. You are forced to […]