CFO Source Blog

Why QuickBooks is the Best Bookkeeping Software

November 2, 2023

Effective bookkeeping is the backbone of financial management for businesses of all sizes. It’s crucial to maintain accurate records, track expenses, and manage finances efficiently. Among the various bookkeeping software options available, QuickBooks stands out as a trusted and widely used solution. In this blog, we’ll explore why QuickBooks is considered the best bookkeeping software […]

5 Things to Ask Before Hiring an Accountant

October 2, 2023

Hiring an accountant is a significant decision for individuals and businesses alike. Whether you need someone to manage your personal finances or handle the financial complexities of your company, finding the right accountant is crucial. To ensure you make an informed choice, here are five essential questions to ask before hiring an accountant. 1. What […]

Benefits of Expert Financial Analysis

September 6, 2023

In today’s dynamic and competitive business landscape, sound financial analysis is an indispensable tool for driving strategic decision-making and achieving sustainable growth. Chief Financial Officers (CFOs) hold a pivotal role in steering their organizations toward success, and leveraging expert financial analysis is crucial for fulfilling this responsibility effectively. In this article, we will delve into […]

Consequences of Bookkeeping Mistakes

August 1, 2023

Bookkeeping mistakes can have significant consequences for businesses, ranging from financial losses and legal complications to damaged reputations and strained relationships. Accurate bookkeeping is crucial for maintaining the financial health and stability of a company. As someone who has been providing Marylanders with accounting services for years, we understand this at CFO Source and want […]

DIY Bookkeeping Horror Stories

July 3, 2023

Bookkeeping is an essential aspect of any business, providing valuable insights into financial health, tax compliance, and overall decision-making. While some businesses opt to outsource their bookkeeping to professionals, others choose to embark on the do-it-yourself (DIY) path. However, as with any DIY endeavor, bookkeeping can sometimes turn into a horror story, filled with haunting […]

Key Accounting Numbers to Guide Your Business

June 5, 2023

It’s not an understatement that small business owners carry a lot of weight on their shoulders. From sales and marketing to production, customer service, and overall financial management, small business owners have many responsibilities. Running a successful business requires careful monitoring and analysis of various financial metrics. These key accounting numbers provide valuable insights into […]

Key Financial Ratios You Should Know

May 1, 2023

Financial ratios are important because they give you, as a business owner, a way to evaluate financial performance beyond financial statements and compare it to similar businesses in your industry. By using ratios, you can gain insight into your company’s profitability, efficiency, liquidity, and solvency. Here are some key financial ratios you should know as […]

Why Hire an Outsourced CFO

April 17, 2023

Managing the financial aspects of a business can be a complex and time-consuming task. As a business owner, you have a lot on your plate already, and handling finances can often be overwhelming. That’s why it makes sense to consider outsourcing the role of a Chief Financial Officer (CFO). An outsourced CFO can bring a […]

What is a CPA and Do I Need One?

March 5, 2023

A Certified Public Accountant, or CPA, is a professional who is licensed to practice accounting in their respective state after completing a rigorous education and examination process. They provide various accounting and financial services, including tax preparation, financial planning, audit, and assurance services. At CFO Source, we’ve been providing Marylanders with our CPA services for […]

Differences Between QuickBooks Desktop and QuickBooks Online

February 14, 2023

QuickBooks is a great tool for business owners to take control of their accounting. But they’re often faced with a difficult question: which QuickBooks is best for my business? QuickBooks Desktop Pro is the traditional accounting software that requires users to download and install on their computer. QuickBooks Online is a cloud-based accounting software. Both […]

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