CFO Source Blog

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 […]

5 Common Mistakes Made by Doing Your Own Bookkeeping

June 9, 2022

Trying to manage your business’s books can be a tedious and daunting task, especially if you don’t have any previous accounting experience. At CFO Source, we’ve helped a lot of small business owners fix their books and wanted to talk about five mistakes we see most often when owners do their own books. 1. Not […]

What’s the Difference Between a Bookkeeper and an Accountant?

April 15, 2022

At CFO Source, we’ve been helping business owners in Maryland with both bookkeeping and accounting services for years, but a lot of times we find that most business owners don’t know the differences between bookkeeping and accounting. Since we have a good deal of experience with both, we wanted to outline both fields today. What […]

5 Common QuickBooks Mistakes

March 4, 2022

QuickBooks has revolutionized the way businesses keep their books, but unless you’ve received training in the software, it can be difficult to utilize it to its full potential. At CFO Source, we’ve been helping people with QuickBooks for years, and have learned more than a few common mistakes, but we wanted to talk about five […]

5 Year-End Accounting Tips for Your Small Business

December 4, 2019

As 2019 comes to a close, you may be looking ahead to 2020 but your small business can benefit by taking some time at the end of the year to take care of some simple accounting tasks. It’s important to go into the next year with a good understanding of where your small business stands. […]

Getting Started with a CPA

August 5, 2019

What does a Certified Public Accountant do, exactly? How can you benefit from their services? Where can you find an expert CPA in Maryland? If you’ve ever been curious about any of these things, you’ve come to the right place! Let’s learn more about CPAs and what they can do for you. What is a […]

Are You at Risk for Employee Fraud?

June 3, 2019

When we think of business fraud and corruption, we usually think of scandals at the top by large companies and big name people; Bernie Madoff and Enron come to mind. But in reality, small and mid-sized businesses are actually more susceptible to fraud, and the effects can be even more devastating. Of course you never […]

Building a Budget that Works

March 1, 2019

Budgeting might not be your idea of fun, but it is necessary to ensure that you’re staying on track with your goals. However, there are right and wrong ways to approach your budget that can affect not only its success, but the success of your business. So, let’s take a look at how you can […]

5 Quick Accounting Tips for Your Businesses

October 2, 2018

Accounting for your business is just as important as the services you perform and the products you provide. Without ample accounting sense, it won’t matter how great your company may seem; it will inevitably suffer in the long term. Here are some quick tips for accounting practices for your business—big or small. Automate What You […]

How Can a QuickBooks Consultant Change your Business?

August 1, 2018

QuickBooks can be a fantastic tool for your business, helping you track expenses and profit and stay organized throughout the year. But while QuickBooks is a great tool, it can also be a complicated one. Using a QuickBooks consultant to help understand and manage your record keeping can help you get the most out […]

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