At myPocketCFO, we believe your financial data should do more than just sit on a screen. It should start conversations, trigger insights, and drive decisions, just like a great CFO would. To support this goal, myPocketCFO has contextual commenting and collaboration. These features are now live across your entire myPocketCFO workspace. These new features bring…
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As the new year begins, closing your financial books for 2024 is likely a top priority. Many founders in our community have been asking how to efficiently finalize their year-end financials to ensure tax readiness, investor transparency, and better financial planning. To simplify this process, we recently hosted a webinar on how to close your…
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Staying on top of key business tax deadlines and other compliance items is crucial for small businesses to avoid penalties, stay in good standing, and maintain healthy cash flow. From tax filings to estimated payments and reporting requirements, missing a due date can lead to unnecessary stress and fees. To help you stay organized in…
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In the world of business, having a clear understanding of your financial vitals is just as important as knowing your health vitals. Financial vitals are essential for business owners, providing a real-time snapshot of your company’s financial health, allowing for better decision-making and proactive problem solving, helping you make informed decisions and proactively address issues…
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Running a business is hard enough — let’s not make your financials harder. Whether you’re a startup founder or a seasoned entrepreneur, preparing your 2024 income statement and balance sheet doesn’t have to mean late nights, messy spreadsheets, or last-minute tax-season panic. Unsure about your 2024 financials? Please join us for a webinar on Tuesday…
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As a longtime fan of Netflix’s Tidying Up with Marie Kondo, I’ve often marveled at how decluttering a closet can transform a person’s mindset. But what if we applied Kondo’s iconic “6 basic rules of tidying” to our financial lives? For entrepreneurs, periodic financial “tidying” isn’t just about neat spreadsheets — it’s about building a…
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Many Filipinos look forward to a brief pause during their workday for the merienda — a midday snack-and-sip ritual similar to British high tea. Miggy and Victoria Reyes, a brother-and-sister team who grew up in the Philippines, aim to share that tradition through their fast-growing tea brand Narra, named for their country’s national tree. Narra,…
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Understanding the difference between cash-based and accrual-based accounting methods is crucial for businesses to represent their financial position and make informed decisions accurately. Key Differences 1. Inventory Recording Cash-based: Inventory expenses are immediately recorded as Cost of Goods Sold on the income statement. Accrual-based: Inventory purchases are recorded as an Inventory Asset on the balance…
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Inventory and cost of goods sold (COGS) are both related to a company's products/merchandise, but they have different meanings. Inventory refers to the goods and materials that a company has on hand and are available for sale. It is the raw materials, ingredients, product packaging, work-in-progress, and finished goods that a company has in stock…
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We often receive questions from clients about 1099 compliance and how changes in the tax code or IRS requirements might affect their business. The IRS Form 1099 series serves as a cornerstone for ensuring the accurate reporting of various types of income. Missteps can lead to penalties, so staying up-to-date on the rules — especially…
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In a recent Foodbevy Startup to Scale podcast episode, host Jordan Buckner sat down with our CEO Alice Zhang to discuss a question many founders are asking: Can AI handle your bookkeeping? The conversation offered practical insights into what's possible today and what's coming tomorrow. The Reality of AI in Financial Management Today Alice shares…
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